HYDERABAD: Telangana’s economy is growing much faster than the all-India average. At constant prices, the growth of the GSDP of the state was 7.8% in 2022-23 (provisional estimate). At current prices, the growth rate of GSDP was 16.3%.
At constant prices, in 2022-23 (PE), the state’s GSDP was Rs 7,26,707 crore while India’s GDP was Rs 1,60,06,425 crore. The state’s growth rate is 7.8% as against India’s growth rate of 7.2%. The share of Telangana in the GDP is 4.5%.
These details are provided in the latest book released by the Directorate of Economics and Statistics of the State government. Deputy Chief Minister and Finance Minister Mallu Bhatti Vikramarka along with special chief secretary (Finance) K Ramakrishna Rao released two books — ‘Telangana Economy’ and ‘Telangana State at a Glance’.
According to ‘Telangana Economy’, between 2012-13 and 2022-23, the average annual growth rate of Telangana was 6.7% while that of India was 5.7%. From 2014-15 to 2022-23, the average annual growth rate of Telangana was 7.3% while that of India was 5.7%.
Telangana’s Gross State Domestic Product (GSDP) at current prices in 2022-23 is Rs 13,13,391 crore, with a growth of 16.3%, markedly higher than India’s growth of 16.1 %.Meanwhile, Telangana continues to lead other states in the country with the highest per capita income of Rs 3,12,398. Among the big states, the TS is No. 1. If one considers all the states in the country, Telangana stands in third place after Sikkim and Delhi.
Income to double in 6 years
Based on the Compound Annual Growth Rate (CAGR) of PCI at current prices for Telangana and India from 2014-15 to 2022-23, the average citizen in Telangana can expect his/her income to double in five to six years. In contrast, the average citizen in the country as a whole would have to wait for about eight years for their income to double, according to the latest book ‘Telangana Economy’.
Variation among districts
Though the economy is growing, there is a vast difference between Hyderabad and other districts. Rangareddy (Rs 2,41,843 crore), Hyderabad (Rs 1,86,158 crore) and Medchal-Malkajgiri (Rs 76,415 crore) are in the top three positions in Gross District Domestic Product (GDDP).
However, Rajanna Sircilla (Rs 10,943 crore), Narayanpet (Rs 10,788 crore), Kumuram Bheem (Rs 9,577 crore) and Mulugu (Rs 6,162 crore) are in the last four places in GDDP 2021-22 (first revised estimates) at current prices.
What is per capita income, and why is it relevant?
