Telangana’s GSDP growth in FY21 better than India’s projected GDP: Minister

Hyderabad: Though the Telangana's GSDP growth rate in the fiscal 2020-21 fell due to Covid-19 pandemic by 1.26 percent at constant prices (2011-12) but significantly better than India's projected GDP contraction at 8 percent, Telangana Minister for IT and Industries K T Rama Rao said here on Thursday.

Speaking after releasing the annual report (2020-21) of the Information Technology, Electronics, and Communications [IT, E&C] Department for the seventh consecutive year here, Mr Rao said the Gross State Domestic Product (GSDP) growth during the financial year 2020-21 was Rs. 9.78 lakh crore.

There is no better leadership than Chief Minister K Chandrashekar Rao provides for the state, he said the Economy in India is going through a crisis ' but Telangana, despite that, has provided the leadership and is showing the way. We have recorded a phenomenal growth of 13 per cent in IT growth despite the pandemic, he added.

He said the resilience of Telangana economy was aided by agriculture and allied sectors, which grew by 20.9 per cent, dwarfing the 3 percent growth at National level and added the share of Telangana's economy in National GDP has gone up by 26 basis point to 5.0 percent in 2020-21 as against 4.74 percent in 2019-20.

In 2020-21, the state recorded a per-capita income of Rs.2,27,145 compared to the National average of Rs.1,27,768, the Minister said.

The Primary sector has contributed 20.6 percent, Secondary 19.1 percent while the Tertiary sector has contributed 60.3 percent to the GSVA (Gross State Value Added) for FY 2020-21, he informed.

Highlighting the key achievements in IT sector departments in the financial year 2020-21, Mr Rao said Telangana once again boasted a phenomenal growth in the IT/ITeS Sector with an increase of 12.98 percent in the IT/ITeS Exports over the previous year recording a total of Rs 1,45,522 Crore, despite Covid pandemic.

Telangana has seen more than double the estimated average National growth rate and during the same period, the IT sector has created 46,489 new jobs, taking the total IT/ ITES employment to 6,28,615, an increase of 7.99 percent compared to previous year, the Minister said.

In FY 2020-21, Telangana State Industrial Infrastructure Corporation (TSIIC) has developed 10 new Industrial Parks and allotted 810 acres of land to 453 industries with an expected investment of Rs. 6,023 Crore and potential employment of 7,623, Mr Rao said. (UNI)