Telangana will be $470 billion economy by 2030: KT Rama Rao
Hyderabad: Telangana is poised to be a $470 billion economy, roughly over Rs 34 lakh crore by 2030, with its consistent and impressive growth of over 13 per cent every year. Currently, it is around $170 billion and the current growth rates will add more than $ 300 billion value. That will be a humongous […]
Hyderabad: Telangana is poised to be a $470 billion economy, roughly over Rs 34 lakh crore by 2030, with its consistent and impressive growth of over 13 per cent every year. Currently, it is around $170 billion and the current growth rates will add more than $ 300 billion value. That will be a humongous contribution to the country, Industries and IT Minister KT Rama Rao. said here on Wednesday.
Speaking at the CII Telangana State Leadership Summit, he said Telangana was the best successful startup in 75 years of independent India. Telangana’s per capita income when the State formed was about Rs 1.24 lakh and it has grown to Rs 2.78 lakh in 7.5 years, an increase of 125 per cent. The GSDP of the State now touched Rs 11.54 lakh crore, recording a growth of more than 130 per cent over the Rs 5 lakh crore in 2014. The State, with just 2.5 per cent of the country’s population, is the fourth largest contributor to the GDP.
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The State took a ‘3I’ approach- Innovation, Infrastructure and Inclusiveness for growth. “The focus of the State has been getting the basics right. In November 2014, Telangana announced a pathbreaking single-window clearance system TS-iPASS for according permissions to the industry. TS industrial policy is leagues ahead of anyone else. It has been extremely successful so far with about 18,000 applications worth Rs 2.3 lakh crore investments were cleared so far creating employment to about 1.6 million people. This happened despite the bifurcation blues, some of which are still to be settled, despite the demonetisation and the pandemic as well” he said.
“Innovation is misconstrued as disruption in the technology area and startups. That is not the entire truth. Innovation can also happen at the government level too. We spent extensively on infrastructure. We were a power deficit State when we started our journey. The installed capacity was about 7,000 MW and it has now increased to 16,000 mw. We are the only State to provide 24/7 power to the industry and free power to small and marginal farmers,” Rama Rao said.
Telangana also completed laying of 1.4 lakh km pipeline under the Mission Bhagiratha to provide potable drinking water to one crore households at a cost of over Rs 51,800 crore. “The GoI has drawn inspiration from us and has started a programme called Har Ghar Jal. It is also asking other States to emulate,” he recalled.
Kaleshwaram project, the world’s largest irrigation project, has been conceptualised and completed by Telangana in less than four years. “We are lifting water from Godavari from about 82 m above the sea level to 612 m above the sea level to near Hyderabad through a multi-stage irrigation programme. We have installed pumps with about 137 MW capacity. Six or seven of them are running in tandem,” he said, adding that Telangana balanced industrialisation, agriculture, and environment.
“Agriculture’s contribution to the GSDP in 2013 was 16 per cent and in 2021 it has increased by five per cent to touch 21 per cent. This growth is humongous. Five per cent increase is not easy. If there is a next wave of pandemic, I can say with confidence that Telangana will be secure with its agricultural produce and also support other States if that happens. Telangana is now the granary of the country- we have replaced Punjab. We came up with a farm input subsidy scheme called the Rythu Bandhu, which is giving Rs 10,000 per acre to the famers. No other State, no leader, no Prime Minister, no Chief Minister considered doing a direct benefit transfer to farmers. About Rs 15,000 crore is being spent on this a year and is benefitting 62 lakh farmers,” Rama Rao said about the success in the farm sector that has inspired GoI to launch PMKisan. The green cover also increased to 31.7 per cent from the 24 per cent seven years ago.
Though the GoI announced a Rs 20 lakh crore package to support the pandemic-hit industry, it has not helped the industry and scores of MSMEs have shut in the last two years, he said.
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