Budget prepared on high GSDP requirements

The state government has announced that the budget presented in the Legislative Assembly today was prepared on the expectation that there will be a significant improvement in Telangana’s gross state domestic product in the next financial year.

Finance Minister T. Harish Rao said in his budget speech that the GDP due to coronoids is projected to grow by 8% in 2020-21. In Telangana, GDP growth is expected to be 1.3%, while GDP estimates at current prices are minus 3.8% in 2020-21.

With the availability of the Corona vaccine, society is slowly recovering. The state’s economy is also slowly recovering.

These developments are expected to significantly improve GSDP of the state in the next financial year. As per the advance estimates, the estimated GSDP at current prices in 2020-21 is Rs.89.78 lakh crore. With the adverse effects of corona and lockdown, GSDP growth fell from 13.5% in 2019-20 to 1.3 percent in 2020-21.

National GDP growth declined from 7.8% to minus 3.8% in the same period.

Compared to national GDP growth, GSDP growth of the state is much better. With a lot of foresight, Chief Minister K. Chandrasekhar Rao took steps to stimulate the rural economy.

The state government was able to prevent any adverse effects of Corona on the rural economy due to these efforts. The per capita income of Telangana is estimated to increase by 0.6% to 2.27 lakhs in 2020-21, while the per capita income of the country is estimated to decline by 4.8% to ₹ 1.27 lakhs.

Thus, the per capita income of Telangana is more than ita 99,377 per capita income of the country.

Despite unfavorable conditions, Telangana saw an increase in per capita income.