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The growth of Telangana’s State Gross Domestic Product has registered a steep fall in 2020-21 at 2.4 per cent compared to 11.3 per cent in 2019-20.
As per the data available in ‘State At A Glance 2021’ of the Telangana State Planning Commission, the fall in GDP last year was the ‘highest ever’ which was driven by Covid-19 impact, among others. The GSDP stood at ₹9.80-lakh crore in the State at the end of the last financial year.
Since the state formation in 2014, the growth rate in the GSDP was in the range of 11-14.7 per cent. “While the basic parameters of Telangana economy have always been good, the pandemic and its impact on the different sectors should be factored in understanding the macro economic scenario in 2020-21,” a senior official told BusinessLine .
Along with dip in growth rate, there was a corresponding fall in per capita income too. It decreased to ₹2,37,632 in FY21 as against ₹3,33,325 in the previous fiscal.
Demography
The GSDP growth has been driven by the 18.5 per cent growth in the primary sector (agriculture and allied activities) and 13 per cent growth in Information Technology (IT) exports, among others. The IT exports stood at ₹1.45-lakh crore in the last financial year. Hyderabad has now become a major IT hub in the country at par with Bengaluru and blips prominently in attracting new IT investments,” the official said.
About 6.30 lakh professionals are now employed in the IT industry in the State and bulk of them are based out of Hyderabad. An analysis of the demographic data shows that Telangana is still in a position to gain from demographic dividend. Out of a total population of 3.77 crore , 68 lakh were in the age group of 20-29 years, as per the state planning commission data. The population of above 70 years are only about 18 lakh.
The State, however, has to go a long way in improving the literacy rate. The average literacy rate is only at 58.9 percent while in women it is still lower at about 50 per cent.
According to the Economic Survey 20-21 released by the Centre early this year, India has attained a literacy level of almost 96 per cent at the elementary school level. As per National Sample Survey (NSS), the literacy rate of persons of age 7 years and above at the All India level stood at 77.7 per cent. Thus, the literacy rate in Telangana falls below the national average.
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