State ranked first with 10.5% growth

State ranked first with 10.5% growth

News:

1. Andhra Pradesh has achieved number one rank in the country with an average growth of 10.5% during the last four years, surpassing many developed States such as Maharashtra and Gujarat following “focused approach”

Important Facts:

2. Andhra Pradesh (AP) achieved a growth rate of 10.5 per cent in the Gross State Domestic Product (GSDP) in the current fiscal year.

3. According to the State Planning Department, the average growth in the country stood at 7.3% during the last four years.

4. AP is focusing on inclusive growth to achieve a 15 per cent target in the next fiscal year.

5. Background:

6. Andhra Pradesh started-off with a revenue deficit of about Rs 16,000 crore following the bifurcation of the state in 2014.

7. This posed an enormous challenge but the state achieved a growth rate of 8.39 per cent in 2014-15 and increase it to 10.5 per cent in 2015-16.

8. Sector-wise growth: Agriculture sector registered a growth of 8.40 per cent in the current fiscal, Industry achieved 11.13 per cent and services sector a growth of 11.39 per cent.

9. Four districts namely Chittoor, Nellore, West Godavari and Srikakulam  out of the total 13 recorded a growth of over 10.5 percent.

10. In the last four years, Andhra Pradesh has been the only State that has achieved double- digit growth in agriculture.

11. Andhra Pradesh is a major auto hub. And attracts the biggest investment compared to any other segment.

12. Further the investments had been brought into the backward areas of the State namely Anantapur, Chittoor and Rayalaseema.