Andhra Pradesh has registered a progress charge of 10.44% within the gross state home product (GSDP) through the monetary 12 months 2023-24 however it was 3% lower than the expansion charge recorded within the earlier monetary 12 months 2022-23, a report of the socio-economic survey tabled within the state meeting on Monday, mentioned.
Based on this report, the GSDP for 2023-24 was estimated at ₹1,439,674 crore at present costs, which is greater than the revised estimate of ₹1,303,524 crore for the 12 months 2022-23. This interprets right into a progress charge of 10.44% throughout 2023-24.
Nevertheless, the expansion charge within the GSDP throughout 2023-24 was 13.5% in comparison with the earlier monetary 12 months of 2022-23. This implies there was a decline of three.06% within the progress charge in comparison with the sooner 12 months, the socio-economic survey mentioned.
At fixed costs (with 2011-12 taken as the bottom 12 months), the state had registered a progress of seven.35%, in comparison with the earlier 12 months determine of 5.81%.
The report mentioned that the expansion charge in GSDP achieved by Andhra Pradesh over the past monetary 12 months was greater than the all-India Gross Home Product (GDP) progress charge of 9.6% at present costs, however it’s lesser than the GDP progress charge of 8.2% on the fixed costs.
The socio-economic survey additionally revealed that the per capita revenue of Andhra Pradesh stood at ₹242,479 throughout 2023-24, which is almost ₹22,000 greater than the earlier 12 months’s determine of ₹219,881. That is additionally greater than the nationwide common per capita revenue throughout 2023-24, which was projected at ₹184,205.
The report mentioned that the income for the state in 2023-24 stood at ₹85,922 crore from personal tax sources, ₹7,432 crore from personal non-tax sources and ₹84,251 crore of central transfers. “That is greater than the income figures of the earlier monetary 12 months 2022-23, which projected the state’s complete personal tax income at ₹78,026 crore, moreover non-tax income of ₹7,432 crore,” the report mentioned.
The report mentioned that the whole debt by the state, which was at ₹429,526 crore on the finish of the monetary 12 months 2022-23, went as much as ₹491,734 crore on the finish of 2023-24, a rise of almost ₹60,000 crore within the complete debt in a 12 months.
Going by the sector-wise progress charge, Andhra Pradesh recorded a fall in agriculture sector from 3% in 2022-23 to 1.69% in 2023-24, a rise in industrial sector from 6.21% to eight.02% and once more a fall in providers sector from 8.99% to five.21%, the report added.
