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Andhra Pradesh boasts of a rich economy where maximum income is generated by agriculture. Know more about business in Andhra Pradesh.

Economy of Andhra Pradesh

Andhra Pradesh, the Rice Bowl of India, has recorded over 5.5% yearly economic growth rate constantly from the last twenty years. Not only this, the state thrives in agriculture, and has been a regular exporter of many agricultural products. Owing to its mineral wealth and advancement in the IT, it has joined the league of the most industrially developed states of India. Agriculture, besides being the highest contributor to the state's economy, is the main business of the people. Certainly Information technology in the country gets its true perks from Hyderabad. Where 70% of the state's workforce is engaged in agriculture, 20% of the force is into Information technology.

As said earlier, Agriculture is the main occupation and the major source of income in Andhra Pradesh. The state's fields turns out cash crops, like Tobacco, Groundnut, Chillies, Turmeric, Oilseeds, Cotton, Sugar, and Jute. Some other chief crops are of Millet, Groundnut, Cotton, Jowar, and Ragi. It is also the leading producer of rice in India. Rivers, like the Godavari and the Krishna, pass through the state, and provide healthy irrigation. A few of the best varieties of Mangoes, Grapes, Guavas, Sapotas, Papayas, and Bananas are also produced here.

Information Technology
Hyderabad, the capital city of Andhra Pradesh, has become an industrial hub where information technology and biotechnology are the focused subjects. The HITEC city, one of the chief industrial areas in the state, is the largest IT Park in the country. In 2004-05, Andhra Pradesh stood fifth amongst the top IT exporting states of India. By 2006-07, it attained the fourth position with an increase of 52.3% every year. Approximately 43% of the state's GSDP is generated by its service sector.

Besides information technology, some other large scale industries include sugar mills, spinning and textile mills, electrical, paper and cement manufacturing units. Talking about small scale sector, industries like, pesticides and insecticides production, engineering workshops, automobile units and repairs, chemical industries, electrical items, utensils manufacturing, wooden furniture, cotton ginning and edible oil etc, get the limelight. In fact, owing to its open investment atmosphere, Andhra Pradesh has become an attractive pick for investment.

Mineral Wealth
This mineral-rich state ranks second in terms of mineral wealth in India, and comprise about one third of country's limestone reserves. With national market share of over 11%, it leads nationwide in hydro electricity generation. Its mineral wealth mainly includes asbestos, barytes, coal, chromite, iron ore, kyanite, mica, and china clay. It is the only place where crysotite kind of asbestos is found. Coal is found extensively in the Godavari basin, counting Adilabad, Karimnagar, Khammam, Warangal, and West Godavari districts.