TELANGANA REGISTERED 150% JUMP IN NEW INVESTMENT IN 2021-22 OVER THE PREVIOUS YEAR CREATING OVER 60000 NEW JOBS, SAYS STUDY
There has been nearly 150% jump in the new investment proposals received by Telangana in 2021-22 creating over 60,000 new direct job opportunities as against the investment proposals received in 2020-21, according to the just included study conducted by the MSME Export Promotion Council and the Confederation of Organic Food Products & Marketing Agencies.
The investment proposals during the FY 2021-22 announced were for Rs.76568.89 cr as against the proposals received of Rs.31274.56 cr in 2020-21During 2021-22, the projects completed were of Rs.22079.59 cr, revived the projects worth Rs.11590.00 cr and the total investment projects outstanding were of Rs.719388.39 cr and under implementation of Rs.490985.24 cr, as per the data of CMIE. The study on “INVESTMENT AND DEVELOPMENT IN TELANGANA” was released today by Dr D S Rawat, chairman of the MSME EPC.
The study has revealed that there has been a huge jump in investment by private sector in 2021-22 and touched Rs.60618.05 cr as against Rs.14882.35 cr in 2020-21. Similarly, there has been a manifold increase in the investment projects completed of worth Rs.5413.39 cr, revived projects of Rs.1159.00 cr, and total investment projects outstanding were of Rs.236383.74 cr and under implementation of Rs.112233.60 cr.
Attributed as “progressive Telangana” by the investors, the state achieved a positive growth rate of 2.2% even in the pandemic year, while the country’s GDP declined by 1.4%. Agriculture and allied sectors in the state remained strong throughout the pandemic year and after, achieving a robust growth in current price gross value added of 12.4% and 9.09% in 2020-21 and 2021-22 respectively.
Telangana has successfully attained a “most favored location” for the investors particularly for next generation sectors like artificial intelligence, blockchain, cloud adoption, and cyber security. The study found, it has been possible due to investment promotion and policy support, which is reflected in the doubling of exports from Rs.66,276 crore to Rs.1,45,522 crore, and employment from 3,71,774 to over 7 lakh in the IT sector between 2014-15 and 2021-22 respectively.
Tourism sector in the state has been growing at a fast rate especially the medical tourism is becoming popular and around 2 lakh medical tourists have availed treatment. Majority of the foreign tourists were drawn from Africa, The Common Wealth of Independent States and Gulf countries and it is expected that there will be an increase in the arrival of foreign tourists by 25% in 2023 and 35% by end 2024.
The study found a large number of micro and ancillary units are being set up in semi-urban and rural sectors. It is estimated that out of 2.6 million MSMEs, 56% are in rural areas and 44% in urban areas. With the introduction of host of policy initiatives taken by the state, agro-based industries are being set up by the local enterprising people.