The Socio Economic Survey has estimated that the state’s GSDP is most likely to witness a massive jump during 2021-22.
The advance estimates readied by the planning department put the GSDP ofAndhra Pradesh(at current prices) at 12,01,736 crore against 10,14,374 crore in 2020-21. This is nearly a net addition of 1,87,362 crore to the state economy. This is the highest quantum jump in GSDP ever.
The report said that Andhra Pradesh posted a record growth of 11.43% at constant prices (2011-12) against country’s growth of 8.9% during 2021-22.
Chief minister Y S Jagan Mohan Reddy released the Socio Economic Survey Report 2021-22 in the secretariat on Friday. Chief secretary Dr Sameer Sharma, secretary (planning) GSRKR Vijay Kumar and other senior officials of the planning department were present.Financeminister Buggana Rajendranth presented the Socio Economic Survey report to the assembly.
Interestingly, theGross Value Added(GVA) registered a record growth rate during 2021-22 with 18.47 per cent. This is the highest growth rate reported by Andhra Pradesh after the bifurcation.
While agriculture and allied sector reported a 14.50% growth rate, the agriculture sector alone witnessed a 6.30% growth rate. The growth rate in agriculture is above the national average. The horticulture sector witnessed a 13.24% increase while the livestock sector reported 11.46% growth rate. Interestingly, fisheries, which is considered to be the lifeline of the state’s growth rate, has put up a tremendous show with 25.92% growth. Notwithstanding the Covid-19 hurdles, the industry sector reported an impressive growth rate of 25.58%. However, the mining sector contributed to the massive growth rate in the industry sector as it reported 38.41% growth during 202-22. In fact, the manufacturing sector is not way behind as it reported a 24.84% growth rate.
Andhra Pradesh is considered to be among a few states that reported the highest growth rate in industrial segment. “Electricity and gas sectors witnessed 16.28% growth rate while the progress in the construction sector surprised all as it reported nearly 26.75% growth rate,” said the report.
The services sector, which has been contributing to the major portion of economic activity in the state, witnessed 18.91% growth rate. The hotels sector which reported a poor turnout due to Covid-19, has recovered fast and reported nearly 22.70% growth rate. The real estate sector still looks to be in slumber as it reported a 14.98% growth rate.