Hyderabad, March 16 (NationPress) Governor Shiv Pratap Shukla proclaimed that Telangana's economy is robust and resilient, showcasing a remarkable growth rate of 10.7% on Monday. In his address to the Assembly and Council during the opening of the state legislature’s budget session, he highlighted that the state's per capita income has reached Rs 4,18,931, maintaining price stability with inflation at a mere 0.2%.

He stated, "The Gross State Domestic Product (GSDP) is projected to reach Rs 17.82 lakh crore for 2025-26, demonstrating a significant growth rate of 10.7%, while contributing 4.99% to India's GDP."

Over the last two years, Telangana has implemented targeted strategies to bolster its economy. Agricultural productivity has surged due to enhanced irrigation systems and farmer-centric initiatives. Simultaneously, industrial growth has been stimulated through investment incentives and improved ease of doing business, with the services sector expanding in IT, trade, tourism, and other progressive fields.

“With a solid economic foundation, we aim to transform Telangana into a $3 Trillion economy by 2047, targeting $1 trillion by 2034," the Governor asserted.

Shukla, delivering his inaugural speech after recently assuming office, noted that Telangana is on the brink of a remarkable transformation, envisioning a future where all citizens play a role in progress.

“Every policy and initiative is designed to create opportunities, empower individuals, and promote inclusive growth. Our vision is clear, our direction is set, and the momentum is unstoppable. Telangana will compete with developed global cities and nations, aiming for a $3 trillion economy by 2047, inspired by successful global models,” he emphasized.

The government has adopted the CURE–PURE–RARE framework as a multidimensional strategy to promote balanced development across the state, moving beyond a Hyderabad-centric growth model. The Core Urban Region—CURE aims to develop into a net-zero, knowledge-driven global hub; the Peri-Urban Region—PURE is set to become a manufacturing and logistics powerhouse; and the Rural Agri Region—RARE will be revitalized through climate-smart agriculture, eco-tourism, and food processing, collectively forging a resilient, future-ready economy.

Shukla described Hyderabad as a city of lakes and rocks, affirming the government’s commitment to restoring all lakes and tanks in the Core Urban Area. The newly formed HYDRAA has reclaimed over 1,045 acres of public land and water bodies, safeguarding urban assets valued at approximately Rs 60,000 crore.

The government is also revitalizing Hyderabad’s ecological corridor with the 55 km Musi Riverfront Transformation Project, which stretches from the Osman Sagar and Himayat Sagar reservoirs to Gandhi Sarovar. Currently, Phase I of the project is in progress. As part of the Musi rejuvenation, Godavari phase 2 & 3 projects have been approved, with work advancing swiftly. This initiative will supply 2.5 TMC of water for Musi rejuvenation by connecting Osman Sagar and Himayat Sagar, alongside providing 300 MGD drinking water to the CURE area.

He mentioned the establishment of the Future City Development Authority (FCDA) on March 12, 2025, covering approximately 765 square kilometers across 56 villages and seven mandals, which will drive industrial and urban growth in the PURE region.

Bharat Future City will be at its core, a 30,000-acre greenfield smart city designed on a 15-minute city model, featuring walkable, mixed-use neighborhoods. Development permissions have begun, and a Comprehensive Master Plan for the FCDA is being developed to steer long-term growth and advance Telangana's economy.

The Governor highlighted that the services sector remains the dominant contributor, accounting for 68.6% of the state’s Gross Value Added (GVA) and growing at 13.5%. Hyderabad has established itself as a global tech hub, housing nearly 20% of India’s Global Capability Centres (GCCs).

He described the state’s export performance as ‘stellar’, ranking 7th in India with merchandise exports totaling Rs 1.61 lakh crore, largely driven by the aerospace sector, which constitutes nearly 30% of the total exports. Telangana has also been recognized as a “Top Achiever” in the Ease of Doing Business assessment by the Centre.

IT exports have reached Rs 3.13 lakh crore, supporting over 9.39 lakh jobs. To further stimulate the economy, the government has rolled out the Telangana Tourism Policy 2025–2030, aiming for Rs 15,000 crore in investments and the creation of 300,000 jobs.

Highlighting the importance of agriculture, the Governor noted that Rs 26,684 crore was allocated for this sector in 2025-26. "Our foodgrain production has achieved a record of 236.87 lakh Metric Tonnes, with paddy, maize, and cotton leading the way. Additionally, livestock and fisheries have experienced healthy growth, contributing Rs 1.11 lakh crore to the state’s economy."

He outlined various welfare schemes aimed at different societal sections. The Mahalakshmi Scheme continues to thrive, with women passengers benefiting from 269.68 crore free bus rides, saving over Rs 9,222 crore in travel expenses, thereby enhancing their mobility and economic independence.

The Mahalakshmi scheme also encompasses a subsidized LPG cylinder program that aids 42.90 lakh eligible households, promoting clean energy adoption. Under the Gruha Jyothi initiative, free power up to 200 units is provided to impoverished families, benefiting 53.09 lakh families to date. The government has invested Rs 3,900.54 crore so far, issuing 10.97 crore zero bills.

Earlier, Chief Minister A. Revanth Reddy, Deputy Chief Minister Mallu Bhatti Vikramarka, Assembly Speaker Gaddam Prasad Kumar, Council Chairman Gutha Sukhender Reddy, and various ministers welcomed the Governor upon his arrival at the Assembly.

The Governor also unveiled the Telangana Thalli statue in the Assembly grounds and paid homage to the statues of Mahatma Gandhi and Dr. B. R. Ambedkar.