Survey gauges highest ever jump in Andhra Pradesh’s GSDP
The Socio Economic Survey has estimated that the state’s GSDP is most likely to witness a massive jump during 2021-22.
The advance estimates readied by the planning department put the GSDP of Andhra Pradesh (at current prices) at 12,01,736 crore against 10,14,374 crore in 2020-21. This is nearly a net addition of 1,87,362 crore to the state economy. This is the highest quantum jump in GSDP ever.
The report said that Andhra Pradesh posted a record growth of 11.43% at constant prices (2011-12) against country’s growth of 8.9% during 2021-22.
Chief minister Y S Jagan Mohan Reddy released the Socio Economic Survey Report 2021-22 in the secretariat on Friday. Chief secretary Dr Sameer Sharma, secretary (planning) GSRKR Vijay Kumar and other senior officials of the planning department were present. Finance minister BugganaRajendranth presented the Socio Economic Survey report to the assembly.
Interestingly, the Gross Value Added (GVA) registered a record growth rate during 2021-22 with 18.47 per cent. This is the highest growth rate reported by Andhra Pradesh after the bifurcation.
While agriculture and allied sector reported a 14.50% growth rate, the agriculture sector alone witnessed a 6.30% growth rate. The growth rate in agriculture is above the national average. The horticulture sector witnessed a 13.24% increase while the livestock sector reported 11.46% growth rate. Interestingly, fisheries, which is considered to be the lifeline of the state’s growth rate, has put up a tremendous show with 25.92% growth. Notwithstanding the Covid-19 hurdles, the industry sector reported an impressive growth rate of 25.58%. However, the mining sector contributed to the massive growth rate in the industry sector as it reported 38.41% growth during 202-22. In fact, the manufacturing sector is not way behind as it reported a 24.84% growth rate.
Andhra Pradesh is considered to be among a few states that reported the highest growth rate in industrial segment. “Electricity and gas sectors witnessed 16.28% growth rate while the progress in the construction sector surprised all as it reported nearly 26.75% growth rate,” said the report.
The services sector, which has been contributing to the major portion of economic activity in the state, witnessed 18.91% growth rate. The hotels sector which reported a poor turnout due to Covid-19, has recovered fast and reported nearly 22.70% growth rate. The real estate sector still looks to be in slumber as it reported a 14.98% growth rate.
Hungary elects Katalin Novak, first-ever female president
The Hungarian parliament has elected Katalin Novak, a close ally of Prime Minister Viktor Orban, as the EU member’s first-ever female president.
Novak, who most recently served as a minister for family policy, portrayed her election on Thursday as a victory for women.
She was elected to the mostly ceremonial role by 137 votes to 51 in the parliament dominated by Orban’s right-wing Fidesz party ahead of opposition challenger Peter Rona, an economist.
Soyabean meal output up, but export slips
A drop in crushing and slow meal off-take amid high prices in the international market for Indian origin soyameal has led to a decline in soyabean meal exports.
The export of soyabean meal in the period October-February 2022 has stood at 4.23 lakh tonne as against 13.55 lakh tonne in the same period a year ago, according to Soybean Processors Association of India (SOPA).
Soyabean oil year runs from October to September.
Madhya Pradesh is a leading soyabean producing state contributing over 70 per cent to total national output.
Exports of soyabean meal in February were recorded at 50,000 ton in comparison to 3.52 lakh ton in the corresponding period a year ago, according to the trade body. Exports in February were 50,000 tonne, lower by 55 per cent from January this year. SOPA has also revised downward crushing of soyabean for the year 2021-22 to 88 lakh ton from earlier estimated 90 lakh ton while local meal consumption has been revised down to 56 lakh tonne as against 58 lakh tonne
Government releases norms for Strengthening of Pharmaceutical industry (SPI) Scheme
The Centre has assigned an outlay of ₹500 crore for the period from fiscal FY 21-22 to FY 25-26.
The main objectives of the scheme are to strengthen the existing infrastructure facilities in order to make India a global leader in the Pharma Sector.
Under the Scheme, financial assistance to pharma clusters will be provided for creation of Common Facilities.
This will not only improve the quality but also ensure the sustainable growth of clusters.
Further, in order to upgrade the production facilities of SMEs and MSMEs so as to meet national and international regulatory standards (WHO-GMP or Schedule-M), interest subvention or capital subsidy on their capital loans will be provided, which will further facilitate the growth in volumes as well as in quality.
NABARD’s GrameenaHabba to showcase rural art work
NABARD, Karnataka regional office, is holding its annual marketing event ‘GrameenaHabba’, a platform for rural artisans to sell agricultural, handicraft and handloom products in Bengaluru till March 14. This year, the GrameenaHabba is being held at Mantri Square Mall, Malleswaram.
Rural artisans, weavers, farmers and tribes across India and several districts of Karnataka are showcasing handmade arts, handloom sarees, handwoven dress material, home decors, tribal products, natural beauty products, organic food products, jewellery and accessories during this festival.
The income that they earn from selling these products will directly reach the artisans.
ISRO’s Young Scientist Program YUVIKA 2022
The Indian Space Research Organisation’s YuvaVigyaniKaryakram (YUVIKA) or Young Scientist Programme is a special initiative with an objective to impart basic knowledge on space technology, space science and space applications to young students, especially in rural areas.
It also expects to create a platform that encourages more students to pursue Science, Technology, Engineering and Mathematics (STEM) based research/ careers.
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