During the current fiscal year, Telangana’s state revenues increased by 15.3%. With an 11.5 percent growth rate, the state has ranked first on the national chart in terms of state-owned tax revenues.
The State Cabinet meeting, presided over by Chief Minister K Chandrashekhar Rao on Thursday at Pragati Bhavan in Hyderabad, lasted more than six hours. Following a decrease in Centre allocations, the cabinet discussed the state’s financial situation and resource mobilization.
“If the Central Government made the same progress as Telangana State, the State’s GSDP would have increased by another Rs 3 lakh crores, bringing the total to Rs 14.50 lakh crores,” the CM noted.
Despite the fact that Telangana has set a sort of record in terms of income growth by three times since its formation, the Centre’s disinterest in the state persists. Revenues increased from Rs 62,000 crore in the first year of the state’s formation in 2014-15 to Rs 1.84 lakh crore in the most recent fiscal year. In addition, despite accounting for only 2.5 percent of the total population, Telangana contributed 5% of the country’s revenue he added.
Chief Minister KCR believes that the state’s growth rate has been slowed by the union government’s lopsided policies.
Telangana’s principal secretary for IT and Industries, Jayesh Ranjan, informed the Cabinet on the occasion that 1.55 lakh new IT jobs were created in Telangana last year, making Telangana the country’s largest job creator.
Telangana’s IT sector has grown significantly as a result of new initiatives, incentives, investor-friendly policies, infrastructure creation, law and order maintenance, uninterrupted quality power supply, and the availability of human resources.
The Chief Minister praised the efforts of IT Minister KT Rama Rao, IT Secretary Jayesh Ranjan, and other officials for the state’s rapid growth in the IT sector.
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