State aims at becoming $2.40 trillion economy by FY 2046-47, says Andhra Pradesh Chief Minister Chandrababu Naidu

State aims at becoming $2.40 trillion economy by FY 2046-47, says Andhra Pradesh Chief Minister Chandrababu Naidu. Government negotiating with lending agencies for refinancing of loans to be repaid by it, he says. With Total Fertility Rate projected to fall to 1.51 by 2026 from 1.54 by the end of 2021, the government will give the two-child rule legal sanctity as an important initiative to facilitate population growth, he adds.

The Government of Andhra Pradesh is in the process of negotiating with the lending agencies for refinancing of the loans to be repaid by it.

This will bring the interest rates down, thereby giving the government some relief in clearing the debt that has piled up in the last five years, says Chief Minister N. Chandrababu Naidu.

Addressing the media at the Secretariat on Thursday, Mr. Naidu said the government was bearing a huge burden of debt servicing, and it planned to have all the loans refinanced by the lenders so that it would be in a relatively easier position to discharge its repayment obligations.

He said that while repaying the debts and shoring up revenues, the government targeted to achieve a higher growth rate of 15% from the current 12.94% by 2046-47 and a per capita income of $42,000 by that year, by which time the Gross State Domestic Product (GSDP) was projected to reach ₹347 lakh crore.

The State aimed at becoming a $2.40 trillion economy by FY 2046-47, for which Swarna Andhra Vision had been unveiled, he said, and announced that he would be launching WhatApp governance on January 18 for better delivery of government-to-citizen services.

The GSDP growth at current prices for the FY 2024-25 was 12.94% as per the First Advance Estimates (FAE), which was a key metric that would form the basis of the upcoming Socio Economic Survey and full-fledged budget.

Mr. Naidu pointed out that the average GSDP growth rate fell from 13.50% in 2014-19 to 10.32% in 2019-24 due to the YSR Congress Party (YSRCP) Government’s retrograde policies.