HYDERABAD: chief minister said on Friday that the state is financially sound and has been registering steady growth in the (SOTR).
Rao said Telangana stands number one in the country. He said the main reasons for the revenue growth were due to prudent fiscal management and crackdown on the corruption in various government departments.
During his budget speech in the assembly, Rao said the average SOTR growth rate in the first four years after the formation of the state is 17.71%. For the fiscal 2019-20, the state revenue is estimated Rs 22,000 crore – more than that of 2018-19 fiscal. Rao said for the coming financial year, the revenue is estimated at Rs 94,776 crore compared to Rs 72,777 in the current financial year.
The CM said the growth rate of Gross State Domestic Product (GSDP), at constant prices, was 4.2% two years (2012- 14) prior to the formation of Telangana state against the national average 5.9%. And it had touched to 10.4% by 2017-18 which is double to the earlier growth rate. The CM claimed the figures were published by the Central Statistical Organisation.
“The growth rate reached 10.6% in 2018-19. This is an indisputable proof that our government has done a lot more in a very short period in putting the economy on a higher growth trajectory,” KCR said.
He said the GSDP at current prices is also on growth path and higher than the national average. When it comes to primary sector (extraction of raw materials), the 10.9% growth rate in the current financial year is attributed mainly to improvement of power supply, rejuvenation of irrigation sector, distribution of sheep and supply of fish seed and investment support to farmers under Rythu Bandhu scheme. When it comes to secondary sector (manufacturing), Rao said, the growth rate is 14.9% at current prices.
“This growth rate is because of assured power supply, liberalised industrial policy of TS-iPASS. The tertiary sector (services) is expected to register 15.5% growth,” Chandrasekhar Rao said.
On the state’s per capita income, the CM said, is estimated Rs 2,06,107 for 2018-19 against Rs 1,81,102 in 2017-18 with a growth of 13.8%. It is higher than the national growth of 8.6%, Rao said.