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.
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.
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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