The state's revenues from April to August 2018 during financial year 2018-19 was Rs 26,394.18 crore, the Telangana government said.

Telangana records 22 pc growth rate in first 5 months says state govt
news News Thursday, September 06, 2018 - 06:59

Telangana has achieved 21.96% growth rate in the first five months of current financial year, the state government claimed on Wednesday.

The state's revenues from April to August 2018 during financial year 2018-19 was Rs 26,394.18 crore as against Rs 21,642.02 crore during the same period in 2017-18, it said.

According to a statement from the Chief Minister's office, Telangana, which has been registering record revenue growth during the previous four years, is moving in the same direction during 2018-19 financial year also.

After formation of Telangana, during the first four financial years, the state recorded a revenue growth of 17.17% on an average every year. It claims to be the only state to achieve such a high growth rate consistently.

Meanwhile, The Economic Times' has decided to confer Economic Times Business Reformer of the year award on Telangana Chief Minister K. Chandrasekhar Rao. According to another statement from the CMO, Rao has agreed to receive the award at the awards programme scheduled for October 27, 2018 in Mumbai.

KCR, as Rao is popularly known, said that this is an award not only to him but to the entire Telangana State.

The Chief Minister said that the single window TS iPass Industrial Policy has brought more than 7000 industries to the state providing large-scale employment and huge investments.

Last month, during a meeting with Prime Minister Narendra Modi, KCR urged the latter to raise the annual borrowing limit for Telangana by an additional 0.50% of the Gross State Domestic Product (GSDP) as recommended by the 14th Finance Commission.

KCR said the state government has fulfilled the conditions laid down for availing the additional fiscal space of 0.5% of GSDP.

As per the recommendations of the Finance Commission, the states which are in revenue surplus are eligible for raising market borrowings up to 3.5% of GSDP.

“It is brought to your notice that, as per the accounts finalized by Principal Accountant General (A&E), the state of Telangana for the financial year 2017-18 also ended with a revenue surplus of Rs.3,459.37 crore. The State continues to be revenue surplus for the fourth consecutive year,” the Chief Minister said in his representation submitted to the PM.

"There is a significant jump in the expenditure commitments of the state on account of flagship programmes like irrigation and provision of drinking water to every household. All of the works have reached an advance stage and are about to give benefit to a large number of people in the state," he added.


IANS inputs

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