Latest news with #TaskForceonEconomicDevelopment
New Indian Express
2 days ago
- Business
- New Indian Express
Andhra poised to be Swarna Andhra by 2047: CM Chandrababu Naidu
VIJAYAWADA: The Task Force report, 'Towards Swarna Andhra Pradesh @2047,' unveiled by Chief Minister N Chandrababu Naidu on Wednesday, projected that Andhra Pradesh - endowed with the third-longest coastline in the country and one of the largest land banks - is undoubtedly at a comparative advantage in becoming one of the champions of the country's overall goal of achieving a USD 35 trillion economy over the next two decades. In 2014–15, the State's economy stood at USD 86 billion at current prices. By 2023–24, Andhra Pradesh's economy had more than doubled, reaching USD 174 billion. This significant growth was achieved despite the formidable challenges posed by the bifurcation in 2014. Looking ahead, while certain gaps remain to be addressed, the Task Force on Economic Development for Swarna Andhra Pradesh @2047 is confident that the State is well poised to take a leap toward achieving the vision of a 'Swarna Andhra Pradesh' by 2047. The report highlights that Andhra Pradesh has a diverse and multifaceted economy, enriched with natural resources and a 1,053 km-long coastline that offers a strategic vantage point for the development of sectors such as renewables, the blue economy, and others. Fertile river plains support agriculture and allied activities, while the mineral-rich districts of Rayalaseema present ideal conditions for the growth of mineral-based industries. The report also notes that Andhra Pradesh is among the few Indian states with abundant land banks (50,573 acres), designated for industrial development. These land banks provide a strategic geographical advantage for the creation of sector-focused industrial zones, parks, and clusters. 'Coupled with ease, cost, and speed of doing business, the State offers an investor-friendly environment for both domestic and international players. Strategically positioned to lead India's transition to a sustainable economy, AP holds immense potential to attract significant investments for developing a robust manufacturing ecosystem in green hydrogen and green ammonia. It also has the capacity to emerge as a leader in solar and wind energy,' the report stated.
The Hindu
3 days ago
- Business
- The Hindu
Report on Swarna Andhra a comprehensive blueprint for economic growth, says CM
Releasing the report of the Task Force on Economic Development for Swarna Andhra Pradesh (AP)-2047, Chief Minister N. Chandrababu Naidu called it a comprehensive blueprint for the State's economic growth, and that, having achieved the targets laid down in the Vision-2020 document, the government set for itself more ambitious goals now. He said the Swarna Andhra Pradesh vision was in alignment with Prime Minister Narendra Modi's Viksit Bharat-2047, and highlighted the importance of innovation and policy reforms. Mr. Naidu said A.P. had strong and dynamic human resources and fertile land, and was rich in agricultural commodities, especially horticulture, aquaculture, and commercial crops. The State was leveraging those advantages and top priority was given to infrastructure, and asserted that A.P. would be the logistics hub of India. The Chief Minister called upon the affluent sections to invest in people as capital and support the weaker sections so that they would be economically empowered. He noted that Visakhapatnam and Vijayawada had secured the first and third spots in LinkedIn's first-ever 'Cities on the Rise' report, which highlighted India's fastest-growing non-metro cities for professional growth. From WhatsApp governance to AI-driven healthcare, the Chief Minister emphasised the role of technology in improving lives, and cited the success of the pilot project of digitisation of health records in Kuppam, developed in partnership with the Tata Group. On the occasion, Mr. Naidu assured industrialists of full support, and thanked the task force Chairman N. Chandrasekaran and CII for their contributions, and pledged to implement their recommendations.
The Hindu
3 days ago
- Business
- The Hindu
Naidu releases report of Task Force on Economic Development for Swarna Andhra Pradesh
Andhra Pradesh Chief Minister N. Chandrababu Naidu on Wednesday unveiled the report of the Task Force on Economic Development for Swarna Andhra Pradesh @ 2047 as its Chairman in a programme jointly organised by the Government of Andhra Pradesh and the Confederation of Indian Industry (CII) in New Delhi. Co-chaired by TATA Sons Executive Chairman N. Chandrasekharan, the expert panel made a host of recommendations to the government on diverse sectors that had the potential to catapult it to the league of progressive States. The task force stated in its report that India emerged as one of the fastest growing economies in the world and was expected to be a developed economy by 2047, but its journey towards a 'Viksit Bharat' by the 100th year of Independence hinged significantly on how the States perform individually and drive the economic growth agenda. In this context, it had been noted that with the third longest coastline in the country and one of the largest land banks, Andhra Pradesh was at a comparative advantage to become one of the champions of the country's overall goal of achieving around US$ 35 trillion target over the next two decades. A.P.'s economy had more than doubled to US$ 174 billion in 2023-24 from US$ 86 billion (at current prices) in 2014-15 in spite of the challenges posed by the bifurcation in 2014. The task force felt that though there were some gaps to be filled, A.P. was well poised to take the leap in its developmental journey towards a Swarna Andhra Pradesh by 2047. It was pointed out that the top 15 districts — Visakhapatnam, NTR, Tirupati, Krishna, Eluru, Nellore, Guntur, Anantapur, Kakinada, West Godavari, East Godavari, YSR, Sri Sathya Sai, Anakapalli and Prakasam — contributed as much as 72% to the State's economy. They were expected to contribute nearly US$1.70 trillion to the State's overall target of US$2.40 trillion in 2047. The task force laid down industries such as food processing, marine and aquaculture, electronics, automotive, and life sciences sectors as the potential growth drivers, while noting that emerging opportunities, which included the blue economy, would give a fillip to the growth prospects. In terms of enablers, it was recommended that the State needed renewed focus on quality education and skills development. Towards restoring industry confidence, the task force suggested introduction of a legislative mechanism to protect already announced incentives and concessions, regardless of a change in political dispensation, prioritising the clearance of all overdue incentive pay outs to help restore industry's faith in the system. Expressing concern that the State's current fiscal scenario was a cause for concern, , the task force recommended to the government to set up an independent agency to monitor the compliance of fiscal responsibility legislation provisions, and a State Institutions of Transformation in collaboration with the NITI Aayog, to establish an independent public debt management cell in line with the recommendation of the Fifteenth Finance Commission, and to strengthen the State Finance Commission. The experts said the government should leverage the Central government's initiatives such as the Aspirational Districts Programme to facilitate healthy competition among districts, have a graded incentive structure for specific regions and a dedicated policy for accelerated creation of growth centres in the different regions, and reap the benefits of One District-One Product programme for promoting exports.
