TG’s GDP Hits Rs 15 Lakh Crore Mark, Outperforms All South Indian States
With a robust growth rate of 12.9% annually, Telangana outperforms southern states, boosting per capita income and industrial contribution.
Hyderabad: The size of the Telangana economy has almost tripled from Rs 5,05,849 crore in 2014-15 to Rs 15,01,981 crore in 2023-24, registering a growth of 196.9 per cent. This makes Telangana the second-ranking state among non-special category (NSC) states in terms of overall increase in Gross State Domestic Product (GSDP) during this period.
Comparatively, India's GDP grew by only 136.89 per cent, according to the Telangana State Statistical Abstract (ATLAS) prepared by the planning department and released by Deputy Chief Minister Mallu Bhatti Vikramarka at the Secretariat on Monday.
With an annual average growth rate of 12.9 per cent from 2014-15 to 2023-24, Telangana has outperformed all south Indian states with similar socio-economic and geographical conditions. The state's share in India's GDP has increased from 4.1 per cent in 2014-15 to 5.1 per cent in 2023-24, even though its population share has remained constant at 2.8 per cent.
Telangana improved its national standing in terms of GSDP, climbing from the 8th position in 2022-23 to 7th place in 2023-24. The state also advanced from the 5th rank in 2022-23 to the 3rd position in per capita income.
Telangana's GSDP rose from Rs 13,11,823 crore ($159.63 billion) in 2022-23 to Rs 15,01,981 crore ($180 billion) in 2023-24, while per capita income increased from Rs 3,12,522 ($3,803) in 2022-23 to Rs 3,56,564 ($4,276) in 2023-24.
Despite being a Rs 15.01 lakh crore economy in 2023-24, majorly driven by the services sector, the majority of the 1.5-crore employed individuals in Telangana work in the agriculture sector.
Telangana's per capita income for 2023-24 is estimated at Rs 3,56,564, up from Rs 3,12,522 in 2022-23. However, the growth rate slowed from 16.2 per cent in 2022-23 to 14.1 per cent in 2023-24. In comparison, India’s per capita income rose from Rs 1,69,496 to Rs 1,84,205, but its growth rate saw a sharper decline from 12.3 per cent in 2022-23 to 8.7 per cent in 2023-24.
Since 2014-15, Telangana’s PCI has increased from Rs 1,24,104 to Rs 3,56,564, marking a 187.3 per cent rise. During the same period, India’s PCI grew by only 112.59 per cent. Based on average growth trends, Telangana’s PCI is expected to double in approximately six years, whereas India's PCI would take about eight years to achieve the same growth.
In the industrial sector, Telangana played a crucial role in India's economy in 2022-23, accounting for 3.37 per cent of the nation’s total industrial Gross Value Added (GVA). The state ranked 8th in the country in terms of the number of factories, contributing 5.16 per cent of India’s total factories. It also ranked 9th in industrial GVA contribution and 7th in formal manufacturing employment.
During 2023-24, the Cheyutha pensions benefited over 44.10 lakh individuals. Telangana has a total of 89.97 lakh Below Poverty Line (BPL) ration cardholders.
Under the Mahalakshmi Scheme, the state government spent Rs 1,163 crore on free bus travel for women as of March 31, 2024. Additionally, over 39.57 lakh beneficiaries have received LPG cylinders at a subsidised price of Rs 500 under the scheme.
The government has also spent Rs 808.33 crore on the Gruha Jyothi scheme as of August 31, 2024, providing free electricity to households consuming up to 200 units per month.
