Market Reports

Andhra CM Goes For “Silent Revolution” To Woo Investors

Published: March 3, 2023

A Quiet Revolution: The Voyage of the Srinivasan Services Trust by Snigdha Parupudi was the only book on the desk in Y S Jagan Mohan Reddy, chief minister of Andhra Pradesh.

But, when Reddy spoke to Business Standard at the chief minister’s camp office in Vijayawada’s Tadepalle neighbourhood, he was interested in a “quiet revolution” to advance his state’s social, economic, and industrial standards.

“My state is proactive, and I can provide investors peace of mind. When questioned about his expectations for the two-day Global Investors Summit (GIS), which starts on Friday in the port city of Visakhapatnam, Reddy responded, “I am banking big on port-based sectors. There are more than 8,000 delegates from all across the world, including leading business figures. anticipated taking part in it.

“As a sweetener, we can repay them for the taxes they pay. The fact that we can make doing business easier for them is the state’s main draw, though. We are also offering all required permissions in a single-desk configuration within 21 days. There is a lot of transparency,” Reddy said while sporting his trademark white shirt and cream pants. The state is credited with rising to the top spot in the Centre’s three-year Ease of Doing Business assessment.

The ranking is based on feedback from the sector, and the chief minister claims it says a lot about how business is handled in the country. state”. The state of Andhra Pradesh’s double-digit GSDP growth rate, which was the highest in the nation in 2021–2022 at 11.43 percent, is another advantage that has been emphasised.

The chief minister claimed that leaders in the industry, including Mukesh Ambani, K M Birla, Karan Adani, Sanjiv Bajaj, Sajjan Jindal, Naveen Jindal, and many more, had already confirmed their participation.

Reddy said that the state’s debts are well within the guidelines established by the Fiscal Responsibility and Budget Management Act when questioned about the state’s mounting debt load.

Liabilities of the state government were Rs 1.13 trillion when the state was split into two, and they rose to Rs 2.71 trillion by the conclusion of the previous administration, registering a compound annual growth rate. 19% (CAGR) is used.

“The debt is seen at Rs 4.42 trillion and grown at a CAGR of almost 13.5 percent throughout our time,” he said. He claimed that during road shows, numerous global majors expressed interest in the state in response to questions about why it wasn’t attracting enough foreign investment.

Our 974 km of coastline, which has six operational ports and four more that are being built, is our greatest asset (Rs 12,000 crore investment). Three of the country’s 11 industrial corridors are in Andhra, he added. The chief minister brushed off similarities between his management style and that of a corporate company’s CEO. “A state’s chief minister is its father. My responsibility is to my kids. Social sector changes

According to Reddy, the state is investing significantly on agriculture, health care, and education. According to reports, the government allocates 12% of its budget to the education sector. “We use direct benefit transfer for everything. There is no bias and no corruption; everything is socially scrutinised, he continued.

He said that programmes like Jagananna Videshi Vidya Deevena, Amma Vodi, and Nadu Nedu were bringing about a revolution in the field of education. The Videshi Vidya Deevena scheme is for higher education abroad, the Amma Vodi programme offers financial assistance of Rs 15,000 to poor and needy mothers if they send their children (in classes 1 through intermediate) to school, and Nadu Nedu is for improving the infrastructure of government schools. The government has also made tablets and Byju’s material available. also for its pupils from particular classes.

The present administration has hired about 48,000 individuals in the field of health since taking office. Via our Rythu Bharosa Kendras, we are also providing direct assistance to the farmers from seed to sale (RBKs). Every acre is geotagged and electronically cropped, he claimed.

Reddy, who “expects to win all 175 seats in the next Assembly elections,” told Business Standard that the leader “expects to win all 175 seats in the next Assembly elections,” believes that agriculture, micro, small and medium enterprises (MSMEs), and self employment are the three areas that will generate the most jobs and drive the economy.

When asked if he was reading A Quiet Revolution before departing, Reddy responded, “No, this was given to me by Venu Srinivasan’s son, Sudarshan Venu of TVS Motor.”

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