Andhra Pradesh, India’s southern state, has achieved a remarkable economic growth rate of 16.22% in the financial year 2022-23, as per the Socio-Economic Survey released by the Hon’ble Chief Minister today. The Gross State Domestic Product (GSDP) at current prices for the year 2022-23 is estimated to be Rs.13,17,728 crore, indicating a net addition of Rs.1,83,891 crore to the state’s economy.
As per the survey, the agricultural and allied sectors witnessed a growth rate of 13.18%, with agriculture alone recording a growth rate of 20.72%, followed by fisheries at 19.41%. The industrial sector’s growth rate was 16.36%, while the services sector registered a growth rate of 18.91%.
The per capita income of Andhra Pradesh has increased to Rs.2,19,518 in 2022-23 from Rs.1,92,587 in 2021-22, a significant jump of Rs.26,931 in a year. The state’s per capita income growth rate at current prices in 2021-22 was 13.98%, higher than the all-India average. In comparison, the per capita income of India for 2022-23 is Rs.1,72,000, up from Rs.1,48,524 in 2021-22, a growth of Rs.23,476.
The Andhra Pradesh government has transferred Rs.1.97 lakh crore under various schemes relating to education, health, women, farmers, welfare, and other sectors via Direct Benefit Transfer (DBT).
The Hon’ble Chief Minister stressed his commitment to eradicating poverty, stating that his definition of economics is to uplift the poor. He emphasized the need for financial stability among poor families to strengthen the state’s overall economy. The CM added that his politics and economics are based on the principles he learned from his father.
