Introduction
Telangana’s GSDP Growth: Telangana has once again demonstrated its economic prowess by recording the third-highest Gross State Domestic Product (GSDP) growth in India for the fiscal year 2023-24. Despite economic fluctuations and political debates, the state’s financial trajectory remains robust. Telangana’s GSDP at current prices stood at Rs 14.64 lakh crore, marking an 11.9% increase. This impressive growth places Telangana behind only Tamil Nadu and Uttar Pradesh, with growth rates of 14.2% and 12.8%, respectively.
Telangana’s GSDP Growth Performance in 2023-24
Telangana’s GSDP Growth: According to the Socio-Economic Outlook 2024, Telangana has shown remarkable resilience, outperforming most other states in economic growth. The state’s share in India’s GDP increased from 4.8% in 2021-22 to 5% in 2023-24. Telangana’s GSDP reflects the state’s ability to navigate economic challenges effectively.
Telangana’s GSDP Growth Key Figures:
- Telangana’s GSDP: Rs 14.64 lakh crore
- Growth Rate: 11.9%
- India’s GSDP Contribution: Increased from 4.8% (2021-22) to 5% (2023-24)
Per Capita Income: A Significant Milestone
Telangana’s GSDP Growth: Telangana’s Per Capita Income (PCI) at current prices has also witnessed significant growth. The state’s PCI is recorded at Rs 3.47 lakh, which is Rs 1.64 lakh higher than the national per capita income of Rs 1.83 lakh in 2023-24. This upward trend in PCI showcases Telangana’s economic development and improved standard of living for its citizens.
Growth in PCI Over the Years:
- 2014-15: Rs 1,24,104
- 2023-24: Rs 3,47,299
However, alongside economic growth, the state’s per capita debt has risen from Rs 20,251 in 2014-15 to Rs 1,76,360 in 2023-24.
Sector-Wise Contribution to Telangana’s GSDP
Telangana’s economy is predominantly driven by three major sectors: Services, Industrial, and Agriculture & Allied. These sectors collectively contribute to the state’s impressive GSDP growth.
Service Sector: The Driving Force
The Service sector continues to be the backbone of Telangana’s economy, contributing 65.7% of the Gross State Value Added (GSVA) at current prices. This is significantly higher than the national average of 54.9%, showcasing Telangana’s strong position in the sector.
- Growth in Service Sector GVA:6% (2023-24)
- Major Contributors: IT, BFSI, Real Estate, Tourism
Industrial Sector: The Secondary Powerhouse
The Industrial sector, including mining and quarrying, has seen substantial growth, contributing 18.5% to the state’s GSVA. Telangana has been focusing on boosting industrial growth through various incentives and policies.
- Growth in Industrial Sector GVA:1% (2023-24)
- Key Industries: Manufacturing, Pharmaceuticals, Textiles
Agriculture & Allied Sector: A Vital Contributor
Despite the predominance of the service and industrial sectors, Agriculture & Allied remains critical, contributing 15.8% to the GSVA. The sector employs nearly 47.3% of the state’s population, making its economic performance crucial to livelihood improvements.
- Growth in Agriculture & Allied GVA: 4% (2023-24)
- Major Contributors: Paddy, Horticulture, Livestock
Telangana’s Strategic Economic Policies
Telangana’s robust economic policies have played a pivotal role in driving GSDP growth. The state government has introduced multiple initiatives focusing on infrastructure, industrial incentives, and digital economy enhancements.
Telangana’s GSDP Growth Key Initiatives:
- TS-iPASS: Fast-track approvals for industries
- Rythu Bandhu: Financial assistance for farmers
- T-Hub & WE-Hub: Boosting innovation and entrepreneurship
Comparison with Other Leading States
While Telangana ranks third in GSDP growth, it closely competes with other major states:
| State | GSDP Growth (%) |
| Tamil Nadu | 14.2% |
| Uttar Pradesh | 12.8% |
| Telangana | 11.9% |
Telangana’s growth trajectory remains steady, with its economic indicators showing promising trends.
The Future of Telangana’s Economy
The consistent rise in GSDP, PCI, and sectoral contributions indicate that Telangana is well on its way to becoming one of the top-performing states in India. However, managing the growing per capita debt while sustaining economic growth will be crucial.
Telangana’s GSDP Growth Future Growth Drivers:
- Expansion in IT and digital services
- Strengthening industrial corridors
- Enhancing agricultural productivity
Telangana’s GSDP Growth: Telangana’s economic resilience and strategic planning are demonstrated by the state’s GSDP growth in 2023–2024. The state keeps clearing the path for a more promising economic future with strong sectoral contributions and progressive policies. Telangana is well-positioned for long-term growth and success by utilizing its advantages and resolving its financial difficulties.
