The Andhra Pradesh government on Sunday entered into a strategic partnership with the Institute for Financial Management and Research (IFMR), a constituent institution of Krea University, to support the implementation of the ambitious Swarna Andhra 2047 Vision aimed at transforming the State into a high-growth and inclusive economy over the next two decades.

The Memorandum of Understanding (MoU) was signed in the presence of Chief Minister N. Chandrababu Naidu at the State Secretariat in Amaravati. The collaboration is expected to provide policy support, research inputs and institutional expertise for achieving the long-term development goals outlined under the Swarna Andhra framework.

Ambitious growth target

Speaking on the occasion, Mr. Naidu said Andhra Pradesh had set an ambitious target of achieving a 15% annual economic growth rate to realise the objectives of Swarna Andhra 2047. He noted that the State had registered a compound annual growth rate (CAGR) of 13.5% between 2014 and 2019 and expressed confidence that focused planning and effective implementation could help surpass previous growth levels.

Under the agreement, IFMR will assist the State Planning Department in establishing mission cells dedicated to accelerating Gross State Domestic Product (GSDP) growth and monitoring the implementation of programmes linked to 10 strategic principles identified by the government. The institution will also undertake field studies, provide policy recommendations and suggest innovative governance practices to improve development outcomes.

Key sectors

The partnership will initially focus on key priority sectors, including the Zero Poverty Mission, Water Security Mission and Deep Tech Mission. Officials said IFMR would work closely with government departments to formulate strategies, evaluate programme outcomes and provide evidence-based recommendations to support decision-making.

Highlighting the State’s emphasis on technology-driven growth, Mr. Naidu said Andhra Pradesh was positioning itself as a hub for emerging technologies through investments in artificial intelligence, drone mapping, semiconductors, defence manufacturing, automobiles, metals, steel and rare earth minerals. He also underscored the importance of artificial intelligence and quantum technologies in shaping the State’s future economy.

State Planning Department Principal Secretary Piyush Kumar and IFMR representative Kapil Viswanathan exchanged the MoU documents. Finance Minister Payyavula Keshav, representatives of Krea University and IFMR, and senior government officials were present.