KT Rama Rao released Telangana’s annual reports for IT and Industries department for the last fiscal year on June 10.
Telangana is faring better than the national average in terms of growth rate despite the pandemic and economic downturn, according to the state’s annual reports for the previous fiscal year that were released on June 10.
On the occasion of the publication of the annual reports for the last fiscal year for the IT and industries department, the Minister of municipal administration and urban development, IT and industries, handlooms and textiles, KT Rama Rao said Telangana’s state gross domestic product (GSDP) fell just 1.26 percent from the national average decline of 8 percent.
Reports released on Thursday show the ministry’s performance over the year and highlight the various achievements and initiatives.
Addressing the assembly, Minister KTR said that despite the pandemic, Telangana’s share in national GDP has increased. He said: “Despite the Covid pandemic, Telangana’s growth rate has exceeded the national growth rate and our share in national GDP has further increased by 4.74% in fiscal year 2019-2020 to 5 , 0% this year. “
“Telangana continues to attract major investments from companies such as MassMutual, Laxai Life Sciences, Agasthya Foods, Trouw Nutrition, Ester Filmtech and others despite the pandemic-induced slowdown,” KTR added.
Stating that jobs in the IT sector have almost doubled in the past seven years, Minister KTR said, “Despite the pandemic and the test periods, Telangana’s employment in the IT sector and its related sectors has doubled by compared to 2014. Each direct job in the IT sector leads to 2.5 jobs in other sectors.
Here are some of the highlights of the report:
> The GSDP (State Gross Domestic Product) in 2020-21 was Rs 9.78 lakh crore. The growth rate fell 1.26% due to the COVID-19 pandemic, but remains significantly higher than India’s projected GDP contraction to 8%.
> The share of the Telangana economy in the national GDP increased to 5.0% in 2020-21 against 4.74% in 2019-20.
> In 2020-21, the state recorded a per capita income of Rs 2,27,145. The national average stands at Rs1,27,768.
> TS-iPASS attracted cumulative investment of Rs 2 14,951 crore, creating 15.6 lakh jobs.
> TSIIC has developed 10 new industrial parks and allocated 810 acres of land to 453 industries with a planned investment of Rs 6,023 crore and a potential employment of 7,623 jobs.
According to the report, the IT services sector (ITeS) has experienced phenomenal growth with a 12.98% increase in its exports. The report also indicates that in terms of innovation and entrepreneurship, the state has taken a big step forward by supporting and sanctioning more than Rs 90 lakh of incentives to 28 startups. According to reports released by NITI Aayog, Telangana ranks 4th in India’s innovation index in the category of major states.
Major investments in the IT sector have attracted global brands such as Google, Apple, Amazon, Uber, Goldman Sachs, etc. to the city. over the past seven years. According to the report, according to current trends, Hyderabad is emerging as one of the most preferred IT destinations in India