Hyderabad: Telangana state has recorded an impressive half-yearly GSDP growth rate of 10.2 per cent against the national average of 7.2 per cent. The GSDP was calculated for the first half of the ongoing financial year (2016-17 April-September).
Releasing the GSDP report on Saturday, TS finance minister Etela Rajender said growth was witnessed due to buoyancy in agriculture, industry, IT and service sectors. “The important thing about this report is that all the three sectors — primary, secondary and tertiary — have witnessed good growth rate.
Primary sector comprising agriculture and allied sectors recorded 4.9 per cent growth rate on the back of good rains this year, which is a good sign. This sector has been hit for the last two years due to successive droughts,” Mr Rajender said.
The Gross State Value Added in the primary sector has increased to Rs 22,558 crore from Rs 21,500 crore during the same period last year, amounting to a growth of 4.9 per cent.
Doubts over growth rate sustaining
Similarly, Gross State Value Added in secondary sector comprising manufacturing, construction, electricity, gas, water supply and other utility services has increased from Rs 44,998 crore to Rs 48,475 crore, a 7.7 per cent growth.
The tertiary sector comprising IT, services, trade, hotel, transport, financial, real estate, professional services etc., witnessed even higher growth rate of 11.9 per cent, increasing from Rs 1,28,326 crore to Rs 1,43,475 crore.
Interestingly, all the three sectors in TS have surpassed the national average.
The national average growth rate of primary sector stands at 1.9 per cent, secondary sector at 6.3 per cent and tertiary sector at 9.2 per cent.
However, the government is sceptical whether this pace would be maintained in the second half (October 2016- March 2017) due to demonetisation, which was announced on November 8.
Several sectors were hit due to cash crunch since November 8. "All this can be assessed only after March 31. The ongoing month January would play a crucial role in assessing the impact of demonetisation," Mr Rajender said....