Telangana stands no.1 in the country

Hyderabad, May 26: The Telangana State has once again bagged the top place, which has the highest growth rate across the country in overall revenue generation with statistics of 17.82% for the financial year 2016-17.

The figure only proves right Chief Minister K Chandrashekhar Rao's oft-repeated assertion that Telangana State was the richest in the country. The figures for 2016-17 (till February) which were released by the Comptroller and Auditor General (CAG) on Thursday clearly indicate that the State has been consistently riding the high wave in revenue generation.

The State has registered a growth rate of 17.81 percent in income generation through State's Own Tax Revenue (SOTR) and 17.82 growth rate in major tax revenues comprising Sales Tax, Excise and Stamps, and Registration. The income generation for the State from the major taxes during the 2015-16 financial year was Rs 33,257 crore which went up to Rs 39,183 crore in 2016-17 (March to February), recording a growth rate of 17.82 percent.

Revenue earnings from SOTR were Rs 36,130 crore in the 2015-16 financial year, which shot up to Rs 42,564 crore for the corresponding period in 2016-17.

Jharkhand was in second place in revenue generation from major taxes with a growth rate of 16.86 per cent followed by Chattisgarh with a growth rate of 11.41 percent in the third place.

In the case of SOTR, West Bengal was in the second position with a growth rate of 17.16 per cent followed by Jharkhand with a growth rate of 16.42 percent. The neighboring Andhra Pradesh was placed in the seventh position in both categories with 9.94 per cent growth rate in SOTR and 9.01 percent growth rate in revenue generation from major taxes.

The Chief Minister, expressing his delight over the State achieving 17-plus percent growth rate both in SOR and SOTR, said that during the Telangana Statehood movement, he had declared that Telangana would emerge as a rich State and his words have been proved right for the past three years.

"Despite adverse circumstances, the State's growth rate has not shown any signs of slowing down. If anything, has only posted a healthy increase, which is creditworthy," the Chief Minister said, and congratulated and thanked the State government officers.

"Since there is an expected rate of growth in income generation, we will take forward the welfare programs in the State with renewed vigor and confidence," the Chief Minister said.