State growing by leaps and bounds, says KCR
Hyderabad: Chief Minister K Chandrashekar Rao has projected buoyant growth rate of GSDP and State own revenues in new financial year 2019-20 in the Vote on Account presented by him in the Assembly on Friday. He said the Telangana State is growing by leaps and bounds in its State’s Own Tax Revenue (SOTR) in comparison to other States. The average SOTR growth rate in the first four years after formation of Telangana is 17.71 per cent and Telangana stood number on in the country.
He said the prudent fiscal management and clamping down on corruption are the main reasons for growth in the revenues. The government estimated Rs 94,776 crore SOTR in 2019-20 financial year as against the revised estimation of Rs 72,777 crore in the current financial year ends March. The Chief Minister also explained that efforts by his government in achieving double digit growth in the GSDP would be made. The GSDP growth rate was 4.2 per cent in the two years prior to State formation. By 2017-18 , this accelerated by more than twice to 10.4 per cent.
The Telangana State is estimated to grow at 15 per cent in 2018 as against country’s growth rate of 12.3 per cent. As per the latest estimates, the State’s per capita income at current prices is estimated at Rs 2,06,107 for the year 2018-19 as against Rs 1,81,102 in 2017-18 showing an increase of 13.8 per cent which is significantly higher than the national growth of 8.6 per cent, KCR said claimed Telangana has become a trailblazer and a role model for the entire nation.
The Telangana State’s model of inclusive development took centre stage, he said. The Chief Minister said that Telangana is also leading in capital expenditure. In 2016-17, it was at 28 per cent, he said. The total capital investment from 2014 to 2019 stood at Rs 1,68,913 crore which is a symbol of all-round progress of the State. Between 2004-05 in the united Andhra Pradesh, the then government spent only Rs 1,29,683 crore as capital expenditure, he added.