Naidu seeks over 15% growth rate for AP

This, he said, would help fulfill the aspirations of the people and take up developmental works and welfare schemes on a larger scale.

Talking to the media here on Monday, he referred to the recently released Niti Aayog report on Fiscal Health Index for the year 2022-23 to substantiate his claims on how the AP’s economy was getting “ruined” during the YSRC term.

He said that when AP’s average gross state domestic product was 13.49 per cent from 2014-19, it fell to 10.59 per cent from 2019-24 under the YSRC rule. A higher GSDP would help the state immensely in terms of reducing debt burden, keeping a check on the rise in interest rate and in implementing several welfare schemes including the election promise of Super Six in a better way for the benefit of the people.

Referring to the Niti Aagyo’s report, Naidu said that AP’s public debt had been increasing on an average at the rate of 16.5 per cent from 2018-19 to 2022-23 while interest payments too increased by 15 per cent in 2022-23 over the previous year; and by 10 per cent compounded annual growth rate from 2018-19 to 2022-23.

With regard to per capita income growth, he said it was 13.21 per cent on an average from 2014-19 during the previous TD rule, while it had come down to 9.61 per cent during 2019-24 under YSR Congress rule.

Referring to AP’s GSDP and Per Capita Income projections for 2046-47 with a target to make Swarna Andhra Pradesh by 2047, with $2.4 trillion economy, the CM said that if the GSDP growth rate would raise from 7.50 to 15 per cent, it would help GSDP of Rs 78 lakh to 347 lakh.

Similarly, the per capita income also would be Rs 13.18 lakh crore to 58.14 lakh crore. He hoped that if the GSDP and per capita income would grow on the expected lines, it would help AP to recover in a big way by completing the execution of Polavaram project, development of Amaravati, revival of Visakha Steel Plant and developing the Visakha railway zone.