The "Economy of Andhra Pradesh" is known for its stability and consistency. Andhra Pradesh is blessed with a very strong economic structure which is heavily dependent on "Agriculture" and "Livestock". The South Indian state of Andhra Pradesh is primarily an agricultural state that earns a large portion of the state revenue from the agricultural products. In the recent years, the farmers of the state have also engaged themselves in an additional business of Rearing of Cattle which has also turned out to be a very profitable business for the cultivators.
The state earns a considerable amount of profit from the "Livestock" business which involves nurturing and rearing of cattle in an enclosed area for commercial purposes. The Department of Agriculture takes care of the needs of the owners of the “farms” that houses many domesticated animals. The Government of Andhra Pradesh organize many workshops for the owners to enlighten them on the various modern methods of rearing animals in a sophisticated and healthy way.
Andhra Pradesh is one of the economically sound state of India which draws a substantial amount of profit from "Agriculture" and "Livestock".
Agriculture is the backbone of the economic structure of Andhra Pradesh. Most of the people of the state are cultivators who earn their living by cultivating the lands of their forefathers. In order to increase the production of the agricultural goods, the Government of Andhra Pradesh has established a separate "Department of Agriculture" to extend a helping hand to the farmers of the state. The department imparts modern technical knowledge to the farmers to enhance the agricultural productivity.
Important Agricultural Crop of Andhra Pradesh
Andhra Pradesh is blessed with a suitable weather to produce varieties of crops. The farmers of Andhra Pradesh practice multiple cropping pattern to increase the growth of the agricultural production.
Some of the important crops that are grown in abundance in the state are:
- Rice- Andhra Pradesh had produced 12458 tonnes of rice
- Wheat- The state had cultivated 8000 tonnes of wheat
- Jowar- The state had produced 619 (in thousand) tonnes of Jowar
- Bajra-Andhra Pradesh had grown 149 (in thousand) tonnes of Bajra
- Maize- The state had grown 1581 tonnes of Maize
- Minor Millets-Andhra Pradesh had produced 39 (in thousand) tonnes of Minor Millets
- Coarse Grain- The state had grown 2508 tonnes of Coarse Grain(All the figures are of the year 2000-2001)
This state, located towards the southern part of India, is pivot for the prosperity of the industrial sector in the region. The state is quite rich in mineral resources, which in turn helps in the economical growth of this south Indian state. With its vast and varied mineral resources, Andhra Pradesh ranks 2nd in the nation in regards to mineral wealth. This state is famous for its engagement in the mining activities of different industrial minerals.
To name a few of the most important minerals found in the state are barytes (97 %), calcite (75 %), garnet (23 %), feldspar (5 %), fuller's earth (6 %), limestone (44 %) and vermiculite (27 %). Apart from these, the other minerals, which the state is rich in, are apatite, beach sands, bauxite, corundum, chromite, dolomite, granite, green quartz, kyanite, limekankar, limeshell, manganese, marble, mica, ochre, pyrophillite, quartz, shale, slate, steatite, tungsten and many more.
Andhra Pradesh occupies the 2nd rank in the deposit and production of mica in India. Stretching over an area of around 1, 000 sq. km., the mica belt of this state is said to be the 2nd largest mica belt of the country. This state on the south east coast of the Indian Republic, has got immense potential for under tapped as well as untapped minerals such as bauxite, dolomite, limestone, coal, oil, diamonds, natural gas, semi-precious stones, tungsten, beach sands, base metals, iron ore, gold, granite and clay. The Government of Andhra Pradesh invites and encourages offers to be taken on all of these potential minerals.
Temples, museums, heritage hotels and wildlife sanctuaries adorn the contours of Andhra Pradesh tourism. Dominated by a regal past, the state of Andhra Pradesh is a live manifestation of a multi-dimensional scenic pleasure. Attracting tourists from all over the world, the place is a thriving hub of exotic splendors.
Derived from the ancient civilization of sixth century BC, the state today bears the historical imprints of the bygone era. Be it the beaches, the mystique fort and the serene valleys, or be it the holy temples, Buddhists refuges and bustling cities, Andhra Pradesh is always way ahead in captivating traveler’s imagination with its rich reserve of aesthetic assets.
The magnanimity of touristy places literally opens a window of options in front of the tourists. The wide gamut of unique features that enrich the tourism industry of Andhra Pradesh include:
- Tirupati - the world famous holy shrine of Lord Venkateswara surrounded by lush green splendors
- Hyderabad - popular for the extensive advancement and establishment of Information Technology companiesand a haven of authentic pearls
- Nagarjuna Sagar - houses the famous Nagarjuna dam and has a past of more than 1000 years
- Warangal - famous for the archeological museum, rock garden, samskriti vihar, musical garden and planetarium
- Vijaywada - known for the bhavani island, Gandhi hill monuments, Victoria jubilee museum, moghalrajapuram caves, prakasam barrage, St. Mary’s church and kanakadurga temple
- Visakhapatnam - known as the port city of Andhra Pradesh and boasts of the araku valley, simhachalam temple, dolphin’s nose, rishikonda beach and Buddhists sites
To provide a well-developed housing and allied infrastructure, various agents, builders and promoters are emerging on the Real Estate front of Andhra Pradesh. With advanced technological resources, state-of-the-part equipments and market-driven designing options, the Real Estate owners of the state present an all-encompassing housing solution.
Being a fast runner in the race of socio-economic development, Andhra Pradesh houses a diversified range of commercial corners that demand a well-built chain of support system. The Real Estate industry not only provide a customized building base to the existing and upcoming commercial sectors but also builds a long-lasting relationship with both the individual and the corporate client.
The major agencies or agents that dominate the wide spectrum of the Andhra Pradesh Real Estate are:
- VVR Housing Pvt. Ltd.
- Achutananda Real Estates Pvt. Ltd.
- Sri Viswanath Real Estate Enterprise
- Exclusive Properties
- Emaar Real Estate
- Shri Chakra Real Estate
- Realty One
- Lakshmi Prasanna Real Estate
Andhra Pradesh Fisheries contribute 10% of total fish and shrimp production of India. Accordinly, the government is focussed on developing this huge industry on a large scale. The convinient geographical location of this South Indian state allows marine fishing as well as inland fish production in Andhra Pradesh.The Value of marine products exports from India in 1998 was Rs. 4710 Crores among which the state alone contributed products of Rs. 2000 Crores.This data in itself explains the importance of fisheries in Andhra Pradesh.
Andhra Pradesh constantly tries to increase fish seed production and stocking.For this they are using modern equipments like including the use of satellite data for forecasting movement of Fish shoals. Fishery Rights have been implemented and the government is trying to inspire the labourers to follow scientific fishing techniques that would be promote sustainable development and would be beneficial to all concerned. Issue of separate licenses for fisherman in inland waters and marine fishing crafts are in process.
By 2020, Andhra Pradesh wishes to be a major exporter and provider of highly nutritious food. The central coastal districts of the state have been concentrating on advanced methods of fish production and the farmers are getting encouraged to convert agricultural lands into fresh water fishponds to obtain better yields and also to make full use of fresh water.
Apart from fishing, Andhra Pradesh government is also inspiring to develop economically in other ways. Accordingly, the fisheries are developing as sites for recreation amidst the scenic beauty. Activities like boat riding in lakes and reservoirs, establishment of Angling clubs, ornamental fish and aquariums and construction of marine parks are upcoming for additional income.
Banking & Finance
Banking & Finance sector of Andhra Pradesh constitute the key commercial activities that enhance the growth and stability of the state’s economy. The spectrum of the sectors range from core Banking transactions like deposit and withdrawal to financial operations like retail Banking, loans and investments schemes.
The Banking sector comprises of a widespread network of branches and counters from where the facilities of monetary transactions are offered to the people. From commercial companies to individuals, the government recognized and private Banks of the place provide prompt, efficient and accurate services to all. Some of the important Banking institutions that dominate the fiscal structure of Andhra Pradesh are:
- Andhra Bank
- State Bank of India
- Allahabad Bank
- Bank of Baroda
- BM Deena Bank
- Balaji Urban co-operative Bank
The co-operative financial organizations set up in both the urban as well as rural parts of the state helps in strengthening the core base of the economic infrastructure. The sole aim of all the Banks & Financial institutions is to promote the existing industries and improve the living standards of individuals of the place.
Collectively, the Banking & Finance industry of Andhra Pradesh work towards the betterment of the economic viability of the state.
Last Updated on 20 June 2013