AMARAVATI: In a remarkable turnaround, Andhra Pradesh has posted a stunning 16.22% growth rate during 2022-23. The state planning department estimated that GSDP for the year 2022-23 (advanced estimates) is estimated at Rs 13,17,728 crore as against Rs 11,33,837 crore for the 2021-22 final revised estimates (FRE). This accounts to net addition of Rs 1,83,891 crore to the state economy
Chief minister YS Jagan Mohan Reddy released the socio-economic survey (SES) readied by the planning department of the state for 2022-23 on Wednesday. The SES stated that AP posted a growth of 16.22% over the previous year based on the advanced estimates.
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According to the SES, Gross Value Addition (GVA) in agriculture and allied sectors reported a decent 13.18% growth while agriculture sector alone reported 20.72 percent growth while horticulture sector achieved 12.58% growth rate. Similarly, the livestock sector reported 7.32% growth rate while fisheries reported 19.41% of GVA
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The SES said that the industry sector witnessed a GVA of 16.36% while Mining and quarrying reported 15.81% GVA. It said that the manufacturing sector reported 11.81%. The analysis of the planning department put the GVA of electricity, gas and other sectors at 30.96% and construction sector at 16.94%. It said that the services sector achieved a stunning 18.91% GVA while trade and hotels sector reported 28.42%. It said that railways achieved 17.82%. SES said that transport by other means reported a GVA of 21.64% while the real estate sector achieved 13.14%.
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“It is notable that the growth rate is 16.43 percent while GVA in all the sectors witnessed double-digit growth rate. It reflects the results of the silent revolution unleashed by the chief minister YS Jagan Mohan Reddy with his welfare initiatives,” said finance minister Buggana Rajendranath.
According to the State Economic Survey, the state posted a record growth of 7.02% at constant prices against the country’s growth of 7.0% during 2020-21. Report said that the agriculture and allied sectors reported 4.54% growth rate while agriculture sector alone witnessed the double-digit growth at 10.72% while the horticulture sector reported 3.03% growth rate. The performance was relatively low at constant prices during 2020-21 due to the outbreak of covid-19. It said that the GVA of livestock is around 2.89% while the fisheries sector reported 4.87%. It said that the industry sector too achieved a tremendous GVA of 5.66% during the covid-19 while mining and quarrying reported sizable GVA of 10.81%. Manufacturing sector achieved 4.82% growth while the electricity, gas sectors reported 6.53%. It said that the construction returned with 4.71% growth while the services sector witnessed a massive 10.05% GVA. It said that trade hotels reported a 16.64% growth rate.
AP marching ahead with growth
*All India per capita income for 2022-23 is Rs 1,72,000 up from Rs 1,48,524 in 2021-22 — a jump of Rs 23,476.
*Per capita income growth rate at current prices in 2021-22: is 13.98%
*So far an amount of Rs 1.97 lakh crore has been incurred by the government through DBT under various schemes relating to the sectors of education, health, women, farmers, welfare and other sectors.
