Andhra Pradesh to miss FY17 economic growth target

Andhra Pradesh failed to achieve its targeted economic growth rate of 15 per cent during 2016-17 and may register an expansion of 11.61 per cent as per advanced estimates.
"We have nevertheless maintained the double digit growth and our gross state domestic product (GSDP) and per capita income have shot up significantly," Finance Minister Yanamala Ramakrishnudu said today.
In 2015-16, the state registered an economic growth of 10.95 per cent, and not 10.99 per cent as previously announced by the government.
AP's GSDP increased from Rs 6,09,934 crore in 2015-16 to Rs 6,99,307 crore during this fiscal, while per capita income rose from Rs 1,08,163 to Rs 1,22,376, the Finance Minister told reporters.

Meanwhile, Chief Minister N Chandrababu Naidu held a high-level review meeting in the Secretariat here and called for making efforts to achieve 15 per cent economic growth in 2017-18.
"We have to work tirelessly to achieve extraordinary results," he told ministers and top bureaucrats at the meet.

Reeling out statistics, the Chief Minister said AP's (estimated) economic growth (11.61 per cent) was way ahead of the national growth (7.11 per cent) in 2016-17.
"Growth of our agriculture and allied sectors is 14.03 per cent as against the national average of 4.37 per cent. Our industrial and services sectors grew at 10.05 per cent and 10.16 per cent respectively, compared to 5.77 per cent and 7. 87 per cent nationally," Naidu said.

"Buoyed by this, we should strive to achieve 15 per cent growth in the ensuing financial year," he said.