Telangana's economy fares better than nation's
Hyderabad: Telangana's economy has fared better than the country's in 2020 -21 which had witnessed a disaster due to the Corona pandemic. The...
Hyderabad: Telangana's economy has fared better than the country's in 2020 -21 which had witnessed a disaster due to the Corona pandemic.
The agriculture and allied sector (crops, livestock, fisheries, forestry grew by an impressive 20.9 per cent.
According to Socio- Economic Outlook -2021, various initiatives such as those focusing on horticulture crops, livestock (e.g.,Sheep Rearing Development Programme and the Mass Free Sheep and Goat Deworming Programme) and irrigation (through the Kaleshwaram project, Mission Kakatiya and other irrigation projects) contributed to the robust growth in the primary sector.
In contrast to the agriculture and allied sector, the industrial sector growth (including the mining sector) contracted by 5.6 per cent. Despite this, the State still fared better than the country, where the sector contracted by 8.2 per cent. Although the sector was initially hit hard, it has quickly recovered.
The services sector is estimated to contract 4.9 per cent in 2020-21, compared to a national contraction of 8.1 per cent.
"The services sector drives economic growth in the State. Services growth itself has been fuelled by the IT sector, with Hyderabad emerging as one of the world's leading IT hubs.