In 2023-24, Telangana's economy exhibited varied performance across sub-sectors. (DC File Image)
HYDERABAD: Contrary to the BRS government's claims of decent economic growth during its tenure, the Congress government presented figures in the Assembly on Saturday, indicating a decline in the growth rate. Telangana's Gross State Domestic Product (GSDP) during the BRS regime increased from ₹13,02,371 crore in 2022-23 to ₹14,49,708 crore in 2023-24, but the economic growth rate witnessed a decline from 14.7% to 11.3% during the same period.
The per capita income, based on current prices, was expected to be ₹3,43,297 in 2023-24, compared to ₹3,09,912 in 2022-23, but the growth rate also decreased. Deputy CM Mallu Bhatti Vikramarka, in his Budget speech, stated, "The growth rate at the national level, however, showed a sharper decline, falling from 16.1% to 8.9%. Consequently, Telangana's growth rate was higher by 2.4 percentage points compared to India's GDP growth rate."
In constant prices, the state's economic growth rate declined by 1 percentage point to 6.5% in 2023-24 from 7.5% in the previous year, against a marginal 0.1% growth at the national level, indicating a sharp decline in Telangana's growth. "The differing growth rates at current and constant prices between Telangana state and India suggest a higher rate of inflation in Telangana compared to the national average. This is further evidenced by the higher consumer price index in Telangana, which stood at 6.65% in December 2023, placing the state fifth in the country in terms of the inflation rate, compared to India's 5.69%.”
In 2023-24, Telangana's economy exhibited varied performance across sub-sectors. The primary sector, particularly agriculture, experienced a notable decline. The Gross Value Added in the crops sub-sector decreased from ₹49,059 crore in 2022-23 to ₹45,723 crore in 2023-24, translating into a negative growth rate of 6.8%, primarily due to adverse seasonal conditions.
The secondary and tertiary sectors also saw a decline in growth rates, with notable decreases observed in sectors like electricity, gas, water supply, trade and repair services, hotels and restaurants, railways, and air transport. However, the manufacturing sector presented a contrasting trend, growing at 5.9% compared to just 1.3% in the previous year. Other sectors such as real estate, construction, mining, and quarrying also experienced higher growth rates in 2023-24 compared to the preceding year.
In constant prices, the state's economic growth rate declined by 1 percentage point to 6.5% in 2023-24 from 7.5% in the previous year, against a marginal 0.1% growth at the national level, indicating a sharp decline in Telangana's growth. "The differing growth rates at current and constant prices between Telangana state and India suggest a higher rate of inflation in Telangana compared to the national average. This is further evidenced by the higher consumer price index in Telangana, which stood at 6.65% in December 2023, placing the state fifth in the country in terms of the inflation rate, compared to India's 5.69%.”
In 2023-24, Telangana's economy exhibited varied performance across sub-sectors. The primary sector, particularly agriculture, experienced a notable decline. The Gross Value Added in the crops sub-sector decreased from ₹49,059 crore in 2022-23 to ₹45,723 crore in 2023-24, translating into a negative growth rate of 6.8%, primarily due to adverse seasonal conditions.
The secondary and tertiary sectors also saw a decline in growth rates, with notable decreases observed in sectors like electricity, gas, water supply, trade and repair services, hotels and restaurants, railways, and air transport. However, the manufacturing sector presented a contrasting trend, growing at 5.9% compared to just 1.3% in the previous year. Other sectors such as real estate, construction, mining, and quarrying also experienced higher growth rates in 2023-24 compared to the preceding year.
( Source : Deccan Chronicle )
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