The size of the economy of Andhra Pradesh (AP) in 2022-23 at current prices was estimated to be Rs. 13,29,182 crore, a growth of 11.42% over the previous year. The growth rate of Gross State Domestic Product (GSDP) for 2022-23 was 11.42% at current prices and 6.48% at constant (2011-12) prices. The per capita income of AP at current prices for 2022-23 was estimated to be Rs. 2,18,516, a growth of 10.28% over the previous year.
Growth and Structure of the Economy
The sectoral composition of GSDP shows that the services sector is the largest contributor to the state’s economy, followed by industry and agriculture. The services sector contributed 45.1% to GSDP in 2022-23, followed by industry at 32.5% and agriculture at 22.4%. The growth rate of the services sector was 7.17% at constant prices, while the industry sector grew by 6.00% and the agriculture sector by 3.64%.
Agriculture and Allied Sectors
The share of agriculture and allied sectors in GSDP has been declining over the years. In 2022-23, the share of agriculture and allied sectors in GSDP was 22.4% at current prices, compared to 23.0% in the previous year. The growth rate of the agriculture and allied sectors was 3.64% at constant prices in 2022-23. The state has been implementing various schemes to promote agriculture and allied sectors, such as Rythu Bharosa Kendras (RBKs), which provide farmers with access to inputs, technology, and markets.
Industry Sector
The industry sector is the second-largest contributor to GSDP in AP. In 2022-23, the share of the industry sector in GSDP was 32.5% at current prices, compared to 32.0% in the previous year. The growth rate of the industry sector was 6.00% at constant prices in 2022-23. The state has been implementing various schemes to promote industrial development, such as the YSR Jagananna Mega Industrial Hubs (JMIH), which provide infrastructure and incentives to industries.
Services Sector
The services sector is the largest contributor to GSDP in AP. In 2022-23, the share of the services sector in GSDP was 45.1% at current prices, compared to 45.0% in the previous year. The growth rate of the services sector was 7.17% at constant prices in 2022-23. The state has been implementing various schemes to promote the services sector, such as the YSR Navodayam, which provides financial assistance to small and medium enterprises.
Per Capita Income
The per capita income of AP at current prices for 2022-23 was estimated to be Rs. 2,18,516, a growth of 10.28% over the previous year. The per capita income of AP is higher than the national average.
Employment
The workforce participation rate in AP is 45.5%, which is higher than the national average. The unemployment rate in AP is 7.2%, which is higher than the national average. The state has been implementing various schemes to promote employment, such as the YSR Jagananna Chedodu, which provides financial assistance to self-employed people.
Prices and Inflation
The average inflation rate in AP in 2022-23 was 6.67%, which is higher than the national average. The state has been taking various measures to control inflation, such as the distribution of essential commodities at subsidized rates through the Public Distribution System (PDS).
Public Finance
The fiscal deficit of AP in 2022-23 was 3.04% of GSDP, which is within the permissible limit of 3% of GSDP. The state has been taking various measures to improve its fiscal position, such as increasing revenue collection and reducing expenditure.
Infrastructure
The state has been investing heavily in infrastructure development. In 2022-23, the state government allocated Rs. 48,000 crore for infrastructure development. The state has been implementing various schemes to improve infrastructure, such as the Nadu-Nedu program, which is aimed at improving the infrastructure of government schools.
Social Sector
The state has been making significant progress in the social sector. In 2022-23, the state government allocated Rs. 75,000 crore for the social sector. The state has been implementing various schemes to improve the social sector, such as the YSR Cheyutha, which provides financial assistance to women from SC, ST, BC, and minority communities.
Sustainable Development Goals (SDGs)
The state has been making progress in achieving the SDGs. In 2022-23, the state government allocated Rs. 10,000 crore for the implementation of SDG-related programs. The state has been implementing various schemes to achieve the SDGs, such as the YSR Rythu Bharosa, which is aimed at doubling farmers’ income by 2022.
Conclusion
The economy of Andhra Pradesh is on a growth trajectory. The state has been implementing various schemes to promote economic development. The state is also making significant progress in the social sector. The state is committed to achieving the SDGs.
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