Telangana’s GSDP growth exceeds national GDP

Hyderabad: Telangana has again taken control of the ball and shown solid economic performance, surpassing the national growth rate in the financial year 2022-23. Product Internal Gross Domestic Product (PIBD) at current prices in Telangana increased to Rs 13,133.91 million, showing an impressive growth of 16.3 per cent, surpassing India’s growth rate of 16.1 per cent. According to provisional estimates published on Wednesday, during the period 2014-15 to 2022-23, Telangana’s GSDP at current prices grew by 159.6 per cent, eclipsing the national growth of 118.5 per cent. Between 2014-15 and 2022-23, the average annual growth of Telangana’s GSDP was 12.7 per cent and India’s PIB was 10.5 per cent. The contribution of state GSDP to India’s PIB increased from about 4 per cent in 2014-15 to 4.8 per cent in 2022-23, underscoring the consistent and significant economic progress since its formation. The per capita income (PCI) in Telangana for 2022-23 stood at Rs 3,12,398, higher than the national PCI of Rs 1,40,122. According to the Ministry of Statistics and Program Implementation (MoSPI), Telangana ranked third among all states in 2022-23. Notably, the state ranked first among the most important states, with its PCI increasing from Rs 91.121 in 2011-12 to Rs 3.12.398 in 2022-23. The calculated compound annual growth rate (CAGR) of the 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, which is about eight years more than the national average. Furthermore, Telangana’s economic performance is reflected not only in its PCI but also in its equitable distribution of wealth. According to NFHS 2019-21 information, Telangana, along with Tamil Nadu and Kerala, ranks first in equitable distribution of wealth, with a Gini coefficient of 0.10. Agriculture and allied sectors in Telangana demonstrated substantial growth with inter-annual growth in gross value added (VAB) of 15.8 per cent between 2021-22 and 2022-23. This significant growth is especially significant as the sector employs approximately 46 percent of the state’s active population. The industrial sector in Telangana will achieve a growth rate of 10.0 per cent in the financial year 2022-23, which will contribute to the general economic vitality of the state. Similarly, the services sector, which is one of the main engines of economic growth in Telangana, experienced an extraordinary VAB growth of 20.6 per cent at current prices in 2022-23, which is higher than the national normal growth rate of 17.3 per cent.