Andhra Pradesh Business

Despite Covid-19, AP achieved 19% export growth in 2 years: Jagan

VIJAYAWADA: In spite of overwhelming challenges like Covid-19 and related economic slowdown, Andhra Pradesh has achieved a growth rate of 19.43% in exports and climbed from ninth position in 2019-20 to fourth in 2020-21 in the country, Chief Minister YS Jagan Mohan Reddy said, envisaging that by 2030, we aim to double AP’s share in exports, which is currently 5.8%.

Addressing delegates after launching the two-day Vanijya Utsavam 2021 on Tuesday organised to mark Azadi Ka Amrit Mahotsav, focusing on boosting trade and exports in the State, the Chief Minister described the event as an effort to bring trade and government together for mutual benefit. During the course of two years, probably for the first time in the last two decades, the country has seen a contraction of 3.38% in gross tax revenue collection, which had fallen from Rs 20,80,465 crore in 2018-19 to Rs 20,10,059 crore in 2019-20. “The GDP growth declined from 6.3% in 2018-19 to -7.3% in 2020-21. However, GSDP contraction in AP was only 2.58% in 2020-21,” he pointed out.

India’s exports too have shrunk by 11.6% and fell from $330 billion to $292 billion in the last two years. However, exports from AP recorded a growth of 19.4% and increased from $14.1 billion to $16.8 billion. Rise in exports of marine products (15%), ship and boat building structure (8.5%), pharmaceutical (7.3%), iron and steel (7.3%) and non-basmati rice (4.8%) had contributed to the 19.4% growth rate, he explained.

Jagan said the State’s performance stands testimony to his belief that right infrastructure and enabling policies are cornerstones for industrial development and augmentation of exports. In the last two years, 16,311 MSMEs have been established in the State by investing Rs 5,204 crore, which created 1.37 lakh jobs, he elaborated. Also, 68 large and mega industries were facilitated to start operations with Rs 30,175 crore by employing around 46,119 people. Similarly, 62 large and mega industries are also being set up at an investment of Rs 36,384 crore and creating employment to 76,916 people. In the last one year alone, 10 mega projects were approved, which will invest Rs 26,391 crore with an employment potential of 55,024, he elaborated.

Further, Jagan asserted that Andhra Pradesh is the only State to come up with three industrial corridors — Visakhapatnam-Chennai, Chennai-Bengaluru and Hyderabad-Bengaluru — for accelerated industrial development across the State. He stated that the government is also establishing YSR Jagananna Mega Industrial Hub in 3,155 acres at Kopparthy to attract investments of Rs 25,000 crore and create employment to one lakh youth. In the same Kopparthy, YSR Electronics Manufacturing Cluster (EMC) is being set up in 801 acres with an investment of Rs 730.5 crores to attract Rs 10,000 crore investment and create 25,000 employment opportunities.

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