Thu Jan 16 15:50:09 UTC 2025: **Andhra Pradesh Seeks Debt Relief, Aims for Economic Growth**
Vijayawada, Andhra Pradesh – Andhra Pradesh Chief Minister N. Chandrababu Naidu announced Thursday that the state government is negotiating with lending agencies to refinance its loans, aiming to reduce interest rates and alleviate its debt burden accumulated over the past five years. Addressing the media, Mr. Naidu stated that the refinancing will ease repayment obligations.
The government is targeting a 15% GSDP growth rate by 2046-47, up from the current 12.94%, and a per capita income of $42,000. This ambitious goal, part of the “Swarna Andhra Vision,” aims to transform Andhra Pradesh into a $2.40 trillion economy. To improve government services, Mr. Naidu also announced the launch of WhatsApp governance on January 18th.
Mr. Naidu attributed the decline in the average GSDP growth rate from 13.50% (2014-19) to 10.32% (2019-24) to the policies of the previous YSR Congress Party government. He highlighted the significant differences in sector-wise growth rates between the two periods. The First Advance Estimates for 2024-25 show a GSDP growth of 12.94%.
While Andhra Pradesh’s GSDP in 2023-24 was ₹14,22,094 crore, it lagged behind neighboring states like Telangana, Tamil Nadu, and Karnataka. The state’s share in national GDP was 4.81%.
Finally, Mr. Naidu announced plans to legally enforce a two-child norm for election candidates, citing concerns about the state’s declining Total Fertility Rate (TFR) and its impact on human capital. The current TFR is 1.54 and is projected to fall further. This measure, he argued, is crucial for facilitating population growth.
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