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The Hindu
7 days ago
- Business
- The Hindu
Plans on the anvil to achieve $2.40 trillion GSDP by 2047: Naidu
Chief Minister N. Chandrababu Naidu has asserted that Andhra Pradesh has a favourable atmosphere for investments and for overall development of the State, and the government is focussed on its Swarnandhra objectives, which are in alignment with the Viksit Bharat vision. Addressing the 10th NITI Aayog Governing Council meeting in New Delhi on Saturday (May 24, 2025), Mr. Naidu highlighted the availability of abundant natural resources, other geographical advantages, and the urban-rural synergy model of development being followed by the government with due focus on adoption of advanced technologies. He said plans were on the anvil to achieve the targeted $2.40 trillion Gross State Domestic Product (GSDP) by 2047 through new policies and data-centric planning and governance. Prime Minister Narendra Modi exhorted the Chief Ministers of other States to replicate some of the development plans made out by the A.P. government under Mr. Naidu's leadership. Mr. Naidu suggested that a national-level committee be formed to use technologies in governance on a much wider scale. He had a discussion with Mr. Modi on issues like governance, new policies and investment opportunities in various sectors. Yoga Day On the International Yoga Day scheduled to be observed on June 21, Mr. Naidu said the government was making arrangements to organize it in a grand manner in Visakhapatnam, in which Mr. Modi would be taking part, and that awareness on the benefits of yoga were being spread by conducting Yoga Month from May 21 to June 21. Referring to the Swarnandhra vision, he said it offered a scalable, inclusive model for national development and rooted in family-centric governance, innovation, digital infrastructure and sustainability. Reaffirming the State's commitment to lead by example in driving national transformation through strong, coordinated leadership at both the State and the Union levels, he praised India's remarkable rise over the past decade under the visionary leadership of Mr. Modi, highlighting India's rise from the world's 10th to 4th largest economy, on track to become the 3rd largest by 2047. 'Reforms like Digital India, GST, Startup India, PM Gati Shakti, and Jal Jeevan Mission have redefined India's development landscape,' Mr. Naidu asserted. He insisted that the State was committed to contributing significantly to the national aspiration of Viksit Bharat — a $30 trillion economy marked by high- quality infrastructure, equitable development and empowered citizens. Under the Swarnandhra vision, the State targeted to achieve Zero Poverty by 2029 through the innovative P4 model, which unites government, private sector, and citizens' efforts to support vulnerable families and promote economic upliftment, he siad.
New Indian Express
24-05-2025
- Business
- New Indian Express
Chhattisgarh outlines ambitious development vision, highlights Bastar's transformation at NITI Aayog meet
RAIPUR: At the 10th Governing Council meeting of NITI Aayog, chaired by Prime Minister Narendra Modi, Chhattisgarh presented its ambitious long-term development vision, highlighting the transformation of the Bastar region. Chhattisgarh Chief Minister Vishnu Deo Sai stated that Bastar, once known for Maoist violence, is now emerging as a national model for development, employment generation, and self-reliance. He shared a forward-looking plan to transform the state into a Rs 75 lakh crore economy by 2047. 'Our ambitious plan will be achieved through the 3T Model—Technology, Transparency, and Transformation. As part of this long-term agenda, the government has prepared a comprehensive roadmap named the 'Chhattisgarh Anjor Vision Document'. This document outlines integrated strategies for economic growth, social progress, and environmental sustainability," the chief minister said. The CM added that the state aims to double its Gross State Domestic Product (GSDP) within the next five years.
The Hindu
22-05-2025
- Business
- The Hindu
Former MP flags data gaps in ready reckoner of government
Former MP and Puducherry Maanila Makkal Munnetra Kazhagam (PMMMK) president M. Ramadass has said that the new edition of the document 'Puducherry at a Glance 2024' was lacking in crucial data and demographic facets pertaining to the Union Territory. In a statement, Mr. Ramadass said the compilation released by the Chief Minister recently did not, for instance, have any data for 2004-2005. The statistics in the brochure relate to the year 2023-24 and previous years. The demographic information for the year 2024 is that of 2011 data, agricultural data of 2015 and the State income data of 2022-23. 'It is inappropriate for the publication of 2024 to state the population of Puducherry and other demographic facets in terms of 2011 data,' he said. Although no census was undertaken after 2011, the population of 2024 should have been projected through growth rate approach and all the demographic variables such as total population, men, women, children, old age composition, rural - urban population, Scheduled Caste population etc., should have been presented, he said. The PMMMK founder felt that the Department of Economics and Statistics should have attempted to construct the Human Development Index of Puducherry on the basis of the methodology evolved by the Government of India. The environmental data is also conspicuous by its absence. Puducherry is extensively affected by pollution of air, water, noise and traffic and there are proven methods of measuring them. Mr. Ramadass also suggested that the State Domestic Product (SDP) and per capita income, the barometers of development, should have been presented with better insights. The component-wise sources of SDP should have been furnished instead of confining only to primary, secondary and tertiary sectors. Further, the current price State income and per capita income should be shown at constant prices also, so as to estimate the real growth sans inflation. For assessing the regional disparities in growth, region-wise SDP data should also be given. In the case of agriculture, details of productivity, crop intensity, wages, disparities in region-wise distribution of land should be provided. The publication may prove more utilitarian if the inadequacies or data gaps on a range of critical indicators are rectified. The respective departments should initiate necessary action in this regard and present the data in the next publication, he said.
Business Recorder
22-05-2025
- Business
- Business Recorder
Q3 FY25: Punjab's total debt portfolio surges 12pc
LAHORE: The Punjab government's total debt portfolio surged by Rs 20 billion, an increase of 1.2 percent, during the third quarter of the current fiscal year (FY) owing to a forex loss of Rs 17.5 billion and an increase in net debt position amounting to Rs 2.5 billion. As per a report released by the Punjab Finance Ministry for the period between January 1, 2025, and March 30, 2025, at the end of the third quarter, debt stock stood at Rs 1,674.0 billion, out of which Rs 1,672.7 billion is from external lenders and Rs 1.3 billion is from domestic sources. These loans collectively are 2.5 percent of Punjab's Gross State Domestic Product (GSDP). The report observed that Punjab's total debt stock surged from Rs 1,654 billion to Rs 1,674 billion in three months. However, the domestic loans showed a decline from Rs 1.5 billion (reported in December 2024) to Rs 1.3 billion. In contrast, external loans witnessed a gain from Rs 1,652.5 billion (reported in December 2024) to Rs 1,672.7 billion. The report noted that the outstanding debt stock at the end of March 2025 excludes provincial guarantees (awarded to various Punjab government entities) and commodity debt. The outstanding commodity debt stood at Rs 16 billion at the end of March 2025 which is mostly secured by wheat stock procured by the government for commodity operation along with a Federal government guarantee in the form of a Cash Credit Limit (CCL). The debt portfolio predominantly comprises borrowing from external sources with 99.9 percent coming from multilateral agencies and bilateral loans contracted mostly on concessional terms (low cost and longer tenor), procured mainly for infrastructure development and reform support whereas only 0.1 percent of the debt portfolio is domestically borrowed from the federal government, the report stated. Moreover, the report highlighted that the government's external debt is derived mainly from three key sources, with around 55 percent coming from the International Development Association (IDA) and International Bank for Reconstruction and Development (IBRD), 21 percent from the Asian Development Bank, 20 percent from China and 4 percent from other sources. As per the report, the agriculture, irrigation and livestock sector remained the major recipient of government borrowing, as its share constitutes 25 percent of the total outstanding followed by transport and communication 20 percent, education 20 percent, urban and community development at 16 percent, governance 10 percent, health 5 percent and others 4 percent. Moreover, it pointed out that the government's debt portfolio is dominated by foreign currency borrowings, with total exposure residing at 99.9 percent of the debt portfolio. Currency-wise exposure is denominated in USD (69 percent), followed by Special Drawing Rights (23 percent), Japanese Yen (5 percent) and Chinese Yuan (2 percent). Hence, the report noted, the government's debt by its composition remains exposed to foreign exchange risk; owing to this, any change in parity of the dollar and other foreign currencies with the rupee has a pronounced impact on the valuation of Punjab's debt portfolio when translated into rupee terms. The report also noted that overall, a significant portion (73 percent) of the debt portfolio comprises loans contracted at fixed interest rates and is not exposed to changes in international interest rates. However, the floating rate portion (27 percent) remains subject to periodic revision of interest rates since these loans attract floating reference rates (ie, SOFR, TONA, EURIBOR, etc). On debt servicing, it noted that by the end of FY 2024-25, the government is expected to pay Rs 161 billion to service its foreign debts which includes principal and interest due on outstanding debt; out of the projected debt servicing, Rs 120.8 billion was paid during the three quarters of the current fiscal year. Copyright Business Recorder, 2025
Time of India
21-05-2025
- Business
- Time of India
Kerala not caught in debt trap, says finance minister Balagopal
Finance minister K N Balagopal on Wednesday rejected allegations that the state is caught in a debt trap, terming them politically motivated and factually incorrect. Balagopal told a news conference that the state's borrowings were well within the limits prescribed by Fiscal Responsibility and Budget Management (FRBM) Act and undertaken with Centre's approval. "We're only borrowing as much as required for development and welfare. In fact, our borrowings are lower than the ceiling set by Centre," he said. He said Kerala is permitted to borrow up to 3.5% of its Gross State Domestic Product (GSDP), but borrowed only 2.5% in 2022-23 and 2.99% in 2023-24. "Even the borrowing we were entitled to was curtailed by Centre," he said. Balagopal presented data to show that the state's debt-to-GSDP ratio declined steadily, from 38.47% in 2020-21 to a projected 33.9% in 2024-25. "This is evidence of improving fiscal health," he said. He acknowledged that total debt rose from Rs 2.96 lakh crore in 2020-21 to Rs 4.31 lakh crore in 2024-25. However, he said the GSDP expanded from Rs 7.79 lakh crore to Rs 12.75 lakh crore during the same period. "Our debt has not grown disproportionately. The size of our economy has increased significantly," Balagopal said. He also criticised the previous UDF govt. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Secure Your Child's Future with Strong English Fluency Planet Spark Learn More Undo "Between 2011 and 2016, GSDP growth was 11.6%, but debt grew at 14.9%. In contrast, under the present LDF govt, GSDP has grown at 13.5% and debt at only 9.8%," he said. Balagopal said the state's debt traditionally doubled every five years. "Following that trend, our total liabilities should have touched Rs 6 lakh crore by 2025-26. But thanks to tighter control and a more responsible borrowing policy, they are expected to remain around Rs 4.65 lakh crore," he said. "Even that would have been lower, had Centre not withheld funds we were legally entitled to borrow." Balagopal said Rs 3,300 crore was cut from Kerala's borrowing limit for providing guarantees to loans taken by PSUs, with Centre citing the Guarantee Redemption Fund (GRF). "Centre is now demanding that we earmark 5% of the total guarantees — worth around Rs 80,000 crore — as reserve in the GRF. This is an additional burden," he said.
