The Hindu Business Line : AP claims economic growth surpasses national trend

Hyderabad, Jan. 20 The Andhra Pradesh Government has claimed that the State’s economic growth at 9.83 per cent and per capita growth rate have surpassed national economic growth trends.

Following a review meeting of the Chief Minister, Dr Y.S. Rajasekhara Reddy, with the Special Chief Secretary, Planning, Mr A.K. Goel, these numbers were released by the Chief Minister’s Office.

In a statement from CMO, Dr Reddy expressed satisfaction over the State achieving the growth rate of 9.83 per cent in spite of global pressures and natural calamities.

Good performance

The economic growth rate of the nation this year will be 8.5 per cent, while the growth rate during 2007-08, according to revised estimates, will be only 8.9 per cent. This is because of the shortage of essential commodities, decline in growth rate of trade, business, hotel, transport and communications, and comparative decline in agricultural growth rate.

While the per capita growth in the three quarters this year for the nation is 7.3 per cent, Andhra Pradesh recorded 8.3 per cent growth, the statement said.

The Chief Minister suggested that the industrial sector should pick up and the State should attract more foreign direct investments.

He was confident that there would be a record agricultural production this year in spite of the flash floods three times in the year. Farmers are now getting remunerative prices for maize, paddy, pulses and oilseeds. The State is expecting a buoyant performance by agricultural and allied sectors.

GSDP

The cumulative quarterly Gross State Domestic Product (GSDP) from April to December 2007, at factor cost at constant (1999-2000) prices of 2007-08 is estimated at Rs 1,46,227 crore as against Rs 1,33,138 crore over corresponding period of previous fiscal of 2006-07, a growth rate of 9.83 per cent.

The methodology followed in estimations of quarterly GSDP is as that of the Quarterly Gross Domestic Product (QGDP) compiled by Central Statistical Organisation. Directorate of Economic and Statistics estimates the Quarterly Gross State Domestic Product (QGSDP).

The agriculture sector contribution during the cumulative third quarter of 2007-08 at constant (1999-2000) prices is estimated at Rs 26,539 crore as against Rs 23,660 crore in the corresponding period previous year, a growth of 12.17 per cent. There is a significant increase in the productivity of all principal crops.

Other sectors

The contribution of industries sector comprises mining and quarrying, manufacturing, electricity, gas and water supply, and construction during the cumulative third quarter of 2007-08 is estimated at Rs 38,872 crores (Rs 36,078 crores), a growth of 7.74 per cent.

The construction sector has registered a growth rate of 12.20 per cent due to massive Jala Yagnam and Indiramma programmes.

The services sector contribution is estimated at Rs 80,816 crore (Rs 73,400 crore), a growth rate of 10.10 per cent. The trade sector, which reflects the performance of both agriculture and industries registered a growth of 8.57 per cent. Banking and insurance, real estate and ownership of dwellings registered a growth of 10.54 per cent and 11.27 per cent, respectively.

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