Latest news with #GSDP
Time of India
18 hours ago
- Business
- Time of India
‘Telangana not born out of chance': KT Rama Rao hails state's rise at Oxford forum, calls it India's most successful post-Independence story
K T Rama Rao calls Telangana the most successful state in independent India. He says the state achieved development goals across sectors. Telangana's GSDP increased significantly since 2014. HYDERABAD: Describing Telangana as the most successful state in independent India, BRS working president KT Rama Rao said the state was not created by chance but was the outcome of decades of peaceful, democratic struggle. He stated that Telangana has demonstrated not only promise but also consistent achievement of development goals across various sectors. He noted that the formation of the state in 2014 marked the culmination of long-held aspirations, and that in a short span, it had transformed into a model state admired both across India and globally. While delivering a talk at the Oxford India Forum held at the University of Oxford, KTR highlighted Telangana's exceptional growth story since its formation. Speaking on the theme 'Governing Innovation - A Telangana Case Study', he explained how India's youngest state has emerged as a beacon of inclusive development, resilience, and economic transformation. The BRS legislator presented impressive economic indicators supporting Telangana's growth. "The state's Gross State Domestic Product (GSDP) increased from 4 lakh crore to 15 lakh crore, and its per capita income surged from 1.12 lakh to 3.57 lakh. Telangana rose from 12th position in national economic rankings to among the top positions in multiple sectors, including agriculture, industry, and technology," he said. KTR also termed the Kaleshwaram project as the world's largest lift irrigation scheme, completed in a record four years.
New Indian Express
a day ago
- Business
- New Indian Express
Odisha Vision 2036-2047 focuses on economic hubs, industrial push, infrastructure, women-led growth
BHUBANESWAR: Odisha on Thursday laid out a bold and time-bound strategy to become a developed state by 2036 and a USD 1.5 trillion economy by 2047. Released by Prime Minister Narendra Modi, the Vision-2036 blueprint, part of the broader 'Viksit Odisha for Viksit Bharat' agenda, sets ambitious targets to rapidly urbanise, double employment, and attract massive investments to the state. The vision focuses on six foundational pillars: people first, rural empowerment, people-centric governance, prosperity for all, our legacy our pride, and technology leading the way. These encompass priority areas such as women-led development, quality education, universal healthcare, green energy, smart agriculture, and cultural revitalisation. The state has set a target for the creation of over one crore new jobs, backed by massive investments in manufacturing, green energy, agriculture, skilling, and tourism. A core part of this plan is the creation of world-class economic agglomerations. It envisages a Bhubaneswar-Cuttack-Puri-Paradip Economic Region (BCPPER), which will be developed into a USD 500 billion hub, contributing to one-third of the state's GSDP by 2047.
Hans India
2 days ago
- Business
- Hans India
AP to halve logistics costs with Rs 20,000 cr infra push
Visakhapatnam: Minister for Roads and Buildings, Infrastructure and Investments BC Janardhan Reddy has underscored that the state is moving forward with a clear vision to emerge as South Asia's logistics gateway. He was speaking at the Ports and Logistics Conference, organised by the Confederation of Indian Industry in Visakhapatnam on Friday. The conference focused on unlocking the state's port potential, improving last-mile connectivity and promoting multimodal logistics integration. The Minister highlighted that Andhra Pradesh's ports now contributed over 5 per cent to the state's GSDP, supporting nearly one million jobs. Visakhapatnam Port alone handled 82.62 million tonnes in FY 2024–25, while the Krishnapatnam and Gangavaram ports together handled over 54 million tonnes, reflecting robust growth and private participation. The Minister observed that the government was investing over Rs.20,000 crore to improve connectivity through 1,040-km of new highways and major corridors like Badvel-Nellore and the VCIC rail line. 'Andhra Pradesh wants to cut logistics costs by half with Rs.20,000 crore infrastructure push,' the Minister underlined. The Chairman of Andhra Pradesh Maritime Board D, Satyanarayana, highlighted that Andhra Pradesh was strategically building a robust port-led development model with six operational ports and three new greenfield ports at Machilipatnam, Ramayapatnam, and Bhavanapadu. He shared that these were not being developed in isolation, but as part of integrated logistics and industrial corridors, fully connected through road, rail, and multimodal networks. The Chairperson of Visakhapatnam Port Authority, M Angamuthu, emphasised that Andhra Pradesh had the right foundations to emerge as a maritime entrepreneurship hub, with its strategic location, proactive governance, and well-established port network. He noted that most major ports in the state were currently operating at just 50 per cent capacity, indicating significant untapped potential. The Chairman of CII, G Murali Krishna, highlighted that ports were no longer just trade enablers but strategic national assets influencing diplomacy, jobs, and regional growth. He shared that Andhra Pradesh's balanced economy and strong policy incentives had already attracted Rs.9.2 lakh crore in investments.
Hans India
4 days ago
- Business
- Hans India
TG best destination now for investments: Revanth
Hyderabad: Chief Minister Anumula Revanth Reddy on Wednesday said Telangana emerged as the best destination for investments after the Congress came to power in the state. Speaking at the inauguration of India's first Google Safety Engineering Centre (GSEC) in Hyderabad, the Chief Minister said: 'Global companies are scouting for suitable places for investments. The Telangana state has emerged as the best destination for them to invest and set up their companies. If we search online, Hyderabad appears first in the link.' He further said that with the slogan of 'Telangana Rising', the state government was moving forward to achieve a $1-trillion economy by 2035 and a $3-trillion GSDP by 2047. The state's contribution to national GDP would double to 10 per cent in the next two decades from the current five per cent, he added. Pointing out that this was the first GSEC of the global IT giant Google in the Asia Pacific region and only the fourth in the world, the Chief Minister stated that Google brought big transformations in the world, and our lives became completely digital with fast-changing technologies. "Today, the major worrying factors in the IT industry are privacy and security. Since our economy, government and daily lives are advanced with digital technology, we will grow further through digital security," he said. Revanth Reddy said he was proud of Google for using the cybersecurity hub in Hyderabad for developing advanced cybersecurity and security solutions. The centre will also focus on skill development apart from creating employment and enhancing the cybersecurity capacity of India, he added. "Google's corporate philosophy of 'Do No Evil ' is widely appreciated. Like Google, my government is committed to the well-being of people through good deeds. We need to focus on drawing good results in the long term since our philosophy will not derive results in a short time," he said. He sought Google's support to hone skills among the youth and provide jobs to them. He urged the global giant to become brand ambassadors for Telangana Rising, saying Google and Hyderabad are old friends. According to him, Google set up its first office in Hyderabad in 2007 during the Congress rule. Today, the company has 7,000 employees in Hyderabad, making it the largest campus outside the United States. The state government has already collaborated with Google and works jointly in many areas like education, security, maps, traffic, startups, health, etc. Google and my government have similarities since both of us adopted an innovative approach, he said. Revanth Reddy claimed that like Google, he wants to provide a high standard of living to women, youth, farmers, the poor, middle class, senior citizens and children. He mentioned that the state government resolved to promote one crore women as millionaires. IT Minister D Sridhar Babu, Preeti Lobana, Country Manager and Vice President, Google India, Heather Adkins, Vice President of Engineering, Google Security and others were present on the occasion.
Time of India
13-06-2025
- Business
- Time of India
India's inefficient tax collection methodology – a review is needed!
Homeyar Jal Tavaria is a professional accountant with interest in the science of accounts and audit, observer and commentator on macro economic commercial, financial and economic events, occasional blogger'. LESS ... MORE The main heads of tax collection in India are Income Tax, Goods & Services Tax (GST), excise duty, customs duty, and securities transaction tax (STT). There is enough empirical data to show that our tax collection mechanism is faulty and there is definitely serious tax evasion at both the direct tax (income tax) and indirect tax ends (mainly GST). For the purpose of better understanding, we need to break up the 2 main heads of tax collection (income tax on sources of income – different income heads) and GST tax – on consumption of goods and services. We are all aware of the anomalies and failures of income tax. Certain types of income (agriculture income) are fully exempt, significant number of PAN Card holders do not file income tax returns. Also, one can be reasonably sure that the maximum payment of income tax (% of income tax payable to taxable income) is in the middle tier. The bottom tier % of income tax paid will be low because of progressive taxation rates and allowed tax deductions, while the upper tier manages the taxability of income very well, exploiting the exemptions and set offs extremely well. Similarly, we seem to be having some issues with GST collection. The geographical states spread across India and GST collections from those states linked with the Gross State Domestic Product (GSDP – cumulative being national GDP) are giving surprising results. Note – there is not much available in the public domain on GST collection details in terms of applicable years and geography (state contribution). However, whatever data is available is raising plenty of issues on the quality of GST tax collection and the need to really review the entire tax collection and tax payment system. For the year 2024/25, the Top 10 GST paying states of India and the GSDP generated by them for the year 2023/24 are as under. Note that the data years are different, but the issue of concern being raised does not get really impacted. Details are as under: State Rank Name of State GST collected / GSDP values – % GST collected – Rs Billions 2024/25 GSDP generated – Rs Billions 2023/24 1. Maharashtra 7.88 3184.97 40443.00 2. Gujarat 7.94 1749.38 22034.00 3. Karnataka 5.72 1430.23 25007.00 4. Tamil Nadu 4.13 1124.56 27216.00 5. Uttar Pradesh 4.15 1057.89 25479.00 6. Haryana 9.98 982.34 9841.00 7. West Bengal 5.72 876.54 15318.00 8. Rajasthan 5.64 765.43 13579.00 9. Telangana 4.99 654.32 13118.00 10. Andhra Pradesh 4.16 543.21 13035.00 Notes: GST being a consumption-based tax, one would have thought that the states GST collected and GSDP generated % would largely be in one narrow band as percentages. That is not the case per the data above. There are 3 percentage bands coming up – More than 7.5% (GST / GSDP %) – states contributing Maharashtra, Gujarat, Haryana Between 5% to 7.5% – states contributing are Karnataka, West Bengal, and Rajasthan Below 5% – states contributing being Tamil Nadu, Uttar Pradesh, Telangana, Andhra Pradesh. The Western India states of Maharashtra and Gujarat are in the top contributors, while surprisingly, the Southern India states of Tamil Nadu, Telangana, Andhra Pradesh are the laggards. Such a big differential in GST contribution % needs to be looked into. The North India and East India states need to shake off their lethargy and become worthwhile indirect tax (GST) contributors. It would help to analyse why certain states have such low GST contributions as % of GSDP. There is a mine available to be exploited. India has to significantly upgrade its GST tax collection mechanism. The above collection % differential highlights that the tax collection structure needs a review. India cannot be sanguine that the direct and indirect tax collections are buoyant. The buoyancy is on a weak foundation base, and the tax structure needs a major relook to keep the buoyancy going and ensure that all are caught in the tax net so that the taxes can be called fair and equitable taxes. Fair and equitable taxes ensure that businesses are operating on a level playing field. Facebook Twitter Linkedin Email Disclaimer Views expressed above are the author's own.
