Chief Minister Chandrababu Naidu sets 15 percent growth rate target

Planning department signs MoU with Institute for Financial Management and Research to support Swarna Andhra 2047 Vision

Amaravati: Chief Minister N Chandrababu Naidu reiterated that Andhra Pradesh has set an ambitious target of achieving a 15 per cent growth rate as part of the Swarna Andhra 2047 vision. He stated that the state had achieved a Compound Annual Growth Rate (CAGR) of 13.5 per cent between 2014 and 2019, while the current growth rate stands at around 11 per cent due to various reasons.

The State Planning department today signed a Memorandum of Understanding (MoU) with the Institute for Financial Management and Research (IFMR), operating under KREA University, to support the implementation of the ten guiding principles under the Swarna Andhra 2047 Vision. State Planning Department Principal Secretary Piyush Kumar and IFMR representative Kapil Viswanathan exchanged the agreement documents. As part of the collaboration, IFMR will oversee the implementation of the programme and support the establishment of Mission Cells for achieving Gross State Domestic Product (GSDP) targets and higher growth rates. The institute will work with the Government of Andhra Pradesh on key initiatives including the Zero Poverty Mission, Water Security Mission and Deep Tech Mission.Under the agreement, IFMR will undertake field-level studies, provide policy recommendations and suggest innovative approaches related to the ten guiding principles. It has also been decided to extend cooperation to other areas in the subsequent phases.A State-Level Committee and Mission Working Groups will also be constituted to monitor and facilitate the implementation of the ten principles.

The Chief Minister stated that the government is integrating deep technologies across various sectors to accelerate development in the state. He noted that Andhra Pradesh has attracted projects in sectors such as AI skilling, drone mapping, automobiles, metals, steel, rare earth minerals, semiconductors and defence manufacturing. He further said that the state is actively promoting Artificial Intelligence (AI) and Quantum Technologies on a large scale.

Minister Payyavula Keshav, representatives of KREA University and IFMR and officials from the Planning department participated.