AP logs 1.58% GSDP growth, despite pandemic
VIJAYAWADA: Despite the Covid-19 pandemic having an adverse impact on revenues of the government for more than a year, the Gross State Domestic Product (GSDP) of Andhra Pradesh has registered a growth of 1.58 per cent at the current prices for the financial year 2020-21. The Socio Economic Survey (SES) for 2020-21, which was released by Chief Minister YS Jagan Mohan Reddy on Wednesday, stated that the State registered the growth of 1.58 per cent even as the nation’s growth was -3.8 per cent. According to the SES for 2019-20, the GSDP was 12.73 per cent.
The per capita income of the State at the current prices increased to Rs 1,70,217 in 2020-21 from Rs 1,68,480 in 2019-20. The all-India per capita income stood at Rs1,34,186 in 2019-20. Officials opined that agriculture, being the primary sector, contributes more to the economy of the State enabling it achieve rise in per capita income.
When contacted by TNIE, Principal Secretary (Finance) SS Rawat said the impact of Covid on agriculture was less compared to industry and service sectors. This apart, the priority given by the government to agriculture and allied sectors also contributed to the growth, he said. Further, provision of financial support to small farmers under Rythu Bharosa, price stabilisation and other initiatives of the government protected the agriculture sector.
Another official reasoned that the continuation of welfare schemes and the government transferring money directly into the bank accounts of beneficiaries under various schemes even during the pandemic also contributed to increase in the per capita income.
State to release full budget today
The government is all set to introduce the full budget and get the approval of both the Houses of the AP Legislature on Thursday. Prior to the commencement of the Session, the State Cabinet will meet under the Chairmanship of Chief Minister YS Jagan Mohan Reddy to give its nod to the budget.