Deputy CM Bhatti calls for productivity shock to achieve a $3-trillion economy by 2047

Deputy Chief Minister Mallu Bhatti Vikramarka said the State needs a structural break to bridge the gap between natural growth and its aspirations, emphasising the need for a productivity shock and setting a target to raise the investment rate to 52% of GSDP in order to achieve a $3-trillion economy by 2047.

He had presented the government’s ambitious Telangana Rising 2047 Vision document during a short discussion in the Legislative Assembly on Tuesday.

Addressing the House, the Deputy CM said, “The government plans to mobilize capital through domestic savings, foreign direct investment, and a dedicated Fund of Funds to de-risk innovation for startups.” He also said the plan is anchored on the CURE, PURE, and RARE policy framework aimed at comprehensive and inclusive development. “Our objective is to place every citizen on the path of progress,” he asserted, adding that Self Help Groups (SHGs) will be elevated into corporate entities to drive women-led growth.

The Deputy CM noted that Telangana’s Gross State Domestic Product (GSDP) has historically doubled every decade since 1991, making it a $200-billion economy today. However, if the State continues with business as usual, it will only reach $1.2 trillion by 2047, which he termed insufficient to ensure equitable development for farmers, Dalits, tribals and women.

Citing the German model, Mr. Bhatti Vikramarka stressed that “buildings do not build nations, but people do”. The government will establish Young India Skills University to implement a dual apprenticeship system, shifting focus from degrees to competencies. Health expenditure will also rise to 8% of GSDP to ensure a healthy workforce.

On women-led growth, the Finance Minister announced plans to make one crore women millionaires, not through subsidies but enterprise. Self-Help Groups will be digitized and corporatized, enabling women to access credit like urban entrepreneurs.