Telangana has fared better than the national average in terms of growth rate despite the pandemic and the economic slowdown, according to the state’s annual reports for the previous financial year that were released on June 10.
On the occasion of releasing the annual reports for the last financial year for the IT and Industries department, Minister for Municipal Administration and Urban Development, IT and industries, Handlooms and Textiles, KT Rama Rao said that Telangana’s Gross State Domestic Product (GSDP) has fallen by only 1.26% as compared to the fall in the national average by 8%.
The reports released on Thursday, mention the department’s performance over the year, and highlights the various achievements and initiatives.
Addressing the gathering, Minister KTR declared that despite the pandemic, Telangana’s share in the national GDP has seen an increase. He said, “Despite the Covid pandemic, Telangana’s growth rate has outperformed the National growth rate and our share in the national GDP has further increased from 4.74% in FY 2019-20 to 5.0% this year.”
“Telangana continues to attract major investments from companies such as MassMutual, Laxai Life Sciences, Agasthya Foods, Trouw Nutrition, Ester Filmtech, and others despite the pandemic induced slowdown,” added KTR.
Stating that the jobs in the IT sector have nearly doubled in the last seven years, Minister KTR said, “Despite the pandemic and the testing times, Telangana’s employment in the IT sector and its allied sectors has doubled as compared to 2014. Each direct job in the IT sector leads to 2.5 jobs in other sectors.”
>The GSDP (Gross State Domestic Product) during 2020-21 was Rs 9.78 lakh crore. The growth rate fell due to COVID-19 pandemic by 1.26% but is still significantly better than India’s projected GDP contraction at 8%.
>The share of Telangana’s economy in the national GDP has gone up to 5.0% in 2020-21 against 4.74% in 2019-20.
>In 2020-21, the state recorded a per-capita income of Rs 2,27,145. The national average stands at Rs1,27,768.
>TS-iPASS attracted cumulative investments of Rs 2,14,951 crore, creating 15.6 lakh jobs.
>TSIIC developed 10 new Industrial Parks and allotted 810 acres of land to 453 industries with an expected investment of Rs 6,023 crore and potential employment of 7,623 jobs.
According to the report, the Information Technology Enabled Services (ITeS) sector has shown phenomenal growth with an increase of 12.98% in its exports. The report also states that in terms of innovation and entrepreneurship, the state has taken a huge step forward by supporting and sanctioning over Rs 90 lakh worth of incentives to 28 startups. According to the reports released by the NITI Aayog, Telangana ranks 4th in the India Innovation Index under the major states category.
Major investments in the IT sector have attracted global brands like Google, Apple, Amazon, Uber, Goldman Sachs, etc, to the city over the last seven years. According to the report, as per the current trends, Hyderabad is emerging as one of the most preferred IT destinations in India