Hyderabad: The Congress-led State government in Telangana on Thursday presented Rs.2.91 lakh crore budget for the financial year 2023-24 with more special focus on infrastructure and welfare in the State.
Presenting the budget, Deputy Chief Minister Mallu Bhatti Vikramarka, who also holds the finance portfolio, proposed the revenue expenditure at Rs.2,20,945 crore and the capital expenditure is Rs.33,487 crore.
According to Bhatti, the global economy has recorded a growth rate of 3.2 per cent during the year 2023-24 while Indian economy has recorded a growth rate of 7.6 per cent and Telangana recorded a growth rate of 7.4 per cent during the same period. It is evident that Telangana’s growth rate is less than the national growth rate.
At current prices Telangana’s Gross State Domestic Product (GSDP) in 2023-24 is Rs.14,63,963 crore. This is 11.9 per cent higher than the previous year. At the national level this growth rate is at 9.1 per cent. The per capita income of Telangana in 2023-24 is Rs.3,47,229 whereas, the per capita income of the country is Rs.1,83,236.
Compared to the national per capita income Telangana’s per capita income is higher by Rs.1,64,063. At the same time there is a gross inequality among various Districts. For example, the per capita income of Ranga Reddy District is Rs.9,46,862 whereas that of Vikarabad is Rs.1,80,241.
This indicates that the economic development among districts is grossly inequal. The State government will take measures to bridge the gap among districts.
In 2023-24, Services sector contributed 65.7 per cent, industrial sector 18.5 per cent, agriculture and allied Sector has contributed 15.8 per cent to Telangana’s Gross State Value Added (GSVA). At current prices Gross State Value Added (GSVA) of Agriculture and Allied Sectors has increased at 4 per cent in 2023-24 as compared with 2022-23. Since the Sector employs 47.3 per cent of the State’s population, its economic success is critical to improving the living standards in Telangana.
Over 33 per cent of the State’s population is dependent on the Services Sector and 19.7 per cent on the Industrial Sector. The Labour Force participation rate of Telangana is higher compared to the national average.
