Telangana tops the charts in revenue growth rate
“Despite adverse circumstances, the State’s growth rate has not shown any signs of slowing down. If anything, is has only posted a healthy increase, which is credit worthy,” Chief Minister KCR said.
Telangana State has once again topped the charts in overall revenue generation with statistics for the financial year 2016-17 placing the growth rate figure at 17.82 percent.
The figure only proves right Chief Minister K. Chandrashekar Rao‘s oft-repeated assertion that Telangana State was the richest in the country. The figures for 2016-17 (till February) which were released by the Comptroller and Auditor General (CAG) on Thursday clearly indicate that the State has been consistently riding the high wave in revenue generation.
The State has registered a growth rate of 17.81 percent in income generation through State’s Own Tax Revenue (SOTR) and 17.82 growth rate in major tax revenues comprising Sales Tax, Excise and and Stamps and Registration. The income generation for the State from the major taxes during the 2015-16 financial year was Rs 33,257 crore which went up to Rs 39,183 crore in 2016-17 (March to February), recording a growth rate of 17.82 percent.
Revenue earnings from SOTR were Rs 36,130 crore in 2015-16 financial year, which shot up to Rs 42,564 crore for the corresponding period in 2016-17.
Jharkhand was in second place in revenue generation from major taxes with a growth rate of 16.86 percent followed by Chattisgarh with a growth rate of 11.41 percent in the third place. In the case of SOTR, West Bengal was in second position with a growth rate of 17.16 per cent followed by Jharkhand with a growth rate of 16.42 percent. The neighbouring Andhra Pradesh was placed in seventh position in both categories with 9.94 percent growth rate in SOTR and 9.01 percent growth rate in revenue generation from major taxes.
Ironically, Gujarat, often touted as the happening State, ws placed in the 14th position in SOTR recording a growth rate of just 1.36 percent and 10th position in major taxes revenue generation with a growth rate of 4.82 percent.
The Chief Minister, expressing his delight over the State achieving 17-plus percent growth rate both in SOR and SOTR, said that during the Telangana Statehood movement, he had declared that Telangana would be emerge as a rich State and his words have been proved right for the past three years.
“Despite adverse circumstances, the State’s growth rate has not shown any signs of slowing down. If anything, is has only posted a healthy increase, which is credit worthy,” the Chief Minister said, and congratulated and thanked the State government officers.
“Since there is an expected rate of growth in income generation, we will take forward the welfare programmes in the State with renewed vigour and confidence,” the Chief Minister said.
Source: Telangana Today