Telangana GSDP Hits Rs 13.14 Lakh Cr, Per Capita Income Rs 3.12 Lakh in FY23

Hyderabad, Dec 14 (PTI) According to Provisional Estimates, Telangana's Gross State Domestic Product (GSDP) at current prices during the last fiscal was pegged at Rs 13.14 lakh crore with a growth rate of 16.3 per cent higher than India's 16.1 per cent.

According to a report released by the state government on Wednesday, Per Capita Income of Telangana at current prices was at Rs 3.12 lakh as against the national average of Rs 1.72 lakh. The state ranked third in 2022-23 according to the Ministry of Statistics and Programme Implementation.


At constant prices, the GSDP of Telangana was Rs 7.26 lakh crore and the GDP of the country was Rs 160.06 lakh crore in 2022-23.


"Based on the Compound Annual Growth Rate (CAGR) of PCI at current prices for Telangana and India from 2014-15 to 2022-23, the average citizen in Telangana can expect his/ her income to double in 5 to 6 years, whereas the average citizen in the country as a whole would have to wait for about 8 years for their income to double," the report "Telangana Economy" said.


The Services sector – the primary contributor to the state's economic growth – witnessed a remarkable growth of 20.6 per cent in its GVA (Gross Value Added) at current prices in 2022-23 which is higher than overall India's growth at 17.3 per cent.


The Agriculture and Allied sectors in Telangana achieved a year-on-year growth in Gross Value Added (GVA) (current prices) of 15.8 per cent between FY22 and FY23 while the Industrial sector achieved a growth of 10.0 per cent during the last fiscal.


The Services sector – the primary contributor to the state's economic growth – witnessed a remarkable growth of 20.6 per cent in its GVA at current prices in 2022-23, higher than overall India's growth at 17.3 per cent.