INTRODUCTION:

Admittedly, industrialization has a major role to play in the economic development of the underdeveloped countries. Given the historical developments the world over, it is not surprising that growth was identified with industrialization in all the development economies (Rangarajan, 2001). While developed countries are highly industrialized, the underdeveloped countries are predominantly agricultural. The socio-economic backwardness of the underdeveloped countries (UDCs) is accentuated primarily due to the lack of industrialization of required scale in these countries (Summers and Thomas, 1993). The UDCs, always attempt to find out ways and means of transforming their stagnant and static economy into self-sustaining and dynamic economy (Mountjoy, 1969).

High marginal propensity to save and invest contributes significantly to the eventual achievement of a self-sustaining economy with continued high levels of investment and rapid rate of increase in income and industrial employment. Industrialization is thus inseparable from substantial, sustained economic development because it is both a consequence of higher incomes and a means of higher productivity. Industrialization acts as an instrument both of creating capacity to absorb excess labour power and of catering for the diversification of the market required at higher stages of economic development (Dutt and Mahajan, 2011).

The fact remains in underdeveloped and/or developing economies like India, many of the natural resources remain unutilized. Major portion of labour force stays idle in such economies. In addition to this, capital is scarce, production techniques are traditional and outputs are inadequate resulting in failure to meet the basic needs of the people (Natarajan, 1989). In this context, the Small Scale Industrial (SSI) sector stands on priority as an instrument of industrialization. The SSI sector, even the semi-skilled, marginally skilled and unskilled workers could also be employed effectively. Hence, the industrial system based on increasingly growing emphasis on SSI sector is more suited to the labour surplus economies of the UDCs (Dhar and Lydall, 1971). The small-scale industrial sector which plays a pivotal role in the Indian economy in terms of employment and growth has recorded a high rate of growth since independence in spite of stiff competition from the large sector and not so-encouraging support from the Government. If a big push is given to the small sector, it can become a stabilizing factor in a capital-scarce economy like India by providing a higher output capital ratio as well as a higher employment-capital ratio. The policy of reservation has, therefore, positively helped the growth of this sector (Dutt and Mahajan, 2011).

The government in India recognised the importance or credit flow for the development of the small-scale sector and this was a major motivation for bank nationalisation, setting up of State Financial Corporations (SFCs) and SIDBI etc (Morris, 2001). The Andhra Pradesh State Financial Corporation (APSFC) was established in 1956, for promoting small and medium scale industries in Andhra Pradesh. The Corporation has completed five decades of dedicated service in industrial financing of tiny, small and medium scale sector units and contributing to the balanced regional development of the state. It has also set for itself ambitious targets in the key operational areas and keeping in view, the priorities laid down in the State Government’s Industrial Investment 2010, APSFC has been dedicating and motivating its work force for strengthening the financial services to industries (APSFC, 2010).

NEED FOR STUDY:

From the above discussion it is clear that the role of SSIs is vital for economic development of a country. But the SSIs contribution to the economic development depends on their financial stability which in turn depends on the availability of credit to SSIs. In this context the role of a financial institution to provide credit facilities to SSIs are to be examined. Hence, the role of APSFC to provide credit facility to SSIs in Andhra Pradesh is to be addressed and an attempt has been made in this research paper to study financial performance of Andhra Pradesh State Finance Corporation.

OBJECTIVES OF THE STUDY:

The Study objectives are as follows:

1. To examine the trends in the growth of sanctions and disbursements of APSFC during the study period.

2. To observe trends in the growth of purpose-wise, industry-wise sanctions and disbursements of APSFC during the study period.

METHODOLOGY:

The data regarding sanctions (gross and effective), disbursements, purpose-wise sanctions and disbursements, industry-wise sanctions and disbursements, region-wise sanctions and disbursements of SSIs and MSIs are extracted from Annual Reports of APSFC. To analyse the APSFC performance in terms of these indicators over the period 1980-81 to 2008-09, Exponential Growth Rates are calculated. The time period subdivided into 3 periods as time period-1: 1980-81 to 1989-90, time period-2: 1990-91 to 1999-2000 and time period-3: 2000-01 to 2008-09. The first two time periods each cover 10 years while last time period consists 9 years.

Exponential Growth Rate works out change for a given period on the basis of the base year and end years’ value (Gujarati, 2004).

y = a e^btlog y_e= log a. b^t

Where,

RESULTS AND DISCUSSION:

Performance in Sanctions and Disbursements

APSFC performance in gross and net effective sanctions over the period 1980-81 to 2008-09 is shown in the Table-1. Regarding over all period for gross sanctions, 9 per cent growth rate registered and it is significant at 1 per cent level. In the first time period recorded growth rate is 15.1 per cent. It has been declined drastically to 4.6 per cent in the second period. Again it rose to 12.1 percent in the 3^rd period. The 1^st and 3^rd time period’s growth rates are statistically significant at 1 per cent level while the 2^nd period growth rate is not significant.

In the case of net effective sanctions the overall period growth rate is 8.9 per cent and statically significant at 1 per cent level. For the three periods, 1^st period growth rate is 15.3 per cent, the 2^nd period has been registered a meager 0.1 per cent growth rate. But, in the 3^rd period the growth rate very interestingly shows positive trend and recorded at 12.1 per cent. The 1^st and 3^rd period’s growth rates are statistically significant at 1 per cent while only the 2^nd period growth rate is insignificant.

Table-1 also shows APSFC performance in disbursements during the period 1980-81 to 2008-09. The overall period growth rate for disbursements is 9.5 per cent and it is statistically significant at 1 per cent level. Disbursements growth rate has been registered as 15.9 per cent in the 1^st period. The 2^nd period noticed only 4.2 per cent growth rate while it has been accelerated to 12.2 per cent in the 3^rd period. 1^st as well as 3^rd periods growth rates are statistically significant at 1 per cent level and the 2^nd period growth rate is not significant.

Table-1: Trends in the Growth of Sanctions and Disbursements by APSFC during the period 1980-81to 2008-09
	Period	Growth Rate	t-value	Sig.
Gross Sanctions	Period -1	15.1*	17.914	0.000
	Period -2	4.6	1.061	0.320
	Period -3	12.1*	6.711	0.000
	Over all period	9.0*	14.327	0.000
Net Effective Sanctions	Period -1	15.3*	15.270	0.000
	Period -2	0.1	0.007	0.995
	Period -3	12.1*	6.711	0.000
	Over all period	8.9*	5.105	0.000
Disbursements	Period -1	15.9*	35.154	0.000
	Period -2	4.2	1.154	0.282
	Period -3	12.2*	6.976	0.000
	Over all period	9.5*	15.915	0.000
Note: *significant at 1 per cent level. Source: Appendix Table-1.

Purpose-wise Classification of Sanctions by APSFC

Purpose-wise classification of sanctions by APSFC is studied with respect to New Projects, Expansion/Diversification, Rehabilitation, Modernisation, Power Generation, Over Run Finance, Others and Total. It is presented in Table-2. Total purpose-wise classification of sanctions by APSFC registered 7.4 per cent growth rate during the overall period and it is statistically significant at 1 per cent level. The 1^st period growth rate has been registered at 12.3 per cent and in the 2^nd period it has been declined and registered a negative growth rate of -9.9 per cent. In the last period the growth rate reported positively at 10.7 per cent. The 1^st and 3^rd periods growth rates are statistically significant at 1 per cent level while the 2^nd period growth rate is insignificant. In the overall period, other purpose (45%), rehabilitation (27.6%) and expansion/diversification (8.5%) purposes occupied 1^st, 2^nd and 3^rd places in terms of sanctions by APSFC regarding purpose-wise classification. Rehabilitation and expansion/diversification purposes are statistically significant at 10 per cent and 5 per cent levels while other purpose is found to be insignificant.

Regarding 1^st period purpose-wise classification of sanctions by APSFC, rehabilitation (37.3%), over run finance (29.6%) and expansion/diversification (17.7%) purposes stood at 1^st, 2^nd and 3^rd places subsequently. Out of these three purposes over run finance and expansion/diversification purposes are statistically significant at 1 per cent level and rehabilitation purpose is not significant. Expansion/diversification (13.3%) and rehabilitation (10.3%) purposes are placed at 1^st and 2^nd in terms of purpose-wise sanctions by APSFC in 2^nd period and also these purposes only recorded positive growth rates out of the selected purposes in this period. Expansion/diversification purpose is significant at 5 per cent level and rehabilitation purpose is not significant.

In the last period, over run finance (78.1%), power generation (64%) and new project (11.5%) purposes are ranked as 1^st, 2^nd and 3^rd subsequently. Only new projects purpose is significant at 1 per cent level and the remaining purposes are not statistically significant. Purpose-wise sanctions by APSFC clearing indicates that during the period rehabilitation, expansion/diversification and over run finance are the most important purposes which are getting larger financial assistance from APSFC. Over the period, APSFC priorities are changed according to the scenario. But, these three purposes constantly placed in the priority list of APSFC based on purpose irrespective of period.

Table-2: Trends in the Growth of Purpose-wise Sanctions by APSFC during the period 1980-81 to 2008-09
	Period	Growth Rate	t-value	Sig.
New Projects	Period -1	13.5*	11.182	0.000
	Period -2	-8.8	-1.380	0.205
	Period -3	11.5*	3.563	0.009
	Over all period	6.8*	6.317	0.000
Expansion/ Diversification	Period -1	17.7*	5.080	0.001
	Period -2	13.3**	3.062	0.016
	Period -3	-41.4	-1.226	0.260
	Over all period	8.5**	2.443	0.021
Rehabilitation	Period -1	37.3	1.201	0.264
	Period -2	10.3	0.212	0.843
	Period -3	-	-	-
	Over all period	27.6***	2.109	0.053
Modernisation	Period -1	8.2	0.462	0.656
	Period -2	-60.3***	-2.318	0.054
	Period -3	-24.6	-1.512	0.270
	Over all period	-7.7	-1.618	0.121
Power Generation	Period -1	-147.8	-	-
	Period -2	-10.1	-1.302	0.229
	Period -3	64.0	1.637	0.243
	Over all period	-10.7***	-2.023	0.063
Over Run Finance	Period -1	29.6*	4.406	0.002
	Period -2	-86.7**	-3.363	0.015
	Period -3	78.1	-	-
	Over all period	-11.0	-1.472	0.158
Others	Period -1	-51.2	-	-
	Period -2	-186.5	-	-
	Period -3	-	-	-
	Over all period	45.0	1.443	0.286
Total	Period -1	12.3*	5.277	0.001
	Period -2	-9.9	-1.763	0.116
	Period -3	10.7*	4.859	0.002
	Over all period	7.4*	7.408	0.000
Note: *, and * are significant at 10, 5 and 1 per cent levels.
Source: Appendix Table-2.

Industry-wise Sanctions and Disbursements by APSFC

Industry-wise sanctions by APSFC are presented in Table-3. Here eight industries are considered viz. food products, textiles, chemical products, non-metallic mineral products, metal products, machinery, services and others. Total industry-wise sanctions made by APSFC during the overall period registered 15.1 per cent growth rate and it is statistically significant at 1 per cent level. In the 1^st period the registered growth rate is accounted at 12.4 per cent. In the 2^nd period it has been drop down to 5.2 per cent, while in the last period it again laddered up to 36.6 per cent. 1^st and 3^rd periods growth rates are statistically significant at 1 per cent but the 2^nd period growth rate is insignificant. In terms of industry-wise sanctions made by APSFC during the overall period, highest growth rates are recorded in services (18.8%), others (16.9%) and food products (15.5%) industries respectively. All these industries growth rates are statistically significant at 1 per cent level.

In the 1^st period, services (48.9%), non-metallic mineral products (18.1%) and metal products (17.1%) industries are registered higher growth rates. Services industry growth rate is significant at 5 per cent level while non-metallic mineral products and metal products industries growth rates are significant at 1 per cent level. For the 2^nd period, others (63.6%), machinery (13.8%) and food products (10.8%) industries are having higher growth rates in terms of APSFC industry-wise sanctions. Only others category growth rate is statistically significant at 1 per cent level while the remaining two industries growth rates are insignificant. When the 3^rd period industry-wise growth rates are considered, non-metallic mineral products (51.3%), textiles (45%) and chemical products (40%) are registered higher growth rates. All these industries growth rates are statistically significant at 1 per cent level.

Industry-wise disbursements by APSFC are also presented in Table-3. Total disbursements for all industries by APSFC for the overall period registered 16.9 per cent growth rate and it is statistically significant at 1 per cent level. In the 1^st period the registered growth rate is 16.8 per cent but in the 2^nd period it has been declined very rapidly and stands at 3.6 per cent. In the last period it has been witnessed an increasing trend and noticed as 40 per cent.

The 1^st and 3^rd periods growth rates are statistically significant at 1 per cent level while the 2^nd period growth rate is insignificant. Industry-wise disbursements by APSFC for the overall period indicates that others category (18.9%), chemical products (17%) and food products (16.7%) industries are registered higher growth rates. All these industries growth rates are statistically significant at 1 per cent level.

Table-3:Trends in the Growth of Industry-wise Sanctions and Disbursements by APSFC during the period 1980-81 to 2008-2009
Industry	Period	Sanctions			Disbursements
Industry	Period	Growth Rate	t-value	Sig.	Growth Rate	t-value	Sig.
Food Products	Period -1	6.5**	2.858	0.021	9.5**	2.577	0.033
	Period -2	10.8	1.799	0.110	8.2***	1.946	0.088
	Period -3	39.9*	4.645	0.002	40.0*	4.607	0.002
	Over all period	15.5*	10.405	0.000	16.7*	10.067	0.000
Textiles	Period -1	15.1*	4.754	0.001	20.8*	5.667	0.000
	Period -2	-12.3	-0.656	0.530	-8.1**	-3.085	0.015
	Period -3	45.0*	4.565	0.003	47.1*	4.444	0.003
	Over all period	14.3*	4.712	0.000	16.4*	8.417	0.000
Chemical Products	Period -1	11.2**	2.846	0.022	18.6*	4.701	0.002
	Period -2	03.6	0.889	0.400	3.5	0.834	0.428
	Period -3	40.0*	5.128	0.001	43.5*	4.522	0.003
	Over all period	14.8*	8.994	0.000	17.0*	9.068	0.000
Non Metallic Mineral Products	Period -1	18.1*	5.631	0.000	21.0*	11.130	0.000
	Period -2	-4.6	-0.947	0.372	-2.6	-0.828	0.432
	Period -3	51.3*	4.634	0.002	49.5*	4.241	0.004
	Over all period	13.9*	6.967	0.000	16.3*	8.558	0.000
Metal Products	Period -1	17.1*	3.647	0.007	19.7*	8.311	0.000
	Period -2	3.7	0.791	0.452	-10.1	-1.761	0.116
	Period -3	27.3*	3.737	0.007	24.2	1.335	0.224
	Over all period	13.2*	9.618	0.000	13.4*	5.786	0.000
Machinery	Period -1	6.9	1.643	0.139	7.9**	2.344	0.047
	Period -2	13.8	1.563	0.157	18.8**	3.172	0.013
	Period -3	30.6*	4.615	0.002	36.5*	4.446	0.003
	Over all period	14.4*	8.655	0.000	16.0*	9.539	0.000
Services	Period -1	48.9**	3.103	0.015	16.9*	4.311	0.003
	Period -2	-3.2	-0.742	0.479	-1.2	-0.319	0.758
	Period -3	38.8*	4.182	0.004	43.6**	3.015	0.020
	Over all period	18.8*	7.408	0.000	15.5*	7.741	0.000
others	Period -1	4.1	0.636	0.543	22.6*	9.803	0.000
	Period -2	63.6*	4.286	0.003	4.1	0.819	0.437
	Period -3	31.7*	4.328	0.003	40.2*	4.596	0.002
	Over all period	16.9*	9.721	0.000	18.9*	10.629	0.000
Total	Period -1	12.4*	6.607	0.000	16.8*	19.352	0.000
	Period -2	5.2	1.240	0.250	3.6	1.141	0.287
	Period -3	36.6*	4.755	0.002	40.0*	3.994	0.005
	Over all period	15.1*	10.541	0.000	16.9*	9.990	0.000
Note: *, and * are significant at 10, 5 and 1 per cent levels.
Source: Appendix Tables 3 and 4.

Table-1: Sanctions and Disbursements by APSFC by APSFC during the period 1980-81to 2008-09
Year	Sanctions by APSFC				Disbursements by APSFC
Year	Gross	Net effective	Backward	Others	Disbursement	Backward	Others
1980-81	4763.38	4371.41	2318.54	2349.1	3089.13	1265.98	1694.86
1981-82	6185.71	5461.02	2753.4	3406.07	3741.06	1718.39	1997.51
1982-83	6998.85	5013.24	3209.98	3754.51	4517.3	1991.81	2504.68
1983-84	7388.94	6376.26	3607.25	3701.47	4785.33	2615.03	2116.95
1984-85	9073.91	6889.76	5298.83	3636.97	5937.2	3212.74	2642.07
1985-86	10951.37	9355.23	6768.27	3870.6	7066.49	2864.08	2698.11
1986-87	13534.23	11706.22	8814.19	4437.32	7807.11	4996.86	2886.12
1987-88	13188.01	11660.76	7557.39	5174.77	10248.93	6277.04	3631.79
1988-89	15099.85	15224.55	10395.14	5982.5	11323.56	6746.11	4269.8
1989-90	21345.4	16059.9	10544.87	7958.13	12784.15	7752.48	4677.1
1990-91	26529.53	23010.44	14014.88	10643.46	14473.91	7918.84	6056.18
1991-92	21812.61	16750.68	11082.22	9477.83	15725.32	8713.63	6183.2
1992-93	19464.95	9053.96	10324.52	8575.15	13252.69	7159.14	5458.95
1993-94	9140.08	9539.68	4673.78	4733.42	8206.7	4290.96	3703.67
1994-95	13882.91	10163.01	6464.79	7506.12	8772.58	4354.48	4286.2
1995-96	18690.02	9994.26	8967.93	9033.22	11680.76	5662.72	5337.62
1996-97	16533.63	1176.1	7457.83	7762.88	11246.41	5397.22	5817.58
1997-98	21415.77	15595.95	9030.48	11216.76	13185.21	6222.91	6890.13
1998-99	28201.22	22393.74	14039.76	12807.45	16250.41	7755.87	8454.48
1999-2000	37955.7	27674.89	16827.62	16691.36	26421.72	13531.84	12885.78
2000-2001	39702.4	322238.31	17680.49	21510.55	28317.12	13625.63	14653.99
2001-2002	41171.72	28170.15	16304.09	22701.63	30849.42	13640.3	17209.12
2002-2003	41985.7	29970.72	14664.41	23823.51	30130.06	12178.42	17923.34
2003-2004	43058.46	26728.35	179503.46	176243.7	28324.87	164866.56	168454.37
2004-2005	46469.6	31012.17	191755.20	194937.83	34887.45	179530.57	188635.97
2005-2006	58596.93	44851.48	208743.13	222811.88	42172.45	195163.82	215165.56
2006-2007	70475.23	55365.15	26702.75	35991.57	52313.69	21551.49	30725.84
2007-2008	100665.8	88022.17	270244.50	304660	66269.91	244713.89	284162.73
2008-2009	88566.89	75636.23	305012.00	345329	68569.63	273545	323701
Source: Complied from APSFC Annual Reports - Relevant Issues

Table-2: Purpose wise Sanctions by APSFC during the period 1980-81 to 2008-09
Year	New Projects	Expansion Diversification	Re- Habilitation	Modernisation	Power Generation	Over Run Finance	Others	Total
1980-81	3897.14	678.63	1016	43.87	0	37.84	0	5673.48
1981-82	5363.48	714.33	0.5	32.88	0	48.28	0	6159.47
1982-83	6066.87	762.52	23.99	53.03	0	58.08	0	6964.49
1983-84	6578.63	611	0.11	7944	0	39.54	0	15173.3
1984-85	8230.73	568.45	29.25	73.45	0	33.92	0	8935.8
1985-86	9059.75	1227.29	56.60	121.05	0	174.18	0	10638.9
1986-87	11561.68	1128.24	81.47	148.67	0	331.45	0	13251.5
1087-88	9242.4	2443.93	333.52	167.16	0	545.15	0	12732.2
1988-89	12978.26	2553.28	146.75	77.6	270.67	225.96	125.12	16377.6
1989-90	15040.45	2556.18	270.39	192.2	61.73	307.08	74.97	18503
1990-91	21306.54	2107.27	581.69	177.6	224.51	260.73	0	24658.3
1991-92	17466.89	2153.08	69.39	29938	155.55	415.76	0	50198.7
1992-93	14597.37	1452.82	158.43	123.19	118.19	20411	2245.7	39106.7
1993-94	7766.6	954.43	90.51	71.19	80.04	97.24	347.73	9407.74
1994-95	10380.2	3356.59	7814	23.26	95.41	37.31	0	21706.8
1995-96	13470.73	3846.19	78.61	166.12	426.89	12.61	0	18001.2
1996-97	12545.96	2416.86	0	11.5	215.9	30.49	0	15220.7
1997-98	16248.44	3870.51	0	4.68	123.61	0	0	20247.2
1998-99	21811.84	4884.72	0	39.9	110.75	0	0	26847.2
1999-2000	2809.82	5400.5	0	0	27.28	0.38	0	8237.98
2000-2001	30428.4	8725.2	0	0	28.74	8.7	0	39191
2001-2002	21398.61	17437.27	0	144.71	6.13	19	0	39005.7
2002-2003	24982.57	13477.5	0	0	27.85	0	0	38487.9
2003-2004	24258.49	12688.43	0	0	0	0	0	36946.9
2004-2005	25627.05	15499.33	0	0	207.65	0	0	41334
2005-2006	31491.54	18319.24	0	0	0	0	0	49810.8
2006-2007	42818.81	19859.33	0	16.18	0	0	0	62694.3
2007-2008	40438.48	50227.34	0	16.18	0	0	0	90682
2008-2009	75382	6	0	48	0	0	0	75436
Source: Compiled from APSFC Annual Reports - Relevant Issues

Table-3: Industry-wise Sanctions by APSFC during the period 1980-81 to 2008-2009
Year	Food Products	Textiles	Chemical Products	Non Metallic Minerals Products	Metal Products	Machinery	Services	Others	Total
1980-81	1017.9	235.22	590.25	386.54	238.26	570.89	777.31	851.27	4667.6
1981-82	862.65	426.98	1008.55	463.58	266.85	683.91	30	2416.95	6159.5
1982-83	1098.39	280.01	1159.09	378.43	402.16	945.67	12	2688.74	6964.5
1983-84	2007.82	361.84	1058.43	617.28	421.68	917.75	234.99	1688.93	7308.7
1984-85	1647.67	696.93	2541.98	905.93	394.96	852.66	911.44	984.23	8935.8
1985-86	1354.95	637.39	1970.14	1291.76	196.55	1078.54	1814.73	2294.81	10638.9
1986-87	1341.2	512.97	2445.56	1724.7	1135.42	2601.97	1791.2	1698.49	13251.5
1087-88	1620.22	937.67	1825.26	1258.52	802.03	969.35	2406.64	2912.47	12732.2
1988-89	1691.11	599.01	1263.91	1001.03	822.17	735.21	2725.19	750.01	9587.6
1989-90	1887.49	1330.78	2354.84	2043.36	1207.14	1307.04	4508.46	3863.89	18503.0
1990-91	3266.88	2200.76	3136.45	4068.73	884.77	1487.1	8183.14	1430.51	24658.3
1991-92	3713.09	1700.36	2866.06	2265.67	881.42	1738.68	3952.09	3442.69	20560.1
1992-93	3568.46	1440.09	3259.93	1633.84	1290.32	1668.47	3083.76	2954.8	18899.7
1993-94	1967.04	696.93	1158.46	1108.31	496.25	194.82	2066.65	1718.74	9407.2
1994-95	2223.43	1178	1958.2	1121.25	750.58	1931.8	2541.48	2266.17	13970.9
1995-96	2621.83	7	2603.77	1491.6	999.28	2607.2	2935.18	2958.37	16224.2
1996-97	2302.24	462.63	2528.77	1323.95	854.05	1220.58	3069.59	3458.9	15220.7
1997-98	13424.3	676.17	2769.49	1292.7	836.78	3582.44	2722.5	5057.14	30361.5
1998-99	6280.54	1017.46	4291.59	1280.65	631.04	3144.7	3484.17	6717.06	26847.2
1999-2000	7071.92	1058.8	3623.03	2857.24	2330.17	4027.38	4637.18	7913.26	33519.0
2000-2001	5107.9	1617.87	4457.7	1629.91	2713.67	5657.18	6046.96	11959.8	39191.0
2001-2002	6289.38	1484.81	6255.8	1345.23	1408.57	3656.85	3598.28	14966.08	39005.0
2002-2003	5027.93	1272.31	5284.6	1252.09	1893.51	4720.02	3472.31	15565.15	38487.9
2003-2004	53968.9	19490.78	47038.16	26300.14	10825.24	25291.47	45022.97	127809.75	355747.4
2004-2005	58366.8	20165.04	50179.48	28763.35	10967.31	28171.1	10765.87	82449	289828.0
2005-2006	62528.74	23372.4	58066.02	31287.11	11680.12	28830.71	48274.18	73958.64	337997.9
2006-2007	70633.87	26903.76	64490.98	37037.26	11945.68	32261.43	50941.88	91134.02	385348.9
2007-2008	74895.8	28469.1	71718.88	43114.04	12418.7	32867.72	58481.26	119458.41	441423.9
2008-2009	81217	31259	78967	46842	12419	39577	64254	138113	492648.0
Source: Compiled from APSFC Annual Reports - Relevant Issues

Table-4: Industry-wise Disbursements by APSFC during the period 1980-81 to 2008-09
Year	Food Products	Textiles	Chemical Products	Non Metallic Minerals Products	Metal Products	Machinery	Services	Others	Total
1980-81	619.83	103.04	589.61	207.1	166.92	379.54	448.32	446.48	2960.84
1981-82	787.55	168.43	406.97	236.82	225.43	454.8	938.26	497.64	3715.9
1982-83	608.5	116.16	283.76	268.39	168.67	364.14	1103.09	459.26	3371.97
1983-84	1022	277.84	609.59	308.05	374.63	672.62	695.05	572.2	4531.98
1984-85	1679.5	435.56	1018.84	382.56	243.48	655.97	537.89	901.01	5854.81
1985-86	899.45	547.12	1337.66	753.51	376.54	766.9	1088.78	792.19	6562.15
1986-87	980.87	301.5	1672.99	791.39	534.4	1198.2	1097.02	1306.5	7882.87
1987-88	1147.58	619.33	1497.05	950.36	700.57	863.38	1787.59	2342.9	9908.76
1988-89	2444.27	598.71	1263.91	1001.03	822.17	735.24	2065.65	2084.9	11015.88
1989-90	1113.51	653.93	2035.01	1061.85	868.63	556.16	3244.98	2895.5	12429.57
1990-91	1792.6	969.5	2368.49	1119.15	722.29	606.07	3497.213	2899.6	13974.913
1991-92	2338.93	1262.18	1756.18	1586.68	715.42	924.63	3374.02	2938.7	14896.74
1992-93	2470.37	961.39	1813.26	1932.18	537.34	852.2	1990.56	2060.7	12618
1993-94	1630.07	807.89	796.54	1161.97	531.55	230.79	1744.91	1090.9	7994.62
1994-95	1292.97	689.65	1328.73	1005.94	725.11	1040.2	1586.38	971.66	8640.64
1995-96	1713.08	957.29	1573.67	1001.94	612.52	1849	1839.04	2061.7	11608.24
1996-97	1691.09	488.79	1329.86	1058.63	772.18	1090.52	2277.06	2506.6	11214.73
1997-98	2339.69	547.87	1710.17	979.04	542.11	1843.3	2053.11	3097.7	13112.99
1998-99	3474.09	457.73	2256.08	833.93	658	2689.9	1993.52	3847	16210.25
1999-2000	5894.96	753.13	3188.54	1730.43	108.41	3032.7	3767.59	2791	21266.76
2000-2001	4955.85	1130.82	3325.21	1956.63	2374.1	3169.34	3598.05	7769.6	28279.6
2001-2002	5227.54	1296.64	4468.55	1270.44	1372.4	3093.88	3257.87	10862	30849.32
2002-2003	5384.2	873.95	4110.26	1033.35	1526.4	2611.89	2347.81	12213	30100.86
2003-2004	52855.2	17011.57	45727.1	25102.99	97773	24457.29	33015.72	12374	308316.87
2004-2005	57281.02	18262.67	69339.29	27115.31	1057	27306.29	207943.6	178705	587010.18
2005-2006	62321.2	19934.41	54690.1	29697.93	10701.32	28410.86	46372.51	72590.35	324718.68
2006-2007	68624.74	23205.41	61361.64	34760.79	11169.58	31452.55	48387.87	86464.33	365426.91
2007-2008	71436.58	24937.28	66345.12	38774.58	11591.94	32102.51	54123.83	111878.4	411190.24
2008-2009	75293	26801	74511	41476	11592	36114	61042	135232	462061
Source: Compiled from APSFC Annual Reports - Relevant Issues

Table-4: Trends in the Growth of Assistance Sanctions and Disbursements between Backward and Other Districts by APSFC during the period 1980-81 to 2008-09
Type of Districts	Period	Sanctions			Disbursements
Type of Districts	Period	Growth Rate	t-value	Sig.	Growth Rate	t-value	Sig.
Backward	Period -1	18.3*	13.021	0.000	20.3*	15.841	0.000
	Period -2	2.6	0.592	0.570	2.6	0.654	0.531
	Period -3	35.3**	2.736	0.029	36.6**	2.689	0.031
	Overall period	13.7*	7.957	0.000	15.3*	8.540	0.000
Others	Period -1	10.4*	7.459	0.000	10.5*	10.359	0.000
	Period -2	5.6	1.611	0.146	7.1***	2.230	0.056
	Period -3	33.3**	3.024	0.019	36.9**	3.070	0.018
	Overall period	15.3*	10.077	0.000	16.7*	9.874	0.000
Total	Period -1	14.7*	21.118	0.000	15.7*	17.940	0.000
	Period -2	4.0	1.026	0.335	4.7	1.316	0.225
	Period -3	34.1**	2.882	0.024	36.7**	2.887	0.023
	Overall period	14.5*	9.033	0.000	16.0*	9.261	0.000
Note: ** and * are significant at 5 and 1 per cent levels. Source: Appendix Table-1.