Socio Economic Outlook: Telangana records robust growth of 15.6 percent in GSDP
GSDP at current prices was Rs.13.27 lakh crore in 2022-23, recording 15.6 percent increase from the previous year of 2021-22
Hyderabad: Indicating a robust economic growth of Telangana, the Gross State Domestic Product (GSDP) at current prices was Rs.13.27 lakh crore in 2022-23, recording 15.6 percent increase from the previous year of 2021-22.
Between 2018-21, the share of Development Expenditure in total budget for Telangana was 78.1 percent which is highest among the Indian States whose average Development Expenditure was 68.4 percent during the period.
Further, the Per Capita Income (PCI) at current prices in Telangana is Rs.3.17 lakh in 2022-23, which is Rs. 1.46 lakh higher than the national per capita income of Rs.1.71 lakh. Interestingly, the PCI of every district in Telangana was higher than the country’s PCI of Rs 1,26,855 in 2020-21.
Based on the Compound Annual Growth Rate (CAGR) of PCI at current prices for Telangana and India for 2014-15 to 2022-23, the average citizen in Telangana can expect their income to double in roughly 5 to 6 years, whereas the average citizen in the country as a whole would have to wait for about 8 to 9 years for their income to double.
As per the Socio Economic Outlook for 2022-23 released on Monday, the Services sector accounted for 62.8 percent of Telangana’s Gross State Value Added (GSVA) at current prices, followed by the Industries sector with 19 percent and the ‘Agriculture and Allied’ sector with 18.2 percent in 2022-23.
Telangana has made significant progress in the agriculture sector by adopting innovative methods, increasing the use of technology, and providing financial support to farmers.
The industrial sector has also witnessed tremendous growth in the state with the establishment of several new industries, and the expansion of existing ones by attracting investments from all over the world. The TS-iPASS policy has made it easier for new industries to set up operations in the State.
In terms of growth compared to 2021-22, the current price Gross Value Added (GVA) by the Agriculture and Allied sector, which employs 45.8 percent of Telangana’s population, grew by 11.9 percent in the State.
For second consecutive year, the Industries sector recorded a double-digit growth with the current price GVA of 10.5 percent in 2022-23. In 2021-22, it was 17.9 percent, considering the havoc wreaked by the COVID-19 pandemic in 2020-21.
Meanwhile, the Services sector witnessed a remarkable growth of 17.5 percent in its current price GVA in 2022-23, after an excellent post-COVID growth rate of 20.5 percent in 2021-22.
Further, the Socio Economic Outlook 2023 of Telangana highlights the endeavours and achievements of the State on all fronts during previous fiscal as well as showcases the State’s commitment to balanced and inclusive growth, and its continued efforts to create a better future for its citizens.
Telangana’s SOTR (State Owned Tax Revenue) average monthly receipts rose in 2022–2023 (April to Dec) to Rs.8,804 crore when compared to that during the same period of the previous year which was Rs.7,226 crore.
