The Gross State Value Added (GSVA) by the agriculture and allied sectors has increased by an astounding 186 percent from 2014-15 to 2022-23 in Telangana.
The Socio Economic Outlook 2023, released by Finance Minister T Harish Rao on Monday, revealed that the Agriculture, Forestry, Livestock and Fisheries sectors’ Gross Value Added (Current Prices) to the State economy has also seen a compound annual growth rate (CAGR) of 14.05 percent from Rs 76,123 crore in 2014-15 to Rs 2,17,877 crore in 2022-23.
Telangana has made significant progress in agriculture by implementing new methods, increasing the use of technology, and providing financial assistance to farmers.
The state produces a significant amount of rice, maize, lemon, grapes, mango, and soybeans, with the highest production of turmeric and sweet orange.
According to the Socio Economic Outlook 2022, Telangana has emerged as the top contributor to total Foreign Direct Investment (FDI) inflows into the country’s Agriculture service sector, accounting for 26.32 percent of total FDI inflows between October 2019 and September 2021. During this time, it is estimated that the agriculture service sector in India attracted more than Rs 3,000 crore in FDI.
Agricultural exports are expected to play a critical role in doubling farmers’ income, and connecting agriculture production to the export market is an important step. To accomplish this, the state government has sought all possible to the export markets.
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As a result, Telangana’s exports from agriculture and allied sectors totaled Rs 6,737 crore in 2021-22, indicating the state’s rapid growth. Among the exports, cereals, spices, meat and cotton are the top commodities in the State.
Cotton exports totaled Rs 3,055 crore, while spices, coffee, tea, and mate made up Rs 1,936 crore. This was followed by cereals with Rs 1,480 crore along with mean and edible meat offal exports at Rs 268 crore.
The State government is deploying artificial intelligence (AI) and other technologies in the agriculture sector through pilot projects such as AI4AI-Artificial Intelligence for Agricultural Innovation to improve productivity, efficiency, and sustainability.
These initiatives are intended to help the sector achieve global competitiveness in a way that is profitable and sustainable for farmers.
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