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Telangana ranks 3rd in GSDP growth, eclipses southern States
Telangana ranks 3rd in GSDP growth, eclipses southern States
Telangana, the youngest State, has been ranked third in the country in terms of GSDP (Gross State Domestic Product) increase and also the highest amongst all southern States in the annual average growth of GSDP with 11.7 per cent at current prices.
Hyderabad: Telangana, the youngest State, has been ranked third in the country in terms of GSDP (Gross State Domestic Product) increase and also the highest amongst all southern States in the annual average growth of GSDP with 11.7 per cent at current prices.
A report "Telangana Economy – Trends and Analysis" disclosed that according to provisional estimates, the State's GSDP at current price in 2020-2021 is Rs 9,80,407 crore, an increase of 94 per cent from 2014-15 value.
"The Telangana achieved 3rd rank among 18 fast-growing States in the country in terms of percentage increase in GSDP, both at current and constant prices between 2014-15 ad 2020-2021. The State was also 6th highest contributor to the country's GDP in 2020," the report said, adding that Telangana's annual average growth of GSDP was also highest among all southern states with 11.7 per cent at current prices.
While, India's GDP increased by only 28.4 per cent from 2014-15 to 2020-2021, Telangana has achieved 54.8 per cent increase in its GSDP value during the same period. Even in 2020-21 financial year, when the entire country was in shambles because of Covid pandemic, Telangana achieved a positive growth rate of 2.4 per cent against the negative growth rate of GDP (minus 3 per cent) at the national level, the report noted.
It further added that Telangana was also dominating all southern States in terms of growth in Per Capita Income and the primary sector – Agriculture after the bifurcation of Andhra Pradesh in 2014.
The provisional estimates also said that the gross value of output for all crops in Telangana in 2020-21 was Rs 80,574 crore . The largest contributors are paddy (Rs 47,440 crore), cotton (Rs 19,025 crore) and red gram (Rs 3,808 crore ). The report said that the GSVA (Gross State Value Added) of the agriculture and allied sectors in 2020-21 would be at Rs 1,84,322 crore.
"There was a 142 per cent increase in contribution of agriculture and allied sectors to Telangana GSVA between 2014 and 2020," the report said, adding that the contribution of industrial sector to the GSVA was also growing fast. As per the provisional estimates, the industries sector GSVA in 2020-21 would be at Rs 1,79,358 crore. The services sector which affected badly due to corona pandemic would also revive. The service sector GSVA was estimated at Rs 5,33,230 crore, the report said.
