The Gross State Domestic Product (GSDP) of Andhra Pradesh in current financial year is expected to grow at over 12 per cent to Rs.5,20,300 crore. Provisional estimates, at current prices and based on advanced estimates, indicate that it will grow at 12.3 per cent over the Rs.4,64,183 crore in 2013-14, Finance Minister Yanamala Ramakrishnudu told the Assembly on Thursday.
Mr. Ramakrishnudu, who gave these details presenting the 2015-16 Budget of the State, first-ever full-fledged one after division of Andhra Pradesh, said that at constant (2004-05) prices, the GSDP is estimated at Rs.2,64,521 crore in the current fiscal. This will be a growth of 7.21 per cent compared to the GSDP of Rs.2,46,724 crore in 2013-14.
At constant prices, the agriculture, industry and services sectors have shown a growth of 5.90, 5.25 and 8.48 per cent respectively during 2014-15.
On per capita income at current prices for 2014-15, Andhra Pradesh Finance Minister said that as per provisional estimates it is expected to be Rs.90,517 as against Rs.81,397 in 2013-14. This will be a growth of 11.21 per cent.
The per capita income at constant (2004-05) for the current fiscal is estimated at Rs.44,831 as against the Rs.42,170 in 2013-14, a growth of 6.31 per cent.
In comparison to the advanced estimates of Telangana, which were announced on Wednesday, while the per capita income of Andhra Pradesh would be less, the GSDP will be significantly higher.
The Andhra Pradesh Finance Minister said that the notable feature of the State economy is that the per capita income has been growing steadily. All efforts being made to improve inclusive growth avenues will result in upward surge in the per capita income in Andhra Pradesh, he said hoping for a “promising better standard of living.”
Per capita income to double in 2019
With the envisaged growth agenda getting fully operational, the per capita income of Andhra Pradesh is expected to double by 2018-19 from the Rs.90,517 in 2014-15. The Government, he added, will take all possible steps to improve the quality of services to come upto the expectations of middle classes.
Vision 2029
Andhra Pradesh, according to Mr.Ramakrishnudu, as part of the aim to be among the top three States in the country by 2022 and number one seven years later has initiated preparation of the Vision 2029 document.
It will provide a direction to development as well as a focus to growth sectors. By 2050, Andhra Pradesh will be the best investment destination in the world, he added.
