TN records higher economic growth rate, CM, Dy CM’s efforts fetch results

National average 4.2% last year, TN’s performance 8.03%

Thanks to Jayalalithaa’s vision fetches results

Chennai, Aug 7:

Tamil Nadu has the second-largest economy in India and for the third consecutive year, Tamil Nadu clocked higher economic growth rate than the national average during 2019-20.

Thanks to prudent economic schemes and futuristic thinking by AIADMK leaders and the present government headed by Chief Minister Edapadi Palanisamy and deputy chief minister O Paneerselvam, Tamil Nadu which is traditionally an agricultural state, is now seeing advances in other fields ensuring that Tamil Nadu is an industrialized and innovation based economy.

The ‘Vision 2023’ a dream project of former chief minister Jayalalithaa has all the components to ensure all round growth of Tamil Nadu and and its aim was the welfare of the people of Tamil Nadu.

All these milestone figures achieved reflects the success of Jayalalithaa’s vision for making Tamil Nadu number one state.

Chief Minister Edappadi K Palaniswami and Deputy CM O Pannerselvam are in the helms of affair of Tamil Nadu for more than three years are very keen to ensure Jayalalithaa’s dream’s for Tamil Nadu growth is realised and are working tirelessly for the same.

Last year chief minister Edapadi traveled extensively to Dubai, UK, USA to fetch more investments to Tamil Nadu. Deputy CM Paneerselvam also followed suit and enthused foreign investors to look at Tamil Nadu’s growth story.

And their tireless efforts have ensured Tamil Nadu is now an advanced industrialised and urbanised state.

The promise of Jayalalithaa was to make Tamil Nadu a surplus state in power, and Tamil Nadu has the distinction of being the leader in renewable energy now. Her steps has ensured that Tamil Nadu is surplus in power generation and the same is now distributed to other states to meet their demands.

Tamil Nadu is now is a major industrial hub in India

Against the all-India average figure of 4.2% last year, the State’s performance — 8.03% — was almost double the former, according to a perusal of growth rate figures finalised by the Centre a few days ago. The calculations on the Gross State Domestic Product (GSDP) data have been done at constant prices, keeping 2011-12 as the base year.

As far as the per capita income (based on Net State Domestic Product) is concerned, the State’s figure for 2019-20 was ₹1,53,853, which was at 6th rank at the all-India level. During 2018-19, the figure was ₹1,42,941 with the State standing at 12th rank.

As for the value of the GSDP, the State’s rank was consistently placed at second, next to Maharashtra.

During 2019-20, it went up to the first place, which could be due to the absence of data for the western State.Macro-level showing

The State’s macro-level showing in respect of the GSDP has been helped by more or less even performance of three sectors — primary, secondary and services.

Particularly impressive was the showing of the secondary sector, which had posted a double-digit growth rate — 10.02%.

Within this sector, manufacturing and construction, the two important components, posted the double-digit figures of 10.27% and 10.49% respectively.

Pointing out that the State’s economy had showed signs of recovery due to the government’s host of measures, a senior official says that unfortunately, the outbreak of the COVID-19 pandemic at the fag-end of the financial years 2019-20 has disrupted the process.

As per advance estimates for 2019-20, the growth rate of the primary sector, encompassing agriculture and allied activities and mining and quarrying, stood at 6.08%, while it was 6.63% for the services, which covered real estate.

The previous year’s figures for the primary, secondary and the services sectors were 8.49%, 6.49% and 7.83% respectively. Except the primary sector, the other two sectors did better this time than the previous time.

Even in the primary sector, the component of agriculture recorded higher rate – 7.43% – this time than the 2018-19 figure, which was 5.8%.

The segment of livestock did extremely well last year with 11.13%, while it saw a growth of only 6.64% this time.

This could have pulled down the overall growth rate of the primary sector, says another official.

As for the services sector, financial services registered an impressive rate of 11.71%, whereas their figure for 2018-19 was a mere 2.21%. Likewise, the segment of real estate did well with 7.29% against the previous year’s 6.69%.

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