Notwithstanding the spectre of huge budget deficit facing the State, Andhra Pradesh has registered an impressive growth rate in key sectors – agriculture, industry and services - during the first half of the current financial year.
The estimates of the second quarter pegged GDP at Rs. 50,144 crore against the Rs. 47,103 crore of the corresponding period previous year registering an increase of 6.46 per cent. This was against the projection of 5.33 per cent growth in GDP at all India level during the same period.
The State registered impressive growth in live stock at 23.15 per cent, banking and insurance (15.64 per cent), real estate and ownership dwelling (15.28 per cent), electricity, gas and water supply (9.47 per cent), mining and quarrying (7.92 per cent) and public administration (6.91 per cent). Communication, transport by other means and other services registered growth rates of 6.49 per cent, 6.18 per cent and 5.93 per cent respectively.
The State achieved a significant 11.32 per cent growth in the agriculture sector as against the 3.55 per cent witnessed at the national level. The agriculture GSDP increased to Rs. 16,891 crore during the first half as against the Rs. 15,173 crore during the corresponding period previous fiscal.
Contribution of agriculture and allied sectors during the second quarter (at constant prices) was estimated at Rs. 8,134 crore against the Rs. 7,715 crore of corresponding quarter last year, marking 5.53 per cent increase. Agriculture proper, forestry & logging, fishing and livestock registered positive growth rates while fishing sector saw a negative growth rate of 10.73 per cent.
On the Industry front, the contribution was estimated at Rs. 12,341 crore as against Rs. 12,051 crore of the same period previous fiscal, with a growth of 2.4 per cent shade above the national average of 2.15 per cent. The second quarter GSDP of service sector was estimated at Rs. 29,670 crore against Rs. 27,337 crore of the previous year, marking 8.53 per cent increase.
Finance Minister Y. Ramakrishnudu, who reviewed the economic performance with senior officials, said the State’s economy had shown growth rate of 6.94 per cent during the first half of the current fiscal as against the national average of 5.52 per cent. While the overall performance of all sectors was satisfactory, the participation of the industry could be improved to realise the State’s full potential and achieve sustainable growth and development.
