|Year||State GDP ( MM)|
Andhra Pradesh's GSDP for 2010 was estimated at $100.35 billion in current prices. The state ranks third in terms of overall Gross State Product among all the states of the Indian Union. In terms of per capita GSDP the state compares very favorably with other large states. In the 2010 list by Forbes Magazine, there are Seven from Andhra Pradesh among the top 100 richest Indians.
Agriculture has been the chief source of income for the state's economy. Andhra Pradesh is an exporter of many agricultural products. Four important rivers of India, the Godavari, Krishna, Penna, and Thungabhadra flow through the state, providing irrigation. Rice,sugarcane, cotton, Chili pepper, mango, and tobacco are the local crops. Recently, crops used for vegetable oil production such as sunflower and peanuts have gained favour. There are many multi-state irrigation projects in development, including Godavari River Basin Irrigation Projects and Nagarjuna Sagar Dam.
The service sector of the state accounts for 43% of the gross state domestic product (GSDP) and employs 20% of the work force.Andhra Pradesh economy has registered over 5.5% annual economic growth rate during the last two decades. The state is one of the most industrially developed states of India.
Andhra Pradesh ranks second in India in terms of mineral wealth. The state has about one third of India's limestone reserves, estimated at about 30 billion tonnes. The Krishna Godavari Basin has huge reserves of natural gas and petroleum. The state has a large amount of coal reserves. The state ranks first nationwide in hydro electricity generation, with a national market share of over 11%. Andhra Pradesh has the second largest power generating utility in the country, with an installed capacity of around 10,650 MW. The two cheapest sources of thermal power generation – coal and natural gas – are in abundance.
In 2004–2005, Andhra Pradesh was at the second position in the list of top information technology exporting states of India. The IT exports from the state were 8,270 crores in 2004–2005 ($1.8 billion). The IT sector is expanding at a rate of 52.3% every year. The IT exports reached 19,000 crores ($4.5 billion) in 2006–2007, contributed to 14 per cent of total IT exports of the nation and ranked fourth in India.
The field of biotechnology in Andra pradesh is developing day by day.and the government is not funding money for research in the field of bio tech,some universities like Andhra university ,Nagarjuna universities , etc. are not able to run the course of bio-tech because of lack of funds The state capital of Hyderabad is considered to be the bulk drug capital of India. Four of the top ten pharmaceutical companies are from the state. Major pharma companies from the state are:
- Dr. Reddy's Laboratories
- Hetero Drugs Ltd
- Aurobindo Pharma
- Vasudha Pharma
- Divi Laboratories
Other key sectors
- Power Sector
- Automobiles and auto component industry
- Textiles and leather
Some notable corporates from Andhra Praesh:Lanco,GMR,GVK,Apollo,Nippo Batteries,BGR Energies,Dr.Reddy's,Matrix,Divi Laboratories,Aurabindho Pharma