Hit by Covid woes, Telanganas gross state domestic product (GSDP) dipped 1.29% (at constant price of 2011-12) to Rs 9.78 lakh crore during 2020-21. However, the share ofTelanganain the nationalGDPincreased by 26 basis points to 5% in 2020-21 as against 4.74% in 2019-20.
The Growth rate fell 1.26% at constant prices (2011-12) due to Covid pandemic but is significantly better than Indias projected GDP contraction at 8%, said IT and industries minister KT Rama Rao while launching the industries and commerce departments annual report.
He pointed out that in 2020-21, Telanganas economy benefited from Agriculture-notes-for-state-psc-exams”>Agriculture and allied sectors, which grew by 21% as compared to 3% growth at the national level.
The Industrial Sector growth, including the mining sector, contracted by 5.6% in the state as against 8.2% contraction at national level and the Services-sector”>services sector too contracted nearly 5% in 2020-21 as compared to a national contraction of 8.1%, the report said.