Andhra Pradesh stands in the fifth position in the country in terms of revenues from its own taxes and also in outstanding debts since the bifurcation of combined Andhra Pradesh.
This was revealed in a study conducted by Reserve Bank of India on state finances and study of their budgets in 2020-21.
The study was disclosed by Telangana finance minister T Harish Rao at a press conference where he sought to project a sound financial position of Telangana.
According to this report, Andhra Pradesh achieved a marginal annual average growth rate of 8.38 per cent in the state’s own tax revenues, compared to 11.7 per cent of growth achieved by Telangana between 2014-15 and 2020-21.
While Odisha stands in the second position with a growth rate of 9.74 per cent followed by Jharkhand (8.90 per cent) and Uttar Pradesh (8.60 per cent).
Yet, the growth rate in state’s tax revenues by Andhra Pradesh is more than the growth achieved by the Centre, which is only 8.10 per cent during the corresponding period.
In terms of outstanding liabilities, too, Andhra Pradesh is in the fifth position in the country. Its outstanding debts account for 32.67 per cent of the total Gross State Domestic Product (GSDP). Punjab has highest outstanding liabilities of 38.67 per cent of the GSDP, followed by West Bengal (34.67), Rajasthan (34.54) and Uttar Pradesh (33.08). Telangana is in the 15th position, accounting for 22.83 per cent of its GSDP.
Harish Rao said Telangana was the sixth highest contributor to the country’s GDP at current prices out of 18 non-special category states.
He attributed the state’s better performance than the country to the policies and reforms brought by Chief Minister K Chandrashekhar Rao.
As per the provisional estimates, Telangana’s GSDP at current prices in 2020-21 was Rs 9,80,407 crore, an increase of 94 per cent from its 2014-15 value.
Between 2014-15 and 2020-21, Telangana achieved the third highest Average Annual Growth Rate of GSDP at current prices in the country.
Since the state’s formation, growth in Telangana has consistently outpaced growth in the rest of the country. On an average, Telangana grew by 3.7 percentage points more than India did for the period post State formation. Telangana’s annual average growth rate of GSDP was the highest amongst all Southern states, since 2014-15.
