TFP/ Syed Sufwan Mohiuddin
Hyderabad, Nov 1: The youngest state in the country, Telangana has been achieving better results at the economical front, than many other states, since its formation six years ago in 2014.
The state has been consistently achieving a much higher Gross Domestic Product (GDP) growth rate than the country’s average growth rate for the past six financial years, 2014 to 2020.
The annual growth of GDP of the state which began at 12.02 percent in the year 2014 when India’s growth was close at 10.99%, reached a high at 14.33 percent until the 2018-19 financial year while the national growth fell to 10.95 percent during the same period.
Even though, the annual growth of GDP of both state and country had fallen in the 2019-20 financial year owing to the global Coronavirus pandemic and its induced lockdown. Telangana, however, managed to stay above 12 percent at 12.61 percent, while the national growth fell much below 10, at 7.21 percent.
While the growth of Per Capita Income of the country between 2014-2020 was at 54.9%, Telangana grew at a whopping 83.9%. The Per Capita Net Domestic Product at current prices of India is at 134,226 INR, Telangana has long crossed 200K and is at 228,216.
As the growth in Gross State Domestic Product (GSDP) and Per Capita Income was achieved with investments in key infra sectors and increased capital expenditure. At the same time, fiscal prudence was balanced.
On the Debt-to-GSDP ratio, Telangana with 22.8 percent is in the top five states with a low Debt-to-GSDP ratio.
It may also be noted that Telangana has contributed a whopping Rs. 2,72,926 crores in the form of taxes to the centre since the 2014-15 financial, whereas the Centre has released Rs. 1,40,329 crores to the state during the same period.
Sharing the state’s economical achievements and performance of the state with hashtag #TriumphantTelangana, State Industries and IT Minister KT Rama Rao said that Telangana continues to be a pillar of strength for India.
KTR said that Telangana’s growth has been inclusive and has focused on Agriculture, Industry & services sectors improving per capita and added that able leadership, progressive policies and an ear to the ground enabled the state to thrive.