TS on path to all round development: Knight Frank
The tertiary sector (services sector), which is dominated by the IT services, has been the driver of the State's economic growth contributing about 65% of the Gross Value Add (GVA) in 2019-20
Hyderabad: Reflecting on the development happening since Telangana came into being, the State’s real Gross State Domestic Product (GDP) has significantly grown to Rs 6.63 lakh crore in 2019-2020 from Rs 4.16 lakh crore in 2014 with a Compounded Annual Growth Rate (CAGR) of 9.8 per cent, which is significantly higher than the national real GDP CAGR of 6.9% for the same period, said #Work from Hyderabad report brought out by Knight Frank India.
The tertiary sector (services sector), which is dominated by the Information Technology (IT) services, has been the driver of the State’s economic growth contributing about 65 per cent of the Gross Value Add (GVA) in 2019-20.
IT exports
Telangana’s contribution to India’s total IT exports stand at a significant 10 per cent, the report said adding that the cumulative foreign direct investment inflows for the period from April 2014- Feb 2020 stood at $ 18.98 billion (about Rs 1,40,452 crore).
IT/ITeS exports contributed revenue of Rs 1.28 lakh in the year 2019-2020, with an 18% annual growth against Rs 1.09 lakh crore in 2018-19. Hyderabad is the second-largest contributor to the revenues from IT exports in the country and is home to global bigwigs like Google, Amazon, Microsoft and Facebook.
EV and Electronics
The State has recently announced the Telangana Electric Vehicle and Energy Storage Solution Policy. The EV manufacturing segment attracted Rs 450 crore under the Invest Telangana for mega projects. Telangana has already set up ECity at Raviryala and an Electronics Manufacturing Cluster at Maheswaram. The State is already home to players to Apple, Micromax, SAFRAN and others.
Airports and aerospace
The Telangana government has also developed four aerospace parks and has proposed two more for boosting the investment in this sector.
Ease of doing business
Since its inception in January 2015, the Telangana State Industrial Project Approval and Self-Certification System (TS-iPASS) has till 2019-20 cleared about 12,021 proposals and the investments are worth Rs 1.96 lakh crore. The State has developed 153 industrial parks so far and has 34 Special Economic Zones operational while 56 were notified. It has been adhering to the ease of doing business reforms and has consistently secured a position in the top three places on the Niti Aayog’s EODB Index for States.
Innovation
Telangana’s efforts in building an enabling ecosystem for businesses to thrive has turned Hyderabad into a hotspot with about 4,000 startups in 2018, up from 1,500 in 2015. T-Hub, India’s largest startup incubator, We-Hub (India’s only State-led incubator to encourage women entrepreneurs), Telangana Industrial Development Entrepreneur Advancement (T-IDEA) and Telangana State Innovation Council (TSIC) are playing a key role in fostering innovation, the report said.
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