economy of south India
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Economy of South India
hideEconomic and demographic indicators
Parameter Southern states of India National
Per capita net state domestic product (SDP) ₹234712.16 (US$3,200) ₹139360.35 ($1,884.98)
Percentage share in total FDI approved (1993–2003) 5.48 4.12
Average annual growth of SDP 5.6 3.6
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Economy of South India after independence in 1947 conformed to a socialist framework, with strict governmental control over private sector participation, foreign trade and foreign direct investment (FDI). Through 1960–1990, South Indian economies experienced mixed economic growth. In the 1960s, Kerala achieved above-average economic growth, while Andhra Pradesh's economy declined during this period. Similarly, Kerala experienced an economic decline in the 1970s while the economies of Tamil Nadu, Andhra Pradesh, and Karnataka consistently exceeded national average growth rates after 1970. Andhra Pradesh, Tamil Nadu and Karnataka were noted by some to be more reform-oriented in terms of economic policy when compared to other Indian states.[3] Over the last decade South India has grown at 8% annually. Future economic growth will be shackled by a relatively low proportion of the active age population to the number of dependents.
Over 48% of South India's population is engaged in agriculture, which is largely dependent on seasonal monsoons. Some of the main crops cultivated in South India include paddy, sorghum, pearl millet, pulses, sugarcane, cotton, chilli, and ragi. Areca, coffee, tea, vanilla, rubber, pepper, tapioca, and cardamom are cultivated on the hills, while coconut grows in abundance in coastal areas. The region is the most industrialized in the country with the city of Chennai having the highest no of industries. Information Technology is a growing field in South India. Bangalore is India's Information Technology hub, and is home to over 200 software companies. It is often referred to as the Silicon Valley of India. Three of the country's top software exporters—Bangalore, Chennai and Hyderabad—are located in South India.Visakhapatnam district leads in Industrial sector and Service sector, which contributed ₹17,598 crore (US$2.5 billion) and ₹31,372 crore (US$4.4 billion) respectively. The per capita income of the state for 2014–15 was $$1,780.47
Agricultural sector is one of the chief sector contributing to the economy of Andhra Pradesh. Two important rivers of India, the Godavari and Krishna, flow through the state, which provide fertile soil favourable for agriculture. The state is the main producer of Rice and hence, it is also known as Rice Bowl of India.[4] Poultry is another sector in the state contributing to the economy of the state. The state is a leading egg producer and also nicknamed as Egg Bowl of Asia.[5][6]
The state has also started to focus on the fields of Information technology and Biotechnology. Cities such as Visakhapatnam and Vijayawada have shown growth in IT exports. During 2012–13, the contribution of Visakhapatnam was ₹1,445 crore (US$200 million) while it was ₹115.26 crore (US$16 million) for Vijayawada. This is a chart of trend of gross state domestic product of Andhra Pradesh at market prices by Ministry of Statistics and Programme Implementation with figures in crores of Indian Rupees. Accordingly, the state ranks fourth in terms of overall gross state domestic product and fourth in per capita gross state domestic product among the major states of India.
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