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Naidu gets Rs 5,600 cr investment offer
Hyderabad: Naidu Gets Rs 5,600 Crore Investment Offer, Andhra Pradesh Chief Minister-designate N Chandrababu Naidu is making all-out efforts to see that investments pour into the residuary state.
Starts wooing investments; delegations meeting him
- Exploring ways to ease burden of farm loan waiver
- May issue SLR bonds to banks as they have liquidity
- Likely to go for staggered repayments from 3rd year
Hyderabad: Andhra Pradesh Chief Minister-designate N Chandrababu Naidu is making all-out efforts to see that investments pour into the residuary state. He is busy holding talks with industrialists. On Thursday alone he was able to get an assurance that investments worth Rs 5,600 crore would be made in the new state. This offer was made by a delegation of Indian Development Forum consisting of industrialists.
Naidu is also working out strategies to implement the loan-waiver scheme for farmers. It is estimated that if the waiver is implemented for all eligible farmers, it will impose about Rs 80,000-crore burden on the new government. The major challenge before the government is to implement the scheme while reducing the financial burden on the exchequer.
It is understood that the possibility of issuing bonds to bankers in lieu of cash for implementing farm loan waiver is one option being considered by Naidu. He was understood to be leaning towards issuing bonds, promising bankers that his government would repay the debt that would arise out of 'crop loan waiver' scheme from the third financial year in a staggered manner.
As the CM-designate of AP is firm on putting his first signature on the crop loan waiver file after taking the oath on June 8, he has begun calculating the financial burden the new government will have to face, depending on the 'modalities' of the implementation of his promise. However, it was not yet clear whether the TDP would waive only agriculture loans or also include loans taken for agriculture by the farmers, mortgaging their gold. The bankers, it is said, are advising Naidu not to include loans taken on gold in the waiver scheme.
The bankers feel that if the AP government issues SLR bonds, then there will be possibility of liquidity and the banks will be in a position to sell the bonds in the market. If the SLR status is not attached to these bonds, their liquidity will be restricted. Hence, the possibility of issuing bonds with a five-year maturity and a two-year moratorium is being explored.
