It is a proud moment to the state, when country’s economic survey 2020-21 that was presented to Parliament, declared that Telangana State was one of the few states that could recover economically faster from the financial crisis created by the COVID-19 Pandemic said Tamilisai the Governor of Telangana. She was addressing the joint session of the Assembly here in Hyderabad.
She said: The Telangana State formulated its development model as individual-centric with an objective to find solutions to problems. It formulated plans after assessing the available resources and needs. With strict fiscal discipline, the state has been increasing its revenue resources.
From 2014 to 2019, with 17.24 per cent average annual growth rate, the state had increased its revenues and stood first in the country. In 2013-2014 the State’s GSDP was Rs. 4,51,580 crores and it was by 2019-20 increased by 114.71 percent to
4 reach to Rs. 9,69,604 crores. In 2013-14, the per capita income in Telangana was Rs. 1,12,162 and by 2019-20 it was Rs.2,28,216. The state government is spending the increased revenues with fiscal discipline and perfect planning to develop the infrastructure and welfare of the people. According to the present assessment, the anticipated per-capita income and GSDP by the end of 2020-21 Financial year would likely to be Rs.2,27,145 and Rs.9,78,373 crores respectively.
From 2004 to 2014, in the ten years in Telangana, Rs.54,052 crores was spent as capital expenditure, whereas from 2014 to 2020, in six years, Rs.2.30 lakh crores was spent as capital expenditure from both budget and non-budget funds. This alone reflects the state government’s progressive and development oriented fiscal management. Telangana state stood one among the top five states in the country, with the best performance in increasing own resources, taking loans within the limits of FRBM, to increase the capital expenditure. This was mentioned in ‘State of State Finances report’ which was recently released by PRS Legislative Research. This is an ample proof of the state’s financial prudence and fiscal discipline.
In 2019-20 financial year, the economic recession prevailed all over the country coupled with 2020-21 COVID-19 pandemic has an adverse impact on the state finances. But yet, the State government had evolved and implemented strategies to face each and every challenging situation and ensured that the State economy had not slipped out of hands.
