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Telangana makes big strides in economy
Telangana makes big strides in economy
arthNITI puts Telangana in 7th place in GSDP
Hyderabad: Telangana has been adjudged as one of the fastest growing States as State economy grew at an average annual rate of more than 9 per cent for the last six years.
According to arthNITI, a report released by the Niti Aayog, the Telangana State stood at 7th place in terms of GSDP (Gross State Domestic Product) and clocked a CAGR (Compound Annual Growth Rate) of more than 11 per cent since 2015-16. Interestingly, the industrial sector growth surpassed agriculture sector in the GSDP by registering 17 per cent. The contribution of the farming sector is 16 per cent of the State growth. As per the Department for Promotion of Industry and Internal Trade data, the cumulative Foreign Direct Investment flow into Telangana amounted to USD1,539.82 million between October 2019 and December 2020.
The report said that the new TSiPASS industrial policy helped the State to move fast in the industrial growth.
The Niti Aayog appreciated the Telangana government for introducing 10-year Electric Vehicle Policy aimed at attracting huge foreign investments and create 1.20 lakh employment in the sector. The Hyderabad city had emerged as pharma hub accounting for nearly 20 per cent of total pharma exports from India.
The new farmer support schemes like Rythu Bheema, Rythu Bandhu and the irrigation projects like Kaleshwaram has put Telangana on the top in foodgrain production. The agriculture sector has also made significant contribution towards employment with almost 54 per cent of the population engaged in agriculture activities, the report said.
The policy making body also observed Telangana would succeed in bringing down the total liabilities from 29.5 per cent of the GSDP in 2020-21 to 29 per cent in 2025-26. This would result in removal of Telangana from the list of States which should get revenue deficit grants. The report also projected the 1.50 million direct employment and 5.3 million indirect jobs in the IT sector from the proposed ITIR (Information Technology Investment Region) project in Hyderabad.
