Telangana ranks third in GSDP growth rate
Telangana has recorded an average Gross State Domestic Product (GSDP) growth rate of 8.6 percent, which is the third highest in the country
Hyderabad: Undoing the injustice meted out to it in the erstwhile Andhra Pradesh, Telangana is on a steady growth path since its formation. As per the latest data from 2005-06 to 2021-22, the State has recorded an average Gross State Domestic Product (GSDP) growth rate of 8.6 percent, which is the third highest in the country.
Based on data furnished by the Ministry of Statistics and Programme Implementation (MoSPI) between 2005-06 and 2021-22, agricultural economists have compiled a report over the performance of different States in the country. The same was published by a few financial publications recently.
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Accordingly, the average annual growth rate (AAGR) of Telangana’s GSDP was 8.6 percent. Gujarat claimed the top position with 8.9 percent AAGR in GSDP, followed by Uttarakhand with 8.7 percent and Telangana was ranked third. Considering the fact that Uttarakhand is a very small State in terms of economy, size and contribution to the national economy, Telangana stands in second position next only to Gujarat.
The huge growth in GSDP is being mainly attributed to growth in agricultural GSDP of Telangana which ranks third with an average 6.4 percent during the period. While Madhya Pradesh has the highest AAGR of 7.3 percent in agriculture and allied sectors, Andhra Pradesh stands second with 6.6 percent followed by Jharkhand and Telangana with 6.4 percent.
Since the State formation, Telangana has been consistently recording a GSDP growth rate of 9.5 percent in 2018-19, 8.2 percent in 2019-20, 2.4 percent in 2020-21, 19.1 percent in 2021-22 and 15.6 percent in 2022-23. “If the AAGR of Telangana’s GSDP is taken into consideration from 2015-16, the State could have easily assumed the top position among other States. Through consistent growth, the State government is ensuring that Telangana was compensated for the grave injustice meted out in erstwhile Andhra Pradesh,” said an official in the Finance department.
As per the data tabled by the Centre in the Parliament, Telangana’s GSDP has increased by more than double to nearly Rs 13.27 lakh crore during the last eight and half years. In the financial year 2013-14, when Telangana State was formed, the State’s GSDP was Rs 5.05 lakh crore which shot up to Rs 13.27 lakh crore in 2022-23.
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