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Telangana State GSDP grows 10% to Rupees 5.11 lakh crore
Telangana surpassed the 7.1 per cent growth rate of national GDP as the country’s 29th State recorded 10.1 per cent growth of gross state domestic product (GSDP) for 2016-17 fiscal. The total investments were estimated to be Rs 71,617 crore, including Rs 33,519 crore in FY17, according to KT Rama Rao, Telangana Industries and IT Minister.
Hyderabad: Telangana surpassed the 7.1 per cent growth rate of national GDP as the country’s 29th State recorded 10.1 per cent growth of gross state domestic product (GSDP) for 2016-17 fiscal. The total investments were estimated to be Rs 71,617 crore, including Rs 33,519 crore in FY17, according to KT Rama Rao, Telangana Industries and IT Minister.
“We’re completing two years of TSiPASS today and we received overwhelming response from several countries. The total units approved under the new industrial policy were 3,828 with an investment of Rs 71,617 crore generating 2,28,355 jobs in the state. KCR-led Telangana government brought in 113 online services,
made 26 legislations and combined effort of 22 departments to facilitate ease of doing business, for which the state has been ranked number one in the country. A bit over 50 per cent of the proposals have been grounded successfully and started commercial operations in the State. This is highest in the country,” said KTR after releasing annual report on performance of the industry here on Monday.
Telangana’s contribution to national GDP rose by seven basis points to 4.28 per cent during FY17 from 4.21 per cent in 2015-16. GSDP for FY17 was 6.54 lakh crore from Rs5.76 lakh cr in FY16 indicating growth rate of 13.7 per cent, according to advance estimates of Directorate of Economics and Statistics.
“During the fiscal, GSDP at constant prices rose 10.10 percent to Rs 5.11 lakh crore from Rs 4.64lakh crore. Encouraging growth rate of 17 per cent in the agriculture sector and 9.80 percent growth rate of manufacturing, construction propelled the GSDP growth in addition to strong base of services segment, which is growing over 14 per cent,” adds KTR.
“Indicating the successful policy measures of the State government, per capita income rose to Rs 1,58,360, which is 52 percent higher than national average of Rs 1,03,818. Revenue surplus projected at Rs 4,571 crore for the current financial year of 2017-18,” says KTR.
Energy Minister Jagadeeshwar Reddy has asked industrialists and entrepreneurs to set up units in districts and remote areas to spread industrialisation across the state. Several representatives from the industry and officials were present on the occasion.
By Business Bureau
