The Reserve Bank of India (RBI) has certified that Andhra Pradesh's economy showed a strong upward trend during the final year of the YSR Congress Party government led by then Chief Minister Y S Jagan Mohan Reddy.
This information was disclosed by the Union Ministry of Finance, which tabled the RBI’s Handbook of Statistics on Indian Economy 2023-24 in the Rajya Sabha on Tuesday, in response to a query from YSRCP MP Y V Subba Reddy.
The report highlighted that Andhra Pradesh's Net Gross State Domestic Product (GSDP) experienced remarkable growth, rising from â¹7.9 lakh crore in 2018-19 to â¹12.91 lakh crore in 2023-24.
The MP had inquired whether the net GSDP of Andhra Pradesh had significantly increased, as per the RBI report, and whether the agriculture sector had recorded the highest growth among various sectors.
In response, the Department of Expenditure confirmed that agriculture, forestry, and fishing had emerged as the largest contributors, with their combined value increasing from â¹2.61 lakh crore in 2018-19 to â¹4.31 lakh crore in 2023-24, achieving an annual growth rate of 12.97%.
The manufacturing sector also demonstrated substantial growth, with an impressive 18.52% increase, raising its contribution from â¹67,393 crore to â¹1,29,806 crore during the same period.
Similarly, the construction sector grew by 14.13%, while the mining and quarrying sector saw a 10.78% increase, further underscoring the state’s overall economic progress.