Growth of Industries, services sector declined in TN from 2016-21: CAG

Chennai, Oct 20 (KNN) During the five year period from 2016-17 to 2020-21 the growth of industries and services sector had fallen in Tamil Nadu, as per the State Finance Audit Report of the Comptroller and Auditor General of India (CAG) for the year ending March 2021.

The report was tabled on Wednesday in the Legislative Assembly.

While there has been a significant growth in the agricultural sector and its contributions to the state’s overall growth.

To understand the changing structure of the economy it is important to note the changes in sectoral contribution to the Gross State Domestic Product (GSDP), said the report.

Corresponding to Agriculture, Industry and Service sector the economic activity is generally divided into primary, secondary and tertiary sectors.

The State’s growth rate of GSDP in 2020-21 at current prices was 5.87% as against India’s growth rate of negative 2.97%.

The industries sector growth in GSDP was 11.62% in 2016-17, 11.86% in 2017-18, 11.16% in 2018-19, 8.24% in 2019-20 and 2.90% in 2020-21.

While the agriculture sector growth in GSDP was 3.83% in 2016-17, 17.96% in 2017-18, 7.93% in 2018-19, 12.48% in 2019-20 and 10.11% in 2020-21.

The service sector growth in GSDP was 10.39% in 2016-17, 11.49% in 2017-18, 13.49% in 2018-19, 10.45% in 2019-20, 6.37% in 2020-21.

There was a drastic decline in the rate of growth in all three sectors during 2020-21, CAG noted.  (KNN Bureau)