HYDERABAD: The State achieved an 8.2 per cent year-on-year growth in Gross State Domestic Product (GSDP) at constant prices (2011-2012), and 12.6 per cent at current prices, said IT and Industries Minister KT Rama Rao, while releasing the Industries Department’s annual report. The figures paint a favourable picture for the State when compared to the national average of 5 per cent year-on-year growth at constant prices and 7.5 per cent at current prices.
Rama Rao said that Telangana’s share of the national GDP has increased to 4.76 per cent in the 2019-2020 FY from 4.55 per cent in the previous year. “Telangana’s per capita income was Rs 2.28 lakh compared to the national average of Rs 1.34 lakh per capita. The State’s share in the country’s exports has also increased from 10.6 per cent to 11.5 per cent,” he said.
Overall, the State’s IT Department which also looks after the pharmaceutical sector strengthened its position by consolidating its stake in national pharma products by 35 per cent, the annual report said.
The report added that there are 800 pharma-related companies in the State whose valuation stand at 50 billion dollars.
The government is reportedly looking to increase that valuation to 100 billion dollars over the next decade, the report said. Rama Rao said, “In the recent months, we have been going through difficult times due to the spread of Covid-19 virus.
However, Telangana government is well prepared. In the past one to two months we have been reaching towards a situation where bulk of the activities are being normalised.” The annual report said that approvals of various industrial projects through the State government’s flagship TS-iPass has created 3.17 lakh employment, in addition to an investment of Rs 40,626 crore in the State in the FY 2019-2020, said the Industries Department’s Annual Report for the FY 2019-2020.
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