AP economy grows 6.94% in first half

All India rate at 5.52% in H1 of 2015 fiscal

Hyderabad: Andhra Pradesh recorded an economic growth rate of 6.94 per cent at constant prices in the first quarter of 2014-15 financial year, against an all-India growth rate of 5.52 per cent.

Finance Minister Yanamala Ramakrishnudu said while the service sector took the top slot with 57 per cent contribution to the State’s growth rate, the industrial sector contributed 26 per cent. The overall performance of all the sectors has been satisfactory. However, more can be achieved in the industrial sector segment to achieve a stable growth and development, he said.

After the industry, it was livestock that registered a significant growth of 23.15 per cent, and there was increase in the production of milk, meat and eggs during the first half. The fisheries also fared well, showing a 13.50 per cent growth.

The Finance Minister said that increase in production of major and minor minerals mining and quarrying sector growth was at 14 per cent. An impressive 10.35 growth rate in energy sector would catalyse the government’s target of 24x7 power supply to all kinds of consumers in the state. Even the real estate, banking and insurance registered a growth rate of 9.93 per cent and 11.52 per cent, respectively, he noted.