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Construction sector likely to see good days
The construction sector is expected to gain momentum in the commencing financial year, as the state government is going to massively invest in housing and other construction activities.
Amaravati: The construction sector is expected to gain momentum in the commencing financial year, as the state government is going to massively invest in housing and other construction activities.
This was predicted in the AP Socio Economic Survey report-2017-18 presented by finance minister Yanamala Ramakrishnudu in Assembly on Thursday, while analysing the sector growth statistics and concerns.
At the same time, the report suggested that the service sector requires additional focus. Construction sector, within the service sector is expected to pick up and especially in the light of huge public investment to the tune of Rs 2,000 crore, according to the report.
“Urban housing is yet another key area and with economic cities–walk to work with plug and play being set up, the construction sector with increased demand for cement, steel is set to create more jobs,” it observed.
However, real estate sector is yet to fully recover as the adverse impact of Goods and Services Tax and demonetisation slowly fading away. According to the Economic Survey Report, IT is a promising sector with exports and job creation. Tourism has an abundant scope for adding more GVA (gross value addition) and more jobs and identification of tourist places is to be done.
Five star hotels in Tirupati and Visakhapatnam would boost the prospects. On the other hand, in the primary sector, that is agriculture sector, the state has achieved significant growth. However, low base in the previous years to some extent has contributed to this growth. Productivity improvement and diversification have largely helped the state to show decent performance.
Growth in the fisheries sector within the agriculture sector has been very good in the recent past. The sector contributes 6.4 per cent to GSDP, provides employment to about 14.5 lakh and contributed Rs 17,000 crore from sea food export during 2016-17.
