Hyderabad: Despite the economic downturn caused by the COVID-19 pandemic, Telangana has managed to outperform the national growth rate, with its national gross domestic product share rising from 4.74% in 2019-20 to 5.0% this year.
In 2020-21, the state also recorded a per capita income of R.2,27,145 compared to the national average of R27,27,768. The state’s performance figures were released by IT and Industry Minister KT Rama Rao, who shared the data as he unveiled the industry department’s annual report on Thursday. He said Telangana ‘boasts’ growth in the IT / ITeS sector with a 12.98% increase in IT / ITeS exports.
During the previous financial year of 20-21, Telangana recorded a total of £ 45522 million in IT / ITeS exports. ‘The state has seen more than double the estimated average national growth rate. “Telangana continues to attract large investments from companies such as MassMutual, Laxai Life Sciences, Agasthya Foods, Trouw Nutrition, Ester Filmtech and others, despite the slowdown caused by pandemic,” KTR added.
While the whole country was hit together as a result of the COVID-19 lock up, Telangana has managed to do slightly better even in terms of economy. The GSDP (gross domestic product) during 2020-21 was Rs. 9.78 lakh crore. Although the growth rate has declined due to the COVID-19 pandemic with 1.26%, it is significantly better than the expected GDP contraction of India at 8%.
The share of Telangana’s economy in national GDP rose by 26 basis points to 5.0% in 2020-21 from 4.74% in 2019-20, according to the annual report released by KTR. On Thursday, the Minister of IT and Industry visited the Department of Information Technology and Industry (2020-21) at the Dr. Marri Channa Reddy Human Resource Development Institute of Telangana announced.
The reports come from Telangana’s seventh year of establishment. Jayesh Ranjan, Secretary General (Industry and IT), said: “Despite the difficult year, the IT and Industry departments have made significant progress this year and have been able to launch many new initiatives, such as the introduction of new EV policies, several new ones. industrial parks and Hyderabad Mega Science & technology Cluster. ”
During the launch of the annual reports, KTR said that Telangana’s TS-iPASS system attracts cumulative investments of 2,14,951 million R, creating 15.6 lakh jobs. “Telangana is third on the EoDB (Ease of Doing Business) rankings for 2019. TSIIC has developed 10 new industrial parks and allocated 810 hectares of land to 453 industries, with an expected investment of Rs. 6,023 Crores, ”he said /
The IT Minister also stated that one of the first RT-PCR kits approved by the Indian Medical Research Council (ICMR) was developed from Hyderabad in India. ‘The first indigenous vaccine for COVID-19 is the result of the intense efforts of the Bharat Biotech-based in Hyderabad, ”KTR pointed out. He added that Genome Valley, the largest research and development cluster in India, is gaining the “Vaccine Capital of the World”.
“4 out of 5 top vaccine producers in India are already in Genome Valley. “Biopharma Hub (B-Hub) is a flagship initiative for Genome Valley in which the state collaborates with Cytiva to strengthen the Biopharma industry in the state by setting up a Biopharma upscaling facility,” said KTR.
The IT Minister added that Amazon Data Services India Pvt. Ltd. set up three data centers in Fab City, Pharma City and Chandanvelly in Telangana with an investment of £ 20,761 Crores ($ 2.77 billion). The National Payments Corporation of India (NPCI) has announced a smart data center in Hyderabad with an investment of Rs. 500 crore, he added.
Source: The Siasat Daily