Telangana’s gross state domestic product at Rs 6.63 lakh crore in FY’ 20: Report

Economy


Hyderabad: Telangana‘s real gross state domestic product has grown to Rs 6.63 trillion (Rs 6.63 lakh crore) in 2019-20 from Rs 4.16 trillion (Rs 4.16 lakh crore) in 2014, according to a report by Knight Frank India. This resulted in a compounded annual growth rate (CAGR) of 8.08 per cent, said the report.

The growth rate is higher than the national real GDP CAGR of 5.7 per cent during the sameperiod, it said. The report WFH, #WorkfromHyderabad which was launched on Wednesday said the driver of the state economic growth has been the tertiary sector (services sector) dominated by the information technology (IT) services. Telangana IT/ITeS exports contributed a revenue of Rs 1.25 lakh crore during the last fiscal with 18 per cent annual growth against Rs 1.9 lakh crore in 2018-19, the report said.

The city is the second largest contributor to the revenues from IT exports in the country and is home to global bigwigs like Google, Amazon, Microsoft and Facebook, it further said. Meanwhile, Telangana Minister for IT and Industries inaugurated Knight Frank Indias new office in Dallas Centre, Knowledge City, located in the premier IT hub of the city, a press release said.



Source link

Loading...

Articles You May Like

Student loan forgiveness would benefit these groups the most
‘Cryptocurrency is promising, but invest with caution’
India Fiscal deficit: India to breach fiscal deficit target in FY22: Fitch Solutions
Credit Suisse cuts FY22 GDP forecast to 8.5-9%
Tips for asking for a month of remote work

Leave a Reply

Your email address will not be published. Required fields are marked *

Loading...