Telangana continued its phenomenal growth in economy during the financial year 2022-23 with the State’s Gross State Domestic Product (GSDP) pegged at ₹13.13 lakh crore.
This takes the State’s contribution to the national economy to 4.8%, in tandem with the growth rate registered by the State since its formation on June 2, 2014. The annual growth rate of Telangana between 2014-15 and 2022-23 has been pegged at 12.6%, as against the national average of 11%, while the annual growth in GSDP during the period was at 12.7% higher than the national average of 10.5%.
According to provisional estimates, the State’s GSDP at current prices is 16.3% higher than 16.1% national average. The per capita income of the State at current prices stood at ₹3.12 lakh, which is almost double of the national average of ₹1.72 lakh, according to the report on the State’s economy released by the Bureau of Economics and Statistics.
The report said the average citizen in Telangana could expect his/her income to double in 5 to 6 years as against the 8 years required for the average citizen of the country for their income to be doubled. The estimate is based on the compound annual growth rate achieved of the per capita income registered by the State from the financial year 2014-15 to 2022-23.
The State also ranks first in the country along with Tamil Nadu and Kerala in terms of equitable distribution of wealth with a Gini coefficient of 0.10. The State ranked third in per capita income during the previous fiscal, according to the Ministry of Statistics and Programme Implementation.
Contributing to the State growth are the agriculture and allied sectors which achieved a year-on-year gross value added (current prices) of 15.8% between 2021-22 and 2022-23. This is 9.8 percentage points increase in the growth rate of the fiscal 2021-22.
“Since the sector employs 45.8% of the working population, its economical success is crucial to improving the living standards in Telangana,” the report said.
The industrial sector likewise, achieved a growth of 10% during the previous fiscal while the services sector, primary contributor to the State’s economic growth, witnessed a remarkable growth of 20.6% in gross value added at current prices. This is much higher than the national average of 17.3%.
