Minister for Finance, Planning, Commercial Taxes & Legislative Affairs held today in his Chambers a meeting with the special secretary (planning) director (planning), Director of Economics and Statistics and other departmental officials.
Minister reviewed the economic performance of the state of Andhra Pradesh with reference to the factors of GSDP and the growth rates, recorded by the State in various sectors. The review centred mainly on the performance of Andhra Pradesh in the 1st quarter (April, May and June 2014) of the Financial Year 2014-15. The GSDP, at constant prices (2001-05) of the State during the first quarter of 2014-15 recorded a growth rate of 7.39% which is higher than the growth rate of all India GDP of 5.71%. The GSDP of the State during the first quarter of this Financial Year is also more than the growth rate in the GSDP recorded by the United Andhra Pradesh during the corresponding quarter in the preveious year 2013-14.
The Statistical information shows that the growth in Agriculture Sector of Andhra Pradesh is significantly higher than the All India GDP of the same sector. However, the State of Andhra Pradesh is lagging behind in Industry and Services Sectors. Minister expressed the need for development of these sectors substantially in future. Minister observed that the Agriculture Sector would stabilize, while the industry and Services Sectors would substantially improve in terms of their contribution to the GSDP of the State in next five years to come and Andhra Pradesh would be having a promising future in terms of economic development.
While reviewing the performance of the Andhra Pradesh economy, Minister instructed the officials of the planning department to prepare the background analysis report after duly studying the area wise and sector wise status of economic development in various sectors and indentifying potential (growth) areas and sectors, in which Government investments can be made to achieve overall higher growth with a better cost benefit ratio. The officials were instructed to be ready with the background analysis report well before the preparation of the next budget for the year 2015-16. The Minister instructed the officials to immediately take up Ananthapur and East Godavari as Pilot project for Mandal wise study of GSDP on the above lines with reference to the growth engines of the respective areas. (NSS)
