The economy of the state of Andhra Pradesh largely depends on agriculture. About 70 % of the total population of the state depends on farming for their livelihood making it India’s main rice-producing states. Endowed with fertile land, water and a range of agro-climatic conditions, Andhra Pradesh is an agriculturally prosperous state.
The state is also blessed with a vast and variety of mineral resources, ranking second in the country. There is still under-tapped and untapped mineral wealth throwing up many opportunities in this field for the new entrepreneurs. The state accounts for considerable amount of reserves of important minerals in the country. These mineral resources add large revenue to the state’s economy.
Andhra Pradesh is the fifth most populous state in India with a population of over 7.60 crores. It is characterized by a large pool of scientific and technical manpower (75% of India's engineering graduates come from the four southern states of Andhra Pradesh, Karnataka, Tamil Nadu and Kerala).
The state has also started to focus on Information Technology. Andhra Pradesh ranks fifth in the list of IT exporting states of the country. Andhra Pradesh’s gross state domestic product for 2005 is estimated at $62 billion in current prices. The state is fast becoming one of the most economically rich and prosperous states of the country.
