CII chalks out plans to achieve Andhra’s $USD 2.4 trillion aim by 2047
New Delhi [India], July 16 (ANI): Industry body CII has listed a slew of recommendations for Andhra Pradesh, which can help the coastal Indian state to contribute to the Viksit Bharat dream.
The report by the Confederation of Indian Industry (CII) suggested time-bound project approvals, a legislative mechanism to safeguard announced incentives, among others.
In alignment with India’s ambition of achieving developed nation status by 2047, CII has suggested Andhra government to introduce a legislative mechanism to protect already announced incentives and concessions regardless of a change in political dispensation.
Andhra Pradesh is poised to take a leap in its growth trajectory and ascend towards becoming a USD 2.4 trillion economy over the next two decades, the CII report asserted.
Based on research and stakeholder consultations, the Task Force has attempted to list recommendations for the State Government’s consideration, while developing the policy framework.
Further, it recommended prioritising clearing all overdue incentive payouts to help restore industry’s faith in the system, besides setting up a dedicated implementation and monitoring body (jointly with industry) to track each policy’s on ground status, revise operational guidelines, and resolve bottlenecks quickly.
The state government could also capitalize on Deep-Tech for better governance, it added.
Asserting that State’s current fiscal scenario is a cause for concern specially with total liabilities as a percentage of GSDP (including guarantees) standing at more than 40 per cent, CII said that it poses a risk to the State’s medium to long term debt sustainability.
“(It) is a masked fiscal burden for the future, which could reduce the fiscal space for productive expenditure," the CII report read.
Some more suggested policy interventions are setting up an independent agency to monitor compliance of Fiscal Responsibility Legislation (FRL) provisions; setting up State Institutions of Transformation (SITs) in collaboration with NITI Aayog; considering establishing an independent public debt management cell, in line with the recommendation of the Fifteenth Finance Commission.
Andhra Pradesh can also leverage Government of India’s initiatives such as the Aspirational Districts Programme to facilitate healthy competition among districts; focus explicitly on balanced regional growth in the industrial policy with higher and a graded incentive structure for specific regions and a dedicated policy for accelerated creation of growth centres in these regions; reap the ODOP (One District One Product) advantage to promote exports from these districts.
Key growth sectors include agriculture, food processing, life sciences, electronics, and advanced manufacturing. The report urges investments in climate-resilient crops, digital agriculture, and food clusters for value addition.
Tourism, blue economy, renewable energy, and aerospace are identified as sunrise sectors. The report recommends specialised policies, infrastructure, and partnerships to unlock these sectors’ potential. Ease of doing business should be improved through digitisation, time-bound approvals, and accountability in public services.
“The Swarna Andhra Pradesh 2047 Vision lays out a comprehensive framework for economic advancement, social equity, environmental sustainability, and governance excellence. This document outlines a bold and actionable roadmap to harness our potential. It envisions Andhra Pradesh as a USD 2.4 trillion economy by 2047 with a Per Capita Income of USD 42,000, in alignment with the national aspiration of Viksit Bharat @2047. Achieving this ambitious target will require sustained annual growth of 15 per cent, a challenge we embrace with clarity, confidence, and commitment," Andhra Pradesh Chief Minister Chandrababu Naidu said in the report. CM Naidu was the Task Force on Economic Development for Swarna Andhra Pradesh @ 2047. (ANI)
(This content is sourced from a syndicated feed and is published as received. The Tribune assumes no responsibility or liability for its accuracy, completeness, or content.)
Business