Andhra achieves 10.44% growth in GSDP in 2023-24, shows economic survey report

The GSDP for 2023-24 was estimated at ₹1,439,674 crore at current prices, which is higher than the revised estimate of ₹1,303,524 crore for the year 2022-23

Andhra Pradesh has registered a growth rate of 10.44% in the gross state domestic product (GSDP) during the financial year 2023-24 but it was 3% less than the growth rate recorded in the previous financial year 2022-23, a report of the socio-economic survey tabled in the state assembly on Monday, said.

The growth rate in the GSDP during 2023-24 was 13.5% compared to the previous financial year of 2022-23 (PTI)

According to this report, the GSDP for 2023-24 was estimated at ₹1,439,674 crore at current prices, which is higher than the revised estimate of ₹1,303,524 crore for the year 2022-23. This translates into a growth rate of 10.44% during 2023-24.

However, the growth rate in the GSDP during 2023-24 was 13.5% compared to the previous financial year of 2022-23. This means there was a decline of 3.06% in the growth rate compared to the earlier year, the socio-economic survey said.

At constant prices (with 2011-12 taken as the base year), the state had registered a growth of 7.35%, compared to the previous year figure of 5.81%.

The report said that the growth rate in GSDP achieved by Andhra Pradesh during the last financial year was more than the all-India Gross Domestic Product (GDP) growth rate of 9.6% at current prices, but it is lesser than the GDP growth rate of 8.2% at the constant prices.

The socio-economic survey also revealed that the per capita income of Andhra Pradesh stood at ₹242,479 during 2023-24, which is nearly ₹22,000 more than the previous year’s figure of ₹219,881. This is also higher than the national average per capita income during 2023-24, which was projected at ₹184,205.

The report said that the revenue for the state in 2023-24 stood at ₹85,922 crore from own tax sources, ₹7,432 crore from own non-tax sources and ₹84,251 crore of central transfers. “This is higher than the revenue figures of the previous financial year 2022-23, which projected the state’s total own tax revenue at ₹78,026 crore, besides non-tax revenue of ₹7,432 crore,” the report said.

The report said that the total debt by the state, which was at ₹429,526 crore at the end of the financial year 2022-23, went up to ₹491,734 crore at the end of 2023-24, an increase of nearly ₹60,000 crore in the total debt in a year.

Going by the sector-wise growth rate, Andhra Pradesh recorded a fall in agriculture sector from 3% in 2022-23 to 1.69% in 2023-24, an increase in industrial sector from 6.21% to 8.02% and again a fall in services sector from 8.99% to 5.21%, the report added.