Andhra Pradesh achieves double digit growth rate overtaking all the Indian States and the National Average
Nara Chandrababu Naidu, the Chief Minister of Andhra Pradesh, announced the state’s Gross State Domestic Product (GSDP) on Monday; and also announced that the state achieved a 10.5% growth in the fiscal year 2015-2016. This far surpasses the national average of 7.4%.
The state government achieved this commendable growth despite having severe constraints and is now aiming a growth of 15% in 2016-2017 period.
Andhra Pradesh’s GSDP growth rate in 2014-2015 was 8.4%; so an additional growth of 2.1% in one year is something that only a visionary like Chandrababu Naidu is capable of achieving.
Speaking at the two-day collectors’ conference in Vijayawada on Monday, CBN said, “I am sure all the initiatives taken up by the government such as implementation of the best practices and the growth models will definitely boost the economy in the coming days.”
“Inclusive growth is 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,” the CM added, talking about an all round growth.
The quarterly performance assessment report-2015-16 released at the programme informed that State’s gross value added at constant prices (2011-12) for the year 2015-16 (advanced estimates) is estimated at Rs. 4,55,484cr as opposed to Rs. 4,12,188cr in the previous period; thus achieving the 10.5% growth.
The growth comes from three sectors, Agriculture, Industrial and Service; with a growth of 8.4%, 11.13% and 11.39% respectively.
Kudos to the Chief Minister!