Telangana Records Annual Growth In Exports Sector Amid COVID-19

In a year when the Novel Coronavirus or COVID-19 hit the economic situation hard, Telangana is performing better in terms of exports.

Compared to other states, the Telangana Government reported better exports than many other states.

According to sources, India saw an annual average growth rate of merchandise exports at 4.7 % between Fiscal Year (FY) 2016 and FY 2020. However, Telangana witnessed a healthy growth rate of 8.1% in merchandise exports.

With this, Telangana has become exports powerhouse, which has strengthen the economic situation of the State.

David Rasquinha, the Managing Director (MD) India Exim Bank addressed the media and said, “Telangana accounts for 6 % of the electronics production in India and has significant headroom for growth. Further, given the large presence of specialised sub segments such as medical, electronics device, fabless chip design, and emerging industries such as electric vehicle and power electronics, Telangana is uniquely positioned to leverage the export potential across the niche areas.”

Telangana also accounts for substantial agricultural produce ranging from rice, maize, lemon, grapes, mango and soybean. In particular, the State accounted for the highest production of turmeric and sweet orange, third highest production of tea and coffee, and the fourth highest production of marine fish in the country.

The State is one of the fastest growing regions in India in terms of installation of solar power and ranks second in terms of solar power generation, after Karnataka. There are ample opportunities in the manufacturing of photovoltaic cells, which are mostly imported from China, he noted.

Telangana accounts for about one third of India’s pharmaceutical production, 40 % of total bulk drugs production and 50 % of the bulk drug exports from India in 2019-2020.

Over the last four years, Telangana has attracted more than Rs 10,000 crores investments in the life sciences sector.

Exim Bank chief further added, “On the logistics front, Telangana has performed almost at par with the coastal States such as Tamil Nadu and Maharashtra due to its single window clearance system.”

Coming over the COVID-19 challenge, the Telangana Government recorded exports of $ 4.1 billion this financial year till September 2020.

A jump of 14 % over the same period year on year recorded.