The Gross Domestic Product (GDP) growth of Andhra Pradesh cannot be more than 5 per cent, YSR Congress leader and former Minister Botcha Satyanarayana has said.
Addressing a press conference here on Monday, Mr. Satyanarayana said going by the revenues posted on the Chief Minister’s Dash Board the GDP could not be more than 5 per cent. The national average GDP growth was itself 7 per cent, but the GDP growth rate of Andhra Pradesh was being projected as 12 per cent, he said.
MoUs to the tune of 4.27 lakh crore were signed at the CII Partnership Summit held at Visakhapatnam, but none of those memoranda translated into investment, he said.
Revenue in all the sectors had been falling, but magically the percentage growth of GDP was increased, he said.
A total collapse of the construction sector was also being predicted. If there was a recession in the construction sector over 15 other allied trades would also go into recession, Mr Satyanarayana said.
The area being sown by crop had been falling and everybody knew Chief Minister N Chandrababu Naidu’s distaste for the agriculture, he said.
