Completed record proposals of nearly Rs 75,000 crore in just three financial years, according to MSME Export Promotion Council
Updated On – 19 February 2025, 10:12 PM
Hyderabad: A study by the MSME Export Promotion Council has found that Telangana attracted new investment proposals of Rs 3,25,110 crore and completed record proposals of nearly Rs 75,000 crore in just three financial years (2021-22 to 2023-24).
During the period, the private sector announced new investment projects of Rs 62,500 crore and completed projects of Rs 7022 crore. In 2021-22, the new investment proposals where to the tune of Rs 85,087 crore, while in 2022-23 there was a significant increase and touched to Rs 1,33,102 crore and in 2023-24, this was Rs 1,06,921 crore, as per the latest information available with the Centre for Monitoring of Indian Economy (CMIE), MSME EPC Chairman Dr DS Rawat said while releasing the study on Wednesday. He said the State was increasingly becoming a preferred destination of the national and foreign investors.
In 2021-22, the projects completed were of Rs 22,380 crore, in 2022-23 of Rs 24,910 crore and in 2023-24, completed projects were worth Rs 2,70,910 crore. As on January 7, 2025, the total investment projects outstanding in 2023-24 were of Rs 8,25,982 crore and under implementation were of Rs 4,78,100 crore. Also, the total exports of principal commodities in 2023-24 had increased from Rs 91,776 crore in 2022-23 to Rs 1,16,527 crore. The per capita GSDP in 2023-24 has also gone up from Rs 3,45,225.7 to Rs 3,93,384.5.
The industrial sector’s contribution to the State’s economy has remained steady at around 18 per cent of the gross state value added and as of 2023-24 it stands at 18.5 per cent, indicating that the sector’s contribution to the State’s GSVA had increased by 10.1 per cent. The services sector, the primary contributor to the State’s economic growth, witnessed a remarkable 14.6 per cent increase in GVA in 2023-24.
It was observed that Telangana has a 31 per cent share of software export in India. The number of startups had increased from 400 in 2016 to 2000 in 2022. The State contributed to 16.7 per cent of the Indian IT sector’s employment as of FY 2023. Telangana’s IT/ITeS exports grew at 17.93 per cent compared to the national average of 8.09 per cent.
It is estimated that by 2027, the State’s IT/ITeS exports may touch 23 per cent and generate additional direct jobs to over 3,00,000 people and help the State’s administration create more IT/ITeS hubs in the State and this sector alone may provide jobs to over 13 lakh people, the study said.
Telangana has facilitated nearly 56 per cent of the estimated 2.6 million MSMEs in the State in the rural areas and 44 per cent in urban areas, it added.