India's youngest state, Telangana, is registering tremendous growth in its gross start domestic product (GSDP), one of the highest in the country.. Telangana is also adjudged one of the wealthiest states in India. Telangana is also placed second among the states with surplus economy. The country's 29th state has now become the leader among the south Indian states in terms of GSDP.
Telangana, with a GSDP of 6.61%, ranks above all the southern states like Karnataka (6.55%), Tamil Nadu (6.17%), Andhra Pradesh (5.04%) respectively. The overall growth in the state's GSDP is expected to rise in the 2015-2016 financial year. Telangana gets its records income from the excise and commercial and sales tax departments.
In the 2014-2015 financial year, the commercial and sales tax department recorded solid 17,125 crore income while the excise department gave the state an income of 5,70 crore taking the sum total of 22,843 crore to the state's treasure. Service tax (283 crore), entertainment tax (73 crore), rural development tax (407 crore), other taxes (893 crore) added to the state's economy which has been tallied up to 23,727 crore. This income is expected to increase to 28,000 crore by the end of this financial year.