The state's per capita income (PCI) at current prices is Rs 3.47 lakh, substantially greater than the national PCI of Rs 1.83 lakh, according to the telangana Economic survey Report for 2023–2024. telangana has 33 districts, but all of them recorded a PCI that was greater than the Rs 1,69,496 national average in 2022–2023. Regional differences were evident as Vikarabad, a neighboring district, had a PCI of Rs 1,80,241, while Rangareddy district topped with a PCI of Rs 9,46,862, more than five times the national average.
 
The areas around Hyderabad, which are known as economic centers, had the highest per capita earnings. Conversely, areas with lower PCIs, which indicate less industrialization and growth, were found in districts like Jagtial, Kumuram Bheem, and Vikarabad. These variations highlight Telangana's diverse economic environment, which is shaped by industrialization, agricultural output, and infrastructural growth.
 
At current rates, Telangana's Gross State Domestic Product (GSDP) increased by 11.9% in 2023–2024 to Rs 14.64 lakh crore. Gross Value Added (GVA) increased by 4% in the agricultural and related sectors, which is significant because 47.3% of the state's workforce works in these industries. The services sector, which drives economic development, had a phenomenal 14.6% increase in GVA, while the industrial sector expanded by 10.1%.
 
From Rs 1,24,104 in 2014–15 to Rs 3,47,299 in 2023–24, Telangana's PCI increased. Nonetheless, the state's overall debt increased by more than 824.5% over that time, rising from Rs 72,658 crore to Rs 6,71,757 crore. As a result, the average debt of each person increased from Rs 20,251 to Rs 1,76,360.
 
A significant reliance on borrowing is shown by the fast increase in debt relative to income growth, which may jeopardise fiscal stability. In order to ensure long-term economic stability, the Economic survey highlights the necessity of stringent fiscal reforms that strike a balance between income collection and spending and lessen reliance on borrowing.
 
For more interesting updates wa click and follow Indiaherald WhatsApp channel

Find out more:

SIBY JEYYA

27/07/2024 09:15 AM