In 2020-21, Telangana was the sixth highest contributor to the country's GDP at current prices. This Video shows the top 25 richest cities by GDP from 1960 to 3000Subscribe for twice a week Uploads! The state ended up observing a fiscal deficit of 5.06% of GSDP as against the budget estimate of 3% of GSDP. As per the revised estimates, in 2021-22, the fiscal deficit of the state is expected to be 3.88% of GSDP, which is less than the budget estimate of 3.94% of GSDP. Sectors: In 2021-22, at current prices, agriculture, manufacturing, and services sectors are estimated to contribute 21%, 17%, and 61% of the economy . : Key Components of State's Own Tax Revenue (in Rs crore). Farmers in Telangana mainly depend on rain-fed water sources for irrigation. The resilience of the Telangana economy was aided by agriculture and allied sectors, which grew by 20.9 per cent, dwarfing the three per cent growth in the same segments at the national level, the minister said. 6,12,828 crore of 2018-19. In 2022-23, the fiscal deficit is estimated to be Rs 52,167 crore (4% of GSDP). A comparison of Telanganas expenditure on the key sectors with that by other states is shown in Annexure 1. : Sector-wise expenditure under Telangana Budget 2022-23 (in Rs crore), : Break-up of the state governments receipts (in Rs crore). In 2022-23, the state is estimated to spend 6% of its revenue receipts on pension and 10% on interest payments. Important rivers of India, the Godavari, Krishna flow through the state, providing irrigation. In US Dollar, five states/UTs have an economy of greater than $200 billion for year 2019, and 13 have above $100 bn. Note: *Negative sign indicates a deficit, positive sign indicates a surplus. BE is Budget Estimates; RE is Revised Estimates. Agriculture also form a backbone of Telangana's Economy. The average for a sector indicates the average expenditure in that sector by 30 states (including Telangana) as per their budget estimates of 2021-22. Note: BE: Budget Estimates; RE: Revised Estimates; 2020-21, 2021-22 (BE), 2021-22 (RE), and 2022-23 (BE) figures are for Telangana. Telanganas guarantees are within these limits. He said during question hour on Friday that due to the progressive policies of the TRS government, Telangana's growth rate had been higher. Sources: Telangana Budget Documents2022-23; PRS. Rs 2,000 crore has been allocated towards construction of medical colleges and super specialty hospitals. Although industrial and services growth contracted, the contraction was less severe than at the national level, Finance Department officials told Telangana Today. Try to avoid outside hyperlinks inside the comment. Telangana State Tourism Development Corporation (TSTDC) is a state government agency which promotes tourism in Telangana. You may choose to reproduce or redistribute this report for non-commercial purposes in part or in full to any other person with due acknowledgement of PRS Legislative Research (PRS). Fiscal deficit:It is the excess of total expenditure over total receipts. The Finance Minister of Telangana, Mr. T. Harish Rao, presented the Budget for the state for the financial year 2022-23 on March 7, 2022. Telangana's nominal gross state domestic product for the year 2020-21 stands at 12.05 lakh crore (US$170 billion). Estimation for allocation towards salaries in 2022-23 is not available. While the State GSDP grew by 11.6 per cent in 2015-16, it decreased to 7.9 per cent in 2019-20 and contracted to 1.26 per cent in 2020-21 due to the Covid-19 pandemic. of the total expenditure on sectors by the state in 2022-23. Rice is the major food crop and staple food of the state. The share of Telangana's contribution to the national GDP was at 4.28 per cent against 4.21 per cent during 2015-16. The growth rate fell by 1.26 per cent at constant prices (2011-12) due to the Covid pandemic. In his budget speech, the Finance Minister stated that Telangana will not be undertaking reforms in the power sector as required by the central government for additional borrowing. The Industry sector lags behind it with 25.92% contribution and the Agriculture sector is at the third place with 20.19% contribution. The report, 'Handbook of Statistics . Sectoral Composition with respect to contribution to Gross Domestic Product (GDP) and Employment Historically, India has classified and tracked its economy and GDP in three sectors: agriculture, industry and services. 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, said Industries and IT Minister KT Rama Rao. Note: These numbers are as per constant (2011-12) prices which implies that the growth rate is adjusted for inflation. A comparison of Telanganas expenditure on the key sectors with that by other states is shown in Annexure 1. [citation needed]. The Indian economy is expected to grow at 5% in 2019-20. KTR (@KTRTRS) June 13 . Telangana's growth rate has been consistently higher. Industry includes various manufacturing sub-sectors. Industry includes various . According to the MoSPI, Telangana's GSDP share of national GDP at current prices increased significantly from 4.1 per cent in 2014-15 to 4.4 per cent in 2017-18 and is placed at 5 per cent in 2020-21 despite the adverse impact of the pandemic. Telangana contributes 5 per cent to national GDP: KTR Fri 11 Jun 2021, 12:21:00 Releasing the annual reports of the Industries and IT departments, he said the Gross State Domestic Product (GSDP) of Telangana in 2020-21 was Rs 9.78 lakh crore. Agriculture includes crops, horticulture, milk and animal husbandry, aquaculture, fishing, sericulture, aviculture, forestry and related activities. With GDP per capita of $3,000 it ranks fourth among Indian states. The present Hyderabad district came into existence in . Total expenditure in 2020-21 includes eight crore rupees towards inter-state settlement. [6], Telangana is a mineral-rich state, with coal reserves at Singareni Colleries.[7]. Upcoming policies to increase MSME contribution to GDP Union Minister Nitin Gadkari called for the increase of MSME sector contribution to state GDP to 40% February 6, 2021 Sound marketing strategies and technology infusion are key to strengthening the rural MSME economy. The following tables compare the actuals of 2020-21 with budget estimates for that year. Service sector is the largest contributor to the Telangana's economy with a share of about 65% in the year 2018-19. Note: A negative revenue balance indicates a deficit. Note: A negative revenue balance indicates a deficit. PRS Legislative Research is licensed under a Creative Commons Attribution 4.0 International License. In India, the Government accounts for around 21% of the GDP, agriculture accounts for 21%, the corporate sector accounts for 12% and the balance 48% of the GDP is sourced from small proprietorship and partnership companies, unorganized sector and households. Outstanding liabilities: Outstanding liabilities is the accumulation of total borrowings at the end of a financial year, it also includes any liabilities on public account. IT and ITeS exports from Telangana increased at a CAGR of 11.32% from 2013-14 to Rs. It may be mentioned here that Telangana is the 11th largest State in terms of geographical area and 12th in terms of population in the country. ; 18% higher than the corresponding figure in 2020-21 (Rs 2,57,894). Note: BE: Budget Estimates. Automobiles and auto components industry, spices, mines and minerals, textiles and apparels, pharmaceutical, horticulture, poultry farming are the main industries in Telangana. Per Capita Income In the year 2020- 21, Telangana's nominal PCI at. The state has also started to focus on the fields of information technology and biotechnology. In 2020-21, the actual expenditure (excluding debt repayment) by the state was Rs 1,50,003 crore, 15% less than the budget estimate of Rs 1,76,393 crore. Sources: Telangana Budget Documents 2022-23; PRS. KTR criticised the BJP government at the Centre for using the "double-engine" reference when talking about its achievements. Figure 2 : Revenue and Fiscal Balance (% of GSDP). This gap is filled by borrowings by the government and leads to an increase in total liabilities of the state government. Note: BE is Budget Estimates; RE is Revised Estimates. These reforms include Direct Benefit Transfer to farmers, reduction in technical and commercial losses of discoms, and reduction in revenue gap. *Figures for 2023-24 and 2024-25 are projections. The fiscal deficit went up to Rs 45,509 crore from Rs 33,191 crore in the previous financial year. In 2022-23, revenue from both sales tax/VAT and stamp duty and registration fees is expected to increase by 25% over revised estimates of 2021-22. Click the link to subscribe. Telangana's GSDP share of national GDP at current prices increased significantly from 4.1 per cent in 2014-15 to 4.4 per cent in 2017-18 and is placed at 5 per cent in 2020-21 despite the adverse impact of the pandemic. The state's GSDP increased at a CAGR of 12.33% between 2015-16 and 2022-23BE. Note that as of 2019-20, outstanding guarantee given by states was around 3.3% of their GSDP. This comprises spending on salaries (14% of revenue receipts), pension (6%), and interest payments (9%). The per capita net state domestic product of the State was Rs 1,24,104 in 2014-15 and it increased to Rs 2,37,632 in 2020-21.The States performance was far better than the national average. Another 1% of GSDP was available for states implementing four specified reforms. It is within the 4.5% limit permitted by the central government for 2021-22 (of which, 0.5% of GSDP becomes available upon undertaking power sector reforms). 13.04 trillion (US$ 167.82 billion) in 2022-23BE. Table 3 : Committed Expenditure in 2022-23 (in Rs crore). PRS is an independent, not-for-profit group. However, at an aggregate level, the services sector continues to contribute the highest share at 60.3%. This resulted in a compounded annual growth rate (CAGR) of 8.08 per cent, said the report. The Telangana Fiscal Responsibility and Budget Management (FRBM) Act, 2005 provides annual targets to progressively reduce the outstanding liabilities, revenue deficit, and fiscal deficit of the state government. Not only has Telanganas GSDP share in national GDP at current prices jumped to an impressive 5 per cent in 2020-21, it also recorded a 1.5 per cent growth in GSDP when contraction of economies is the most widely discussed topic in these troubled times, besides putting the brakes on unemployment rate. Dalit Bandhu scheme has been allocated Rs 17,700 crore. Other important crops are tobacco, mango, cotton, and sugar cane. The agriculture sector grew by an impressive 20.9 per cent in 2020-21, cushioning the impact of Covid-19. "The people of Telangana should know that since 2014, our state's contribution to Centre in the form of taxes is a whopping Rs 2,72,926 crore whereas what Centre has released to Telangana is Rs 1 . HYDERABAD:Telangana is the fourth largest contributor to the countrys economy. In comparison, national GDP is estimated to grow at 8.9% in 2021-22. Annexure 1: Comparison of states expenditure on key sectors, The graphs below compare Telanganas expenditure on six key sectors as a proportion of its total expenditure on all sectors. HYDERABAD: The latest report of the Reserve Bank of India places Telangana state at the seventh spot among the largest contributors to the national economy. In comparison, the per capita GDP at the national level is estimated to be Rs 1,72,761 (at current prices) in 2021-22. : Growth in GSDP and sectors in Telangana at constant (2011-12) prices. : Allocation towards Key Sectors (in Rs crore), Creative Commons Attribution 4.0 International License. One of the major driving factors of India's GDP growth is the MSME industry, which employs 40% of India's Workforce (110.98 M), contributing 45% of the output and 40% of the exports. : Overview of Receipts and Expenditure (in Rs crore). Telanganas GSDP (at constant prices) is estimated to grow at 11.2% in 2021-22. The states FRBM Act stipulates to limit the amount of annual incremental risk weighted guarantees to 200% of the total revenue receipts in the year preceding the current year. GDP (Nominal) GDP (PPP) State governments guarantee the borrowings of State Public Sector Enterprises (SPSEs) from financial institutions. The second advance estimates released by the MoSPI reveal that the national economic output, measured by GDP, will shrink by 8 per cent at current prices in 2020-21. [9] In 2011, Hyderabad generated revenues of 700,000 million (US$8.8 billion) and contributed a third of the state's tax revenue. Sources:Telangana Budget Documents 2022-23; PRS. Copyrights 2022 TELANGANA PUBLICATIONS PVT. Rice is the major food crop. ( for example, gdp of Kerala = 2,869*4.12/100. 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, said Industries and IT Minister KT Rama Rao. Telangana is one of the fastest-growing states in India posing average annual growth rate of 13.90% over the last five years. Now you can get handpicked stories from Telangana Today onTelegram everyday. *Figures for 2023-24 and 2024-25 are projections. Tamil Nadu (Rs 15,44,935 cr), Karnataka (Rs 13,40,350 cr), West Bengal (Rs 11,04,866 cr) are ahead of Telangana in that order. Powered by Table 5 : Break-up of the state governments receipts (in Rs crore). To calculate GDP in Dollar, Formula = (GDP of India)* (contribution of state)/100. Releasing the annual reports of the Industries and IT departments, he said the Gross State Domestic Product (GSDP) of Telangana in 2020-21 was Rs 9.78 lakh crore. Help us delete comments that do not follow these guidelines. Hyderabad: The share of Telanganas economy in the national GDP has gone up by 26 basis points to touch 5 per cent in 2020-21 against 4.74 per cent in 2019-20. According to the International Monetary Fund, the global economy is estimated to have contracted by 4.4 per cent in 2020 (compared to 2019). Rs 14,800 crore has been allocated to Rythu Bandhu Scheme. Sources: Ministry of Statistics and Programme Implementation; PRS. Agriculture has been the chief source of income for the state's economy. However, Telanganas GSDP grew by 1.35 per cent at current (2020-21 base) prices. Note: RE: Revised Estimates; BE: Budget Estimates. For states, the 15th Finance Commissionrecommended the fiscal deficit limit (as % of GSDP) of: (i) 4% in 2021-22, (ii) 3.5% in 2022-23, and (iii) 3% during 2023-26. These estimates of economy, over a period of time, reveal the extent and direction of the changes in the levels of economic development. The State Domestic Product is classified under three broad sectors such as Primary . Given below is a table of 2015 national output share of select agricultural crops and allied segments in Telangana based on 2011 prices[8]. On average, states spend 55% of their revenue receipts on committed expenditure (as per 2021-22 budget estimates). Click the link to subscribe. In per capita net state domestic product too, Telangana was in the fourth place. [9][10] Prior to secession, it contributed 15% to India's and 98% to Andhra Pradesh's exports in IT and ITES sectors last 2013,[11] with Hyderabad as in the front line of Telangana's aims to promote information technology in India, the city boasts the HITEC City as its premier hub. All the comments will be moderated by the newindianexpress.com editorial. Primary Sector: According to the Handbook of Statistics on the Indian Economy 2020-21 released by the Reserve Bank of India (RBI) on Wednesday, the Net State Value Added (NSVA) by the State at current prices to the country increased from Rs 4,16,930 crore in 2014-15 to Rs 8,10,503 crore in 2020-21. Outstanding Government Guarantees: Outstanding liabilities of states do not include a few other liabilities that are contingent in nature, which states may have to honour in certain cases. Interestingly, Telangana's GSDP at current prices increased by 93.8 per cent between 2014-15. A positive figure means a surplus, a negative figure means a deficit. The growth is estimated at 8.2 percent during 2019-20 as compared to the growth rate of 9.5 percent in 2018-19. a. PTI HYDERABAD: Telangana's GSDP grew at 10.1 per cent (at constant prices) during the last financial year to Rs 5.11 lakh crore as against 9.5 per cent in FY16, state Industries and Commerce Minister K T Rama Rao said today. To calculate GDP per capita in Dollar, Formula = (GDP per capita of India in Dollar)* (GSDP per capita of state in Rs)/GDP of India in Rs). PRS is an independent, not-for-profit group. 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