Naidu projects AP’s GSDP at $2.4 trillion
Naidu presented the economic growth projections from 2023-24 to 2047-48, which were prepared by the state’s directorate of economics and statistics and the planning department
Vijayawada: Chief Minister N. Chandrababu Naidu has released projections of AP’s Gross State Domestic Product (GSDP) and Per Capita Income (PCI) for the fiscal year 2047-48 here on Monday.
Accordingly, AP’s growth rate is projected to be 13.76 per cent with the GSDP at Rs.308 lakh crore ($ 2.4 trillion) and PCI at
Rs.55,00,000 ($42,000).
The CM presented the economic growth projections from 2023-24 to 2047-48, which were prepared by the state’s directorate of economics and statistics and the planning department.
Accordingly, agriculture and allied sectors are projected to grow from Rs.4,48,382 crore in 2023-24 to Rs.52,56,052 crore by 2047-48. Similarly, industry would grow from Rs.3,19,869 crore to Rs.74,00,083 crore; services from Rs.5,47,338 crore to Rs.1,55,88,891 crore by 2047-48.
With this, the GSDP at current prices was registered at 14,22,094 crore in 2023-24 against 3,08,11,722 crore in 2047-48 and per capita GSDP was registered at 2,66,995 crore in 2023-24 against Rs.54,60,748 crore in 2047–48.
As part of economic growth rate in AP, the GSDP with growth rate in percentage from 2014-15 to 2023-24 was registered accordingly: 2014-15 at Rs.5.25 lakh crore -- 13.07per cent; 2015-16 at Rs.6.04 lakh crore --15.1 per cent; 2016-17 at Rs.6.84 lakh crore --13.27 per cent; 2017-18 at Rs.7.86 lakh crore --14.86 per cent; 2018-19 at 8.47 lakh crore --11.14 per cent; 2019-20-at Rs.9.26 lakh crore--5.97 per cent; 2020-21 at Rs.9.79 lakh crore --5.7 per cent; 2021-22 at Rs.11.32 lakh crore --15.64 per cent; 2022-23 at Rs.13.09 lakh crore --15.71 per cent; and 2023-24 Rs.14.22 lakh crore --8.6 per cent.
The average GSDP recorded growth was at 13.49 per cent, and in comparison with growth rate from 2014-19 and 2019-24, it was 13.5 per cent and 10.3 per cent respectively. “With this, AP lost Rs.7 lakh crore due to reduced growth. If the growth rate of 13.5 per cent continued, AP would have got an additional revenue of Rs.76.19 crore, the official document released by the CM claimed.