Andhra Pradesh

‘State has clocked double-digitgrowth during last five years’

The advanced estimates compiled for 2018-19 reveal that the economy would grow at a rate of 11.02%, says Buggana Rajendranath Reddy.

The advanced estimates compiled for 2018-19 reveal that the economy would grow at a rate of 11.02%, says Buggana Rajendranath Reddy.  

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Sector-wise performance figures emerge from fiscal policy statement

The State economy registered a double-digit growth from 2014-15 to 2018-19 at constant (2011-12) prices. An average growth rate of 10.82% was registered during those five years. Likewise, the advanced estimates compiled for the year 2018-19 reveal that the economy would grow at a rate of 11.02%.

Likewise, the Gross State Domestic Product (GDSP) at constant prices (2011-12) was estimated at ₹ 6.80 lakh crore in 2018-19 (advanced estimates- AE) as against ₹ 6.12 lakh crore in 2017-18.

These facts were mentioned in the statement of fiscal policy by Finance Minister Buggana Rajendranath Reddy in the Assembly on Tuesday. The Minister, in the statement, said in the light of the revised guidelines and methodology communicated by the Central Statistical Organisation (CSO), the advance estimates of GSDP 2018-19 have been compiled in the new base year 2011-12 at constant and current prices.

Per capita income up

The per capita income (PCI) figure gives a better idea of the standard of living of the people. As per the advance estimates of 2018-19, the PCI of Andhra Pradesh at current prices increased to ₹ 1.64 lakh from ₹1.43 lakh in 2017-18. The year registered a growth of 13.96%. The PCI at constant prices (2011-12) also went up to ₹ 1.17 lakh from ₹1.06 lakh in 2017-18 registering a growth of 9.73%, he said. Mr. Rajendranath Reddy said that the growth rate of the agriculture sector touched 10.78% in 2018-19 from 3.55% in 2014-15. The sector witnessed a double-digit growth of 14.71% and 17.25% during 2016-17 and 2017-18 respectively. Barring 2017-18, the industry sector registered a double-digit growth during the last five years. The growth rate fell to 9.10% in 2017-18 from 11.04% compared to its previous fiscal, 2016-17. But, the services sector registered a growth rate was 8.98% in 2014-15 and 12.08% in its next financial year. In succeeding years, the growth rate was 7.69 (2016-17), 9.20 (20170-18) and 11.09% in 2018-19, he said.

Referring to the Fiscal Responsibility and Budget Management (FRBM) Act, the Minister said: “In the present post-bifurcation scenario, it was not possible to adhere to the conditionalities prescribed in the Act.”

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Printable version | Dec 15, 2019 6:08:07 PM | https://www.thehindu.com/news/national/andhra-pradesh/state-has-clocked-double-digit-growth-during-last-five-years/article28763558.ece

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