Telangana Aims for USD 3 Trillion Economy by 2047, Says Ex-RBI Chief

Telangana must achieve an annual growth rate of between 8 and 9 percent to realize its goal of becoming a USD 3 trillion economy by the year 2047, according to former Reserve Bank of India (RBI) Governor Duvvuri Subbarao. Speaking at the launch of the Telangana Rising 2047 Vision Document in Hyderabad on December 9, Subbarao emphasized the need for inclusive growth to ensure that the economic benefits reach all residents of the state.

The current Gross State Domestic Product (GSDP) of Telangana stands at approximately Rs 16.7 trillion, equivalent to around USD 250 billion. To reach the ambitious target of USD 3 trillion within 22 years, Telangana must multiply its GSDP by a factor of 15. “Simple arithmetic shows the state must grow at about 8 to 9 percent, perhaps even faster,” Subbarao stated. He acknowledged that while this target is challenging, it is not impossible.

Focus on Inclusive Growth and Education

Subbarao highlighted the importance of ensuring that the benefits of economic growth are distributed widely, particularly to the most disadvantaged individuals in Telangana. He noted, “The government must pursue inclusive growth, which means the benefits of growth must reach the poorest person in Telangana, to the farthest point in the state.”

He also underscored the critical role of education and skill development in achieving this growth. According to Subbarao, skilling cannot be accomplished solely by the government or the private sector; rather, a public-private partnership model is essential for effective results. He pointed out that political leaders often neglect education and health sectors, as these do not produce immediate results and may conflict with short-term political priorities.

Industry Leaders Weigh In

Prominent figures from the business community also contributed to the discussion at the event. Anand Mahindra, Chairman of the Mahindra Group, joined Subbarao in emphasizing the significance of a collaborative effort between various stakeholders to foster growth and development in Telangana.

The key message from this gathering is that achieving a USD 3 trillion economy is a complex task that demands sustained commitment from both the government and the private sector. As Telangana aims to accelerate its economic trajectory, the focus on inclusive growth and skill development will be vital in shaping the future of the state.