The state’s per capita income (PCI) at current prices is Rs 3.47 lakh, significantly higher than the national PCI of Rs 1.83 lakh, according to the Telangana Economic Survey Report for 2023-24. Telangana has 33 districts, but all of them recorded a PCI higher than the national average of Rs 1,69,496 in 2022-23. Regional disparities were evident as Vikarabad, a neighbouring district, had a PCI of Rs 1,80,241, while Rangareddy district topped with a PCI of Rs 9,46,862, more than five times the national average.

Areas around Hyderabad, known as economic hubs, had the highest per capita incomes. Conversely, areas with lower PCIs, indicating less industrialization and growth, were found in districts such as Jagtial, Kumuram Bheem and Vikarabad. These variations highlight the diverse economic environment of Telangana, shaped by industrialization, agricultural production and infrastructural growth.

At current rates, Telangana’s gross state domestic product (GDP) grew by 11.9% in 2023-24 to Rs 14.64 lakh crore. Gross value added (GVA) grew by 4% in agriculture and allied sectors, which is significant as 47.3% of the state’s workforce is employed in these industries. The services sector, which drives economic development, saw a phenomenal 14.6% increase in GVA, while the industrial sector grew by 10.1%.

From Rs 1,24,104 in 2014-15 to Rs 3,47,299 in 2023-24, Telangana’s PCI increased. However, the total government debt increased by over 824.5% during that time, from Rs 72,658 crore to Rs 6,71,757 crore. As a result, the average debt of each individual increased from Rs 20,251 to Rs 1,76,360.

Significant reliance on borrowing is reflected in the rapid increase in debt relative to income growth, which may jeopardize fiscal stability. To ensure long-term economic stability, the Economic Survey emphasizes the need for strong fiscal reforms that balance revenue collection and expenditure and reduce reliance on borrowing.

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