The socio-economic outlook for this year, as presented by the State government to the Assembly on Monday, has pointed out that the economy of Telangana is growing at a faster rate than all-India average, and most of the States of the country.
The overall Gross State Domestic Product (GSDP) of Telangana was estimated at ₹ 8.65 lakh crore in 2018-19, which is an increase of ₹ 1.11 lakh crore over 2017-18 at current prices. With a growth rate of 14.8%, Telangana stands fourth behind Andhra Pradesh, Sikkim and Karnataka in 2018-19.
Whereas, the all-India Gross Domestic Product (GDP) estimates increased by ₹ 19.15 lakh crore during the same period -- but the growth was only 11.2%. The share of Telangana in national growth was 4.55%.
The share of State economy in all-India scenario increased by 53 basis points in 2018-19 over 2013-14, which is evidence that Telangana is growing at a faster pace than national average.
The outlook also pointed out that the per capita income (PCI) of Telangana is significantly higher than all India over the years. The PCI of Telangana rose from ₹ 1.80 lakh in 2017-18 to ₹ 2.05 lakh in 2018-19, registering a growth of 13.8% at current prices. Whereas, the PCI of all-India went up from ₹ 1.14 lakh to ₹ 1.26 lakh in the period - which is a 10% growth at current prices. Telangana stood behind Haryana and Karnataka in PCI growth rate.
The State government attributed its consistent higher growth levels to revival of rural economy with focus on both farm and non-farm sectors, construction of irrigation projects, promotion of industrialisation, IT policies to tap the potential of sunrise sectors and T-Hub.