State registers growth rate of 11.37% in first 6 months
THE HANS INDIA |
Dec 08,2017 , 01:35 AM IST
Chief Minister N Chandrababu Naidu addressing a press conference at the CM camp office in Vijayawada on Thursday
Amaravati: AP achieved a growth rate of 11.37 in the first half of the current financial year 2017-18 as against 5.8 per cent in the country. The State achieved 25.6 per cent growth in agriculture and allied sectors against 2 per cent at all India level. The growth rate in industrial sector stands at 7.43 per cent and services sector at 8.38 per cent as against the country’s growth rate of 3.6 and 7.9 percent respectively.
Releasing the growth estimates of the State at a press conference in Vijayawada on Thursday, Chief Minister N Chandrababu Naidu stated that there are 40 growth engines identified to achieve sustained double digit growth rate in all sectors in the coming two decades.
The growth registered in the first quarter between April and June 2017 is 11.72 per cent while the growth rate in the second quarter between July and September 2017 is 11.37 per cent. Apart from overall growth, the three sectors individually also registered a decline in growth rate when compared to the previous quarter.
In the first quarter of the financial year, the agriculture and allied sectors registered 27.6 per cent growth, industry stood at 8.05 and the services sector achieved 8.67, against this, the growth rate of the respective sectors in the second quarter stood at 24.05 per cent, 6.8 percent and 8.1 in the second quarter.
Apart from that, the half yearly and quarterly statistics of the current year showed a slight decline when compared to the previous year. During the first quarter of 2016-17, the growth rate registered was 12.26 and it went down to 11.72 in 2017-18. The growth rate in the second quarter in 2016-17 was 12.20 while it stood at 11.37 in 2017-18.
However, the Chief Minister observed that the government has been monitoring the growth statistics every quarter to improve the performance on real time basis. He said that to maintain sustained double digit growth, he has been strengthening the agriculture and allied sectors. He added that the sub-sectors of agriculture sector including the horticulture and aquaculture sectors have been showing better performance.
Chandrababu Naidu informed that the government was encouraging the primary food processing units across the State to add value to the agriculture products. It would generate employment, improve quality of products apart from providing additional revenue to the farmers, he observed. He added that the government judiciously managed the water resources at the time of rainfall deficit during the last two years, which have been yielding results now.