Telangana GSDP registers growth of 15.6 percent

Similarly, Telangana’s Per Capita Income (PCI) of Rs.3.17 lakh as on March 31 this year was the highest in the country, KTR said

Hyderabad: Stating that Telangana’s story had just begun, Industries Minister KT Rama Rao said the State Gross State Domestic Product (GSDP) was Rs.13.27 lakh crore at current prices, registering a 15.6 percent growth rate of the GDSP at current prices in the 2022-23 financial year.

Similarly, Telangana’s Per Capita Income (PCI) of Rs.3.17 lakh as on March 31 this year was the highest in the country. This was against the national average of Rs.1.70 lakh, he said.

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Releasing the Industries Annual Report 2022-23 as part of Telangana Parishramika Pragathi Dinotsavam here on Tuesday, the Minister said at constant prices, Telangana’s GSDP was at 7.45 percent compared to India’s GDP growth rate of 6.95 percent.

“This is just the beginning and it is just a trailer. The mega movie is yet to be released,” he said.

Telangana’s model is characterized by its holistic, integrated, inclusive, and balanced development, with the aim of achieving economic, social, and industrial progress in harmony. To compete globally and attract investments, the State government undertook massive infrastructure development projects, he said.

The Minister, who also released the Dashabdi Report of Handlooms and Textiles department, emphasized the exceptional progress in the IT sector, with IT exports increasing from Rs.57,000 crore in 2014 to Rs.2.40 lakh crore in 2022-23.

Hyderabad was home to World’s largest technology Incubation Centre – T-Hub, World’s largest Prototype Centre – T Works and IMAGE Innovation centre in Multimedia, Animation, Gaming and Entertainment was also coming up. Between these three structures, this would be the world’s largest innovation campus in 18 acres, the Minister said, adding that was the vision of Chief Minister K Chandrashekhar Rao.

Even before the Centre woke up and launched the MITRA textile park scheme in 2023, Telangana had launched India’s largest textile park in Warangal in 2017. Already, one unit was operational and eight factories were to be inaugurated in August and September, he said, adding the groundbreaking ceremony for the South Korea-based Youngone Corporation would be held on June 17 at the Kakatiya Mega Textile Park.

On the other hand, Hyderabad Pharma City was poised to become the world’s largest pharma cluster. Hyderabad’s pharma industry and vaccine industry had become a force to reckon with internationally, he said.

“During the pandemic, when US President Donald Trump called Prime Minister Narendra Modi for Paracetamol and Remdesiver, it was the Hyderabad pharma industry that came to the rescue of India and the US as well,” Rama Rao said.

Back in 2020, the State government had fixed a target of $100 billion for the life sciences ecosystem in Telangana to be achieved by 2030. In January 2023, the ecosystem was already worth $80 billon and would achieve the target by 2025. The new target was $250 billion by 2030, he said.

Hyderabad had evolved as the vaccine capital of the world with 33 per cent of world’s vaccines being manufactured in the city, he said.

“At present, 900 crore doses are being made in the State. By next year, 1400 crore doses will be manufactured, making it 50 percent of the world production,” Rama Rao said.