Hyderabad: Telangana state’s economy has achieved an impressive double-digit growth at 10.1 per cent during the financial year 2016-17, surpassing the national average growth of 7.1 per cent. The share of the state's GSDP (Gross State Domestic Product) in national GDP has risen by seven basis points to 4.28 per cent.
Industries minister K.T. Rama Rao, who released the GSDP figures here on Monday, said, “These figures show how the new state of Telangana has been making rapid strides on all fronts since its formation three years ago. The dynamic leadership of Chief Minister K. Chandrasekhar Rao has paved the way for putting Telangana at the top in the country.”
He said Telangana's GSDP grew at 10.1 per cent during 2016-17 to Rs 5.11 lakh crore, as against 9.5 per cent in 2015-16.
Mr Rao said that the share of Telangana’s contribution to the national GDP was 4.28 per cent in 2016-17 against 4.21 per cent in 2015-16.
Telangana’s growth rate picked up after bifurcation result
Telangana state’s economy has achieved an impressive double-digit growth at 10.1 per cent during the financial year 2016-17, surpassing the national average growth of 7.1 per cent.
“Telangana State's new industrial policy (TS-iPASS) that was launched in June 2015 under the guidance of our CM has played a major role in achieving good industrial growth, which in turn boosted GSDP,” said industries minister K.T. Rama Rao.
The minister also launched the logo and website of the Telangana Industrial Health Clinic Ltd (TIHCL), an industries' initiative for revival and growth of sick manufacturing MSMEs (Micro Small and Medium Enterprises). The initiative will be supported by the state government, high net-worth individuals, financial institutions and industry stakeholders.
A comparison of state GSDP growth with that of All-India growth reveals that in 2012-13, Telangana region in Undivided AP grew at 2.70 per cent, which is much lower than the national growth of 5.50 per cent.
However, since 2014-15, after the formation of the new state, TS’ growth rate has picked up and is higher than the national average growth rate.
“This is a clear indication of the positive impact of the proactive measures of the state government to boost economic growth after the formation of the state,” Mr Rao said.