Southern states contribute 30% of the total GDP: CII

Vijaywada: Confederation of Indian Industry (CII) Andhra Pradesh chairman Dr M Lakshmi Prasad said South Indian states of Andhra Pradesh, Telangana, Tamil Nadu, Kerala and Karnataka contribute 30.9 per cent of the total GDP and Andhra Pradesh is one of the fastest growing states in the country in the last 10 years.

Addressing the media here on Tuesday, he said India is the fifth largest economy in the world and it may become the third largest in future. “South Indian states are developed. Of their contribution of 30 per cent of the GDP, AP’s share is 4.85 per cent and Telangana’s 4.89 per cent. Andhra Pradesh is progressing well in aqua culture, poultry and other sectors,” Dr Lakshmi Prasad said.

He opined that India’s GDP is expected to grow at a rate of 6.5 per cent to 6.7 per cent with CII envisioning 7 per cent growth rate.

“With abundant resources and a skilled workforce, India has emerged as a manufacturing hub after China. Currently, the 5th largest economy in the world, India is poised to become the third largest, reflecting the nation’s unwavering spirit. To sustain this growth trajectory, we need to increase exports and reduce imports,” he explained.

He stressed the importance of focusing on manufacturing, leveraging India’s skilled and cost-effective manpower. Furthermore, he called upon the youth to embrace innovation and entrepreneurship, encouraging them to explore the vast opportunities in startups.

Referring to Andhra Pradesh, Dr Lakshmi Prasad said the CII Andhra Pradesh set the 9-point agenda for the year 2023-24. The theme comprises People & Culture Rejuvenation; Holistic Sustainability & ESG; Tech Adoption & Digital Transformation; Embracing Energy Transition; Innovation and Startup Ecosystem; Manufacturing Excellence : Industry growth at 4 percent, Partnerships, Collaboration & International Linkages; MSME’s; Brand Building & Sectoral Promotion.

These focus points will drive the businesses in Andhra Pradesh to be competitive and sustainable. He also spoke of the constitution of CII Andhra Pradesh panels and task forces for the year 2023-24.

D Rama Krishna, past chairman of CII Andhra Pradesh spoke on the importance of digitisation for companies. He highlighted how automation and digitisation contribute to increased productivity and enhanced quality, urging businesses to embrace these technologies.

CII Andhra Pradesh vice-chairman Dr V Murali Krishna briefed about CII’s role as the secretariat for G20 this year. He reiterated CII’s commitment to promoting ethical and profitable business practices among its members. CII Vijayawada D vice-chairman V Ravindranath was also present at the press meet.