Two Years of Accomplishments
While we achieve all this ( the double digit growth ), the happiness of people is very important . Money can ' t bring happiness . Our service delivery would make people happy .
- Chief Minister to the administration
Despite a plethora of difficulties faced by the newly formed Andhra Pradesh , the State has recorded impressive growth rate , surpassing all India average growth .
Double digit Gross State Domestic Product is one of the main goals set by the new Government in the divided Andhra Pradesh . Chandrababu Naidu ’ s determined efforts at reaching a double digit growth has become a reality in the very second year of his Government .
Andhra Pradesh registered an enviable growth rate of 10.5 percent at the end of the third quarter in the 2015-16 financial year and it is expected that it would continue the momentum to end the year with a double digit growth rate .
Expressing satisfaction over the performance in the first three quarters , which is better than the all India average growth of 7.3 percent , Chief Minister N Chandrababu Naidu said it was imperative that the state continued to have a double digit growth rate in the coming years to bail itself out of the financial crisis it found itself after state bifurcation .
State was able to achieve the double digit growth rate it had aspired for in the current fiscal , but it is paramount to continue in the coming years .
Target for the this fiscal ( 2016-17 ) has been fixed at 15 percent by the Chief Minister . The CM feels it is achievable with coordinated and planned efforts .
Backed by good performance by agriculture and allied sectors ,
Andhra Pradesh has achieved a growth rate of 10.9 percent in 2015- 16 , as against the natinal growth rate of 7.6 percent . Andhra Pradesh ’ s GSDP growth rate in 2014-2015 was 8.4 percent .
11.77 growth in the first half
The performance in the second quarter at 13.94 per cent surpassed the target of 10.82 per cent . While the State had targeted a growth rate of 10.44 per cent in the first quarter , it managed to achieve 9.72 per cent . Together , the half-yearly growth performance was 11.77 per cent against the target of 10.62 per cent .
The State Government is currently working on the comprehensive double digit growth plan while aiming to achieve a per capita income over Rs . 10 lakh by 2029-30 . The growth target for 2015-16 at constant prices stands at 10.8 per cent .
There is a swift upward surge in the agriculture and allied sectors which have registered a strong growth rate of 47.1 per cent at constant prices . Fisheries and livestock are the main contributors for the significant growth not only in agriculture but also to the overall Gross State Domestic Product ( GSDP ).
Andhra Pradesh had started off with a revenue deficit of about Rs 16,000 crore following the bifurcation of the state in 2014 . This posed an enormous challenge for us but still we could achieve a growth rate of 8.39 % in 2014-15 and increase it to 10.5 % in 2015-16 . For the next year , our target is a 15 percent growth in the GSDP ," he said .
The agriculture sector registered a
Financial Year 2015-16
9.72 % 7.1 %
Q1
AP Growth Rate
13.94 %
Q2
7.4 %
National Growth Rate
growth of 8.40 percent in the current fiscal while the industry grew at 11.13 percent and services at 11.39 percent .
The Andhra Pradesh government has initiated the process of releasing estimates of the state economic aggregates on a quarterly basis at par with the Central Statistical Organization .
Elaborating on the Vision 2029 , the Chief Minister said that Andhra Pradesh must be developed as the best state in the country by 2029 and best destination in the world by 2050 . For this , registering double digit growth is an important step towards achieving inclusive growth and bringing about a structural change in the economy , he said .
" Inclusive growth is very important and per capita income should also increase . Economic inequalities have to be reduced . Long-term sustainability is vital . Your focus should be on this ," Naidu said . v JUNE 2016 ANDHRAPRADESHMAGAZINE . ORG 29