Telangana's Gross State Domestic Product (GSDP) grew at 10.1% during 2016-17, compared to the national average of 7.1% year-on-year growth, state Minister for Industries and Commerce K.T. Rama Rao said on Monday.
Releasing the annual report of the industries and commerce department, he said the state achieved impressive growth of three percent above the national average.
The GSDP grew (at constant prices) to Rs 5.11 lakh crore. The growth rate was 9.5 % in 2015-16.
Rao said the share of Telangana's economy in national GDP has increased by 7 basis points to reach 4.28% in 2016-17.
He said Telangana's per capita income in 2016-17 was Rs 1,58,360 against the national average of Rs 1,03,818.
The state made significant progress in all sectors, thanks to various initiatives taken by the government in a short span of three years, said the Minister, who is the son of Chief Minister K. Chandrasekhar Rao.
He said TS-iPass (Telangana state industrial policy) launched in June, 2015, generated Rs 73,000 crore in investments and created 8 to 10 lakh direct and indirect jobs. He claimed more than 50 % of the industrial units have commenced production.
The Minister also launched the logo and website for Telangana Industrial Health Clinic Ltd (TIHCL), an industries' initiative for revival and growth of sick manufacturing MSMEs.
The initiative will be supported by the state government, high net-worth individuals, financial institutions and industry stakeholders.
â€” Min IT, Telangana (@MinIT_Telangana) June 12, 2017
Telangana Industries Minister KT Rama Rao released Industries Department Annual Report 2016-17 in Hyderabad, earlier today. pic.twitter.com/EIwgNSUBuBâ€” ANI (@ANI_news) June 12, 2017