Hyderabad: Telangana’s state revenues increased by 15.3% during the current fiscal year. The state has ranked first on the national chart in terms of state-owned tax revenues, with an 11.5 percent growth rate.
The State Cabinet meeting, headed by chief minister K Chandrashekhar Rao at Pragati Bhavan in Hyderabad on Thursday, lasted more than six hours. The cabinet discussed the state’s financial situation and resource mobilisation in the aftermath of a decrease in Centre allocations.
“If the Central government achieved the progress equal to Telangana state, the State’s GSDP would have increased by another Rs 3 lakh crores and the total would be Rs 14.50 lakh crores,” remarked the CM.
“The Centre’s disinterest toward Telangana persists, despite the fact that the state has set a sort of record in terms of income growth by three times since its formation. State revenues increased from Rs 62,000 crore in the first year of its formation in 2014-15 to Rs 1.84 lakh crore last fiscal. Furthermore, despite having only 2.5 percent of the total population, Telangana contributed 5% of the country’s revenue,” he added.
On the occasion, Telangana’s principal secretary for IT and Industries, Jayesh Ranjan, informed the Cabinet that 1.55 lakh new IT jobs were created last year, making Telangana the country’s largest job creator. With new initiatives, incentives, investor-friendly policies, infrastructure creation, law and order maintenance, uninterrupted quality power supply, and the availability of human resources, Telangana’s IT sector has grown significantly.
The Chief Minister expressed his delight at the state’s fast growth in the IT sector and praised the efforts of IT Minister KT Rama Rao, IT Secretary Jayesh Ranjan, and other officials in this regard.
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