Gross State Domestic Product (GSDP) at current prices for Telangana reached Rs.13,13,391 crore, marking an impressive 16.3 percent growth, surpassing India’s growth rate of 16.1 percent
Published Date – 07:00 AM, Thu – 14 December 23
Hyderabad: Hitting the ball out of the park yet again, Telangana has showcased a robust economic performance in the 2022-23 fiscal, outpacing the national growth rates. The Gross State Domestic Product (GSDP) at current prices for Telangana reached Rs.13,13,391 crore, marking an impressive 16.3 percent growth, surpassing India’s growth rate of 16.1 percent.
According to the Provisional Estimates released on Wednesday, over the span of 2014-15 to 2022-23, Telangana’s GSDP at current prices witnessed a surge of 159.6 percent, outshining the national increase of 118.5 percent. Between 2014-15 and 2022-23, the average annual GSDP growth of Telangana was 12.7 percent and GDP of India was 10.5 percent. The State’s GSDP contribution to India’s GDP rose from around 4 percent 2014-15 to 4.8 percent in 2022-23, underscoring consistent and noteworthy economic strides since its formation.
The Per Capita Income (PCI) in Telangana for 2022-23 stood at Rs 3,12,398, surpassing the national PCI by Rs 1,40,122. Telangana secured the third position among all States in 2022-23, as per the Ministry of Statistics and Programme Implementation (MoSPI). Notably, the State clinched the top spot among major States, with its PCI soaring from Rs 91,121 in 2011-12 to Rs 3,12,398 in 2022-23. The Compound Annual Growth Rate (CAGR) of PCI from 2014-15 to 2022-23 indicates that the average citizen in Telangana can expect their income to double in five to six years, significantly outpacing the national average of approximately eight years.
Further, Telangana’s economic performance is not only reflected in its PCI, but also in equitable wealth distribution. According to the NFHS 2019-21 report, Telangana, along with Tamil Nadu and Kerala, ranks first in equitable wealth distribution, boasting a Gini coefficient of 0.10.
The Agriculture and Allied sectors in Telangana exhibited substantial growth, with a year-on-year increase in Gross Value Added (GVA) of 15.8 per cent between 2021-22 and 2022-23. This significant growth is particularly crucial as the sector employs nearly 46 per cent of the State’s working population.
The Industrial sector in Telangana achieved a growth rate of 10.0 per cent in the fiscal year 2022-23, contributing to the state’s overall economic vitality. Similarly, the Services sector, a primary driver of Telangana’s economic growth, witnessed an exceptional GVA growth of 20.6 per cent at current prices in 2022-23, surpassing the overall national growth rate of 17.3 per cent.
