Telangana Aims for $3 Trillion Economy by 2047 with 10.7% Growth

Addressing the joint session of the Assembly and Council on the first day of the state legislature's budget session, he said the state's per capita income has reached Rs 4,18,931, and the government has maintained price stability, with inflation contained at 0.2 per cent.

"The state's GSDP for 2025-26 is Rs 17.82 lakh crore, reflecting an impressive growth rate of 10.7 per cent, with Telangana contributing 4.99 per cent to India's GDP," he said.

He noted that over the past two years, the state has taken several focused measures to strengthen the state's economy. Agricultural productivity has improved through better irrigation support and farmer-focused initiatives. At the same time, industrial growth has been encouraged through investment promotion and improved ease of doing business, while the services sector has continued to expand with growth in IT, trade, tourism, and other emerging areas.

"Standing on the firm foundation of our current economic resilience, we are setting a transformative goal: to evolve Telangana into a $3 Trillion economy by 2047, with an interim target of $1 trillion by 2034," the Governor said.

Shukla, who delivered his maiden speech after assuming office as Governor last week, stated that Telangana stands at the threshold of an extraordinary transformation with the government shaping a future where every citizen is a stakeholder in progress.

"Every policy, every initiative, and every reform introduced is aimed at creating opportunities, empowering people, and driving inclusive growth. The vision is clear, the direction is set, and the momentum is unstoppable. Telangana would compete with the developed global cities and countries. Taking inspiration from the successful models across the globe, Telangana would like to achieve a $3 trillion economy by 2047," he said.

He revealed that the government has adopted the CURE-PURE-RARE framework as a polycentric strategy to ensure balanced and inclusive development across the state, moving beyond a Hyderabad-centric growth model. Under this approach, the Core Urban Region-CURE will evolve into a net-zero, knowledge-driven global hub; the Peri-Urban Region- PURE will emerge as a manufacturing and logistics engine; and the Rural Agri Region-RARE will be revitalised through climate-smart agriculture, eco-tourism, and food processing-together creating a unified, resilient, and future-ready state economy.

Stating that Hyderabad is a city of lakes and rocks, he said the government is committed to rejuvenating all the lakes and tanks in the Core Urban Area. The newly established HYDRAA has reclaimed over 1,045 acres of public land and water bodies, securing urban assets valued at approximately around Rs 60,000 crore.

He also stated that the government is revitalising Hyderabad's ecological corridor through the 55 km Musi Riverfront Transformation Project, extending from the Osman Sagar and Himayat Sagar reservoirs to Gandhi Sarovar. Phase I of the project is currently under implementation. As part of Musi rejuvenation, Godavari phase 2 & 3 projects are already sanctioned, and works are in brisk progress. This project will provide 2.5 TMC water for Musi rejuvenation by linking Osman Sagar and Himayath Sagar, and 300 MGD drinking water to the CURE area.

He mentioned that the Future City Development Authority (FCDA), constituted on March 12, 2025, spans about 765 square kilometres across 56 villages and seven mandals and will anchor industrial and urban growth in the PURE region.

At its core will be Bharat Future City, a 30,000-acre greenfield smart city designed on the 15- minute city model with walkable, mixed-use neighbourhoods. Development permissions have commenced, and a Comprehensive Master Plan for FCDA is being prepared to guide long-term growth and drive Telangana's future economy.

The Governor noted that the services sector continues to be the dominant pillar, contributing 68.6 per cent to the state's GVA and growing at 13.5 per cent. Hyderabad has solidified its position as a global 12 tech hub, hosting nearly 20 per cent of India's Global Capability Centres (GCCs).

He termed the state's export performance as 'stellar' and said it ranks 7th in India with merchandise exports reaching Rs 1.61 lakh crore, driven largely by the aerospace sector, which accounts for nearly 30 per cent of the exports. Telangana has also been recognised as a "Top Achiever" in the Ease of Doing Business assessment by the Centre.

The IT exports have touched Rs 3.13 lakh crore, supporting over 9.39 lakh jobs. To further boost the economy, the government launched the Telangana Tourism Policy 2025-2030, targeting Rs 15,000 crore investment and the creation of 3 lakh jobs.

Stating that agriculture remains the heartbeat of Telangana, the Governor said Rs 26,684 crore was allocated for this sector in 2025-26. "Our foodgrain production has reached a record 236.87 lakh Metric Tonnes with paddy, maize, and cotton continuing to dominate the landscape. Additionally, livestock and fisheries have shown healthy growth, contributing Rs 1.11 lakh crore to the state's economy."

The Governor listed out various schemes being implemented for the welfare of different sections of society. He said that the Mahalakshmi Scheme continues to be a resounding success, with women passengers availing 269.68 crores of free bus trips, saving over Rs 9,222 crore in travel costs, thereby enhancing their mobility and economic independence.

The Mahalakshmi scheme also includes a subsidised LPG cylinder programme that benefits 42.90 lakh eligible households, promoting the adoption of clean energy. Under Gruha Jyothi, free power up to 200 units is being supplied to poor families. 53.09 lakh families are getting benefits under this scheme. So far, the government has spent Rs 3,900.54 crore and issued 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 ministers received the Governor on his arrival at the Assembly.

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

- IANS