Telangana Economy Growth Rate Is Less Than National Average 

Hyderabad, July 25 (Maxim News): Deputy Chief Minister Mallu Bhatti Vikramarka said the Global economy has recorded a growth rate of 3.2% during the year 2023-24. The Indian economy has recorded a growth rate of 7.6% and Telangana recorded a growth rate of 7.4% during the same period. Telangana’s growth rate is less than the national growth rate.

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 At current prices Telangana’s Gross State Domestic Product (GSDP) in 2023-24 is Rs.14,63,963 crores. This is 11.9 % higher than the previous year. At the national level, this growth rate is at 9.1%. The substantial rise in debt relative to income growth suggests a heavy dependence on borrowing to fund expenditures, potentially endangering fiscal sustainability. The persistent rise in debt far outstripping income gains suggests that without stringent fiscal reforms, Telangana’s Economic Health could be at risk, necessitating measures to balance expenditure with revenue generation and reduce dependence on borrowing.

Per Capita Income:

The per capita income of Telangana in 2023-24 is Rs.3,47,229 whereas, the per capita income of the Country is Rs.1,83,236/-.Compared to the National per capita income Telangana’s per capita income is higher by Rs.1,64,063/-. At the same time, there is a gross inequality among various Districts. For example, the per capita income of Ranga Reddy District is Rs.9,46,862/- whereas that of Vikarabad is Rs.1,80,241/. This indicates that the Economic Development among Districts is grossly unequal. Our government will take measures to bridge the gap among districts.

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Growth rate in various Sectors:

In 2023-24, the Services Sector contributed 65.7%, the Industrial Sector contributed 18.5%, Agriculture and Allied Sector contributed 15.8% to Telangana’s Gross State Value Added (GSVA).  At current prices, the Gross State Value Added (GSVA) of Agriculture and Allied Sectors has increased by 4% in 2023-24 as compared with 2022-23. Since the Sector employs 47.3% of the State’s population, its economic success is critical to improving the living standards in Telangana. 33% of the State’s population is dependent on the Services Sector and 19.7% on the Industrial Sector. The Labour Force participation rate of Telangana is higher compared to the National average. (Maxim News)

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