Telangana’s GDP grows 10.1%
The Gross State Domestic Product (GSDP) of Telangana grew 10.1%, at constant prices, in 2016-17 to ₹5.11 lakh crore, thus clocking a rate of growth higher than the national average for the third consecutive fiscal.
“Telangana achieved a 10.1% year on year growth in GSDP compared to a national average of 7.1%,” Industries and IT Minister K.T. Rama Rao said here on Monday.
The Minister, releasing the annual report of the Department of Industries & Commerce, said the pick up in growth rate was “clear indication of the proactive measures of the government to boost economic growth, after the formation of the State.” The growth rates of 10.1%, 9.5% and 8.7% in the last three fiscal were in sharp contrast to the 2.7% Telangana had posted in 2012-13. The share of the State’s economy in the national GDP also increased by 7 basis points to 4.28%, he added. The Minister also launched the logo and website of Telangana Industrial Health Clinic Ltd and presented performance awards to industrial units.
Noting that entrepreneurs were the biggest brand ambassadors, Mr. Rao attributed the progress to the investor and industries-friendly TS-iPASS policy of the State government. In the two years since the industrial policy was launched, a total of 3,820 proposals entailing an investment of ₹73,000 crore had been received with a potential to create 2.46 lakh jobs.
Over 50% of the projects approved had got into commercial production, he said. The policy emphasis on self certification, time-bound approvals, penalising officials delaying the clearance process as well as an approach of minimum inspection and maximum facilitation had earned it acclaim globally. The State was also ranked first in the Ease of Doing Business 2016 rankings.
Stating that TS-iPASS had become an international role model, Principal Secretary to the Department Jayesh Ranjan said textiles, food processing, automotive and chemicals would be the focus areas in the next 2-3 years. On the upcoming major projects, the Minister counted the Pharma City, on the outskirts of Hyderabad, as part of whose first phase 8,200 acres were to be developed.
The Telangana State Industrial Infrastructure Corporation is already in possession of 6,300 acres.
The TSIIC was also helping the government relocate all polluting industries from inside Outer Ring Road to outside.
It had allotted land to about 500 industrial units with an expected investment of around ₹1,000 crore.
The State government had envisaged a ₹1,000 crore Life Sciences Infrastructure Fund for creating sophisticated modular plus and play specialised infrastructure for pharmaceuticals, biotechnology and medical devices industries.
A medical devices park on 250 acres at Sultanpur, expansion of Genome Valley, which serves as a cluster for laboratory/incubation space, the Kakatiya Integrated Mega Textiles Park, Sircilla Apparel Park, four mega food parks at Nizamabad, Gadwal, Khammam and Sangareddy were some of the projects the Minister said would take shape this year.
Source: The Hindu