Growth rate of GSDP, per capita income in A.P. fell after TDP demitted office in 2019, says Finance Minister

The fiscal policy statement tabled by Finance Minister Payyavula Keshav in Andhra Pradesh Legislative Assembly on November 22 (Friday) revealed startling facts on key economic indicators of the State.

The fiscal policy statement tabled by Finance Minister Payyavula Keshav in Andhra Pradesh Legislative Assembly on November 22 (Friday) revealed startling facts on key economic indicators of the State.

According to the statement, the growth rate of the Gross State Domestic Product (GSDP) at constant prices (2011-12) came down to 3.7% in 2019-20 (the year Telugu Desam Party demitted office) from 5.36% in 2018-19 and 10.09% in 2017-18.  The growth rate was 10.09% in 2017-18 and 8.34% in 2016-17 at constant prices.

Similarly, the growth rate of the GSDP at current prices came down to 5.97% in 2019-20 from 11.14% in 2018-19. The growth rate at current prices in 2017-18 was 14.87% and 13.27% in 2016-17.

The growth rate at constant prices further fell to 1.52% in 2020-21 (third revised estimate-TRE), during the YSR Congress Party’s (YSRCP) tenure in the State. However, it recovered in 2021-22 (second revised estimate- SRE) to 9.56%, and fell again to 5.81% during 2022-23 (first revised estimate-FRE). The advance estimate (AE) for 2023-24 is 7.35%.

The growth rate at current prices fell to 5.70% during 2020-21 (TRE) and shot up to 17.36% during 2021-22 (SRE). The growth rate again came down 13.50% during 202-23 (FRE) and it is expected to be 10.44% during 2023-24(AE). 

The statement concerning the Per Capita Income (PCI) at constant prices indicated that the PCI growth rate fell to 1.59% in 2019-20 from 5.50% in 2018-19. The growth rate was 6.21 per cent in 2016-17, and 9.63 per cent in 2017-18. The growth rate further declined to 0.35 per cent in 2020-21 (TRE), during the YSRCP rule. The growth rate, however, picked up to 9.72 per cent in 2021-22 (SRE) and fell to 4.05 per cent in 2022-23 (FRE). The AE for 2023-24 is 7.2 percent. 

The PCI growth rate at current prices fell to 4.10% in 2019-20 from 11.38% in 2018-19. The growth rate was 11.74% in 2016-17 and 14.60% during 2017-18. The PCI growth rate increased to 4.82% in 2020-21 (TRE) and 17.35% in 2021-22 (SRE). It fell to 11.49% in 2022-23 (FRE). The AE for 2023-24 is 10.28%.