Hyderabad, Feb 10 (Hydnow): Deputy Chief Minister Mallu Bhatti Vikramarka said in the fiscal year 2023-24, the Gross State domestic Product (GSDP) of Telangana showed an increase in current prices from Rs. 13,02,371 crores in 2022-23 to Rs. 14,49,708 crores.
However, the economic growth rate exhibited a downward trend, declining from 14.7 percent to 11.3 per cent during the same period.
The growth rate at the national level, however, showed a sharper decline, falling from 16.1 per cent to 8.9 per cent. Consequently, Telangana state growth rate was higher byt 2.4 percentage points compared to the India GDP growth rate.
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The economic growth rate in Telangana, in constant prices, declined by 1.0 percentage point to 6.5% in 2023-24 from 7.5% in previous year. Whereas the increase in growth was marginal 0.1% at country level. This shows that the Telangana economy experienced a sharp decline in growth.
The differing growth rates at current and constant prices between Telangana and India suggest a higher rate of inflation in Telangana compared to the national average. This is further evidenced by the higher Consumer Price Index in Telangana, which stood at 6.65% in December 2023, placing the state fifth in the country in terms of inflation rate, compared to India’s 5.69%.
Sectoral growth rates
In the fiscal year 2023-24, Telangana’s economy demonstrated varied performances across its sub- sectors, influenced by a range of factors. The primary sector, particularly agriculture, experienced a notable decline. The Gross Value Added in the crops sub-sector decreased from Rs.49,059 crores
in 2022-23 to Rs.45,723 crores in 2023-24.
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PER CAPITA INCOME
The Per Capita Income based on the present day prices is
expected to be Rs.3,43,297 in 2023-24, It was Rs.3,09,912 last
year but the growth rate has decreased (Hydnow)
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