TS Economic Growth Rate Exhibited A Downward Trend
Hyderabad, Feb 10 (Maxim News): Deputy Chief and Finance Minister Mallu Bhatti Vikramarka said in the fiscal year 2023-24, the Gross State Domestic Product (GSDP) of Telangana showed an increase in current prices from Rs. 13,02,371 crores in 2022-23 to Rs. 14,49,708 crores. However, the economic growth rate exhibited a downward trend, declining from 14.7 percent to 11.3 percent during the same period. The growth rate at the national level, however, showed a sharper decline, falling from 16.1 percent to 8.9 percent. Consequently, Telangana state growth rate was higher by 2.4 percentage points compared to the India GDP growth rate.
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The economic growth rate in Telangana, in constant prices, declined by 1.0 percentage points to 6.5% in 2023-24 from 7.5% in the previous year. Whereas the increase in growth was marginal at 0.1% at the country level. This shows that the Telangana economy experienced a sharp decline in growth.
The differing growth rates at current and constant prices between Telangana and India suggest a higher rate of inflation in Telangana compared to the national average. This is further evidenced by the higher Consumer Price Index in Telangana, which stood at 6.65% in December 2023, placing the state fifth in the country in terms of inflation rate, compared to India’s 5.69%. Sectoral growth rates
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In the fiscal year 2023-24, Telangana’s economy demonstrated varied performances across its sub-sectors, influenced by a range of factors. The primary sector, particularly agriculture, experienced a notable decline. The Gross Value Added in the crops sub-sector decreased from Rs.49,059 crores in 2022-23 to Rs.45,723 crores in 2023-24. This significant drop, which translated into a growth rate of -6.8%, was primarily due to adverse seasonal conditions.
The Southwest monsoon was delayed by 17 days, and there were large fluctuations in rainfall during the season. Notably, during the critical stages of crop growth in August and October, rainfall was markedly deficient. These conditions, coupled with prolonged dry spells, groundwater depletion, and insufficient water levels in the Krishna basin, led to a drastic reduction in the sown area of key crops such as paddy, cotton, maize, red gram, and Bengal gram.
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Concurrently, the secondary and tertiary sectors of Telangana’s economy also saw a decline in growth rates. Notable decreases were observed in sectors like electricity, gas, water supply, trade and repair services, hotels and restaurants, railways, and air transport. However, the manufacturing sector presented a contrasting trend, growing at 5.9% compared to just 1.3% in the previous year.
Other sectors such as real estate, construction, and mining & quarrying also experienced higher growth rates in 2023-24 compared to the preceding year.
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PER CAPITA INCOME
The Per Capita Income based on the present day prices is expected to be Rs.3,43,297 in 2023-24, It was Rs.3,09,912 last year but the growth rate has decreased (Maxim News).
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