Telangana has recorded a 15.6% increase in the Gross State Domestic Product (GSDP) for the year 2022-23, compared to the previous year, a report on the Socio-Economic Outlook of Telangana which was tabled in the state assembly on Monday stated.
According to the report, the Gross State Domestic Product (GSDP) of Telangana for the year 2022-23, as per the Provisional Advance Estimates (PAE) at current prices, is ₹ 13.27 lakh crore, compared to ₹11.48 lakh crore – a growth of 15.6% from the previous year (2021-22).
Services sector accounted for 62.8% of the Gross State Value Added (GSVA) (a measure of major source of income) at current prices, followed by the industries sector (19.9%) and agriculture and allied sectors (18.2%).
The GSVA by the services sector is the highest contributor to the state’s economy at ₹7,50,408 crore in 2022-23, which was ₹2,86,011 crore in 2014-15, in the first year of Telangana state formation.
In the services sector, the major source of income was from the Information Technology sector. The report pointed out that during 2014-15, the IT exports from Telangana were worth ₹66,276 crore which almost tripled to ₹1,83,569 crore by 2021-22 – a Compound Annual Growth Rate (CAGR) of 15.67%.
During this period, the total employment in the IT sector increased from nearly 3.7 lakh to 7.8 lakh registering a Compound Annual Growth Rate of 11.13% over 7 years, the report said.
The report said in 2022-23, the per capita income at current prices in Telangana was ₹3.17 lakh, which is higher than the national per capita income of ₹1.71 lakh per annum. “Based on the CAGR of the per capita income at current prices, the average citizen in Telangana can expect their income to double in roughly 5 to 6 years,” the report said.
The report said in the last four years, Telangana’s own tax revenues, as a proportion of GSDP rose by 7.21%. The average monthly receipts rose in 2022–2023 (April to December) to ₹8,804 crore when compared to that during the same period of the previous year which was ₹ 7,226 crore, it said.
The state could not receive the anticipated tax revenue in 2020-21 because of Covid-19 pandemic, but due to prudent fiscal management by the state government, the state received nearly equal tax revenues in 2020-21 ( ₹66,650 crore) as it did in 2019-20 ( ₹67,597 crore), the report claimed.
It further stated that Telangana’s capital outlay recorded a robust growth of 63% in 2021-22 as per revised estimates ( ₹25,954 crore) as compared to that of 2020-21 ( ₹15,922 crore), providing the necessary support to the recovering economy post Covid-19.
