Growth of Service Sector in Telangana 2015
Service Sector in Telangana 2015 and its present scenario :
As the State economy develops, it transforms from being an agrarian economy to industrial economy. At the take off stage of economic development, the contribution of services sector grows faster than even industrial share. The services sector delivers “intangible” goods, in all social and economic sectors in the State economy excluding broad agriculture and industry sector categories. Producing services tends to require relatively less natural capital and more human capital than producing agricultural or industrial goods.
The composition of the Service Sectors includes sub sectors namely trade, hotels and restaurants, transport, storage, communication, banking, insurance, real estate, ownership of dwellings& business services, railways, public administration and other services. The service led growth has been quite visible from the growth path and structural shift of economy. The structural shift is explained by the change in structure and composition of physical production of an economy. With an impressive anticipated share of 57.1 percent of GSDP in real terms in 2014-15, the Services Sector continues to be the leading broad sector in economy over the years. The sector recorded strong annual average growth rate of more than 9 percent in last decade.
Contribution of Services Sector
The composition of the Services Sector at current prices for the year 2014-15 under various segments of services sector, Real Estate, Ownership of dwellings & Business services is the leading subsector with share of 15.6 percent, followed by the ‘Trade, Hotels and Restaurants’ with 13.1 percent, other services at 9 percent, banking, insurance & communications at 6.6 percent, transport by other means and storage 6.3 percent, public administration with 4.6 percent, communications 1.5 percent and railways 0.5 percent as per advance estimates.
Though the share of each sub-sector reﬂects their direct contributions to GSDP, some of them have huge indirect contributions and multiplier effects. For instance, “transport and communications” add to infrastructure, which is crucially important for any economy. By providing liquidity, “banking, insurance and ﬁnancial services” support the businesses and act like the ‘engine’ of economic activity. In a broader sense, it can also be viewed as infrastructure. Construction adds to real capital stock, which is a major input to output growth in various sectors.
Similarly, district wise comparison of sectoral share to the Gross District Domestic Product (GDDP) is shown in Chart given below. It is interesting to see that the services sector contributes a major share to GDDP in most of the districts of Telangana. For instance, in Hyderabad, services sector contribute 81.6 percent to the Hyderabad GDDP in 2013-14. Similarly, in the case of Ranga Reddy and Nizamabad, the services sector contributes 56.3 per cent and 52.5 percent respectively.
Growth of Tourism in Bangaru Telangana
Tourism is an industry with lot of opportunities and contributes signiﬁcantly to the socio-economic growth of the State. The state offers a number of opportunities for the tourism industry. With the formation of Telangana State Tourism Development Corporation,steps have been taken to initiate innovative methods of implementing different types of tourism packages / services and experiences to attract both domestic and foreign toursits.
Hyderabad was ranked second among the “Best of the World – 20 Places You Should see in 2015” list, published in the annual guide of National Geographic Traveller magazine. The Heritage sites of Hyderabad offer rich cultural diversity to the tourists and efforts are being made to prepare tailor- made packages which suits the requirements of different types of tourists visiting Hyderabad. TSTDC has launched a Nizam Pal¬aces tour package covering Falaknuma and Chowmahalla palaces a Hyderabad by Night daily tour covering Sound & Light show at Golconda Fort and Taramati Baradari. Steps have also been taken to conserve and beautify Qutub Shahi Tombs with the assistance from Government of India, as announced during the Union budget. Already Aga Khan Trust is collaborating with the State Government in the conservation project of the famous tombs.
There is also a potential to promote Golf Tourism in the nearby International standard Golf Course devel¬oped by Hyderabad Golf Association which recently hosted Golconda Masters PGTI tournament, the ﬁ rst of its kind in Hyderabad. Hyderabad has also emerged as the hub for MICE (Meetings, Incentives, Con-ferences and Exhibitions) Tourism and boasts of the best infrastructure in india, in this regard. Hyderabad Conventions & Visitors Bureau (HCVB), the ﬁrst such organization to be set up in India, is coordinating the marketing efforts for this purpose.
Concerted efforts have also been initiated to attract tourists to hitherto lesser known destinations in the districts of Telangana by developing required amenities and by launching suitable packages. Recently, NITI Aayog of Government of India sanctioned a grant of Rs.33.00 Crores to develop tourism infrastructure at Nagarjuna Sagar, Karimnagar, Ramappa, Kinnerasani, Kothagudem and Gajwel. Comprehensive district plans for development of Tourism spots in all the districts of Telangana are under preparation.
Telangana has many beautiful temples and historic places of worship located across the State, which are now popular pilgrim centers. One such circuit started by TSTDC covers Chilkur Balaji Temple on the banks of Osman Sagar Lake near Hyderabad. Similar package tours are offered for visit to Sitaramachandra Swamy Temple at Bhadrachalam of Khammam district, Saraswati Temple at Basara, Adilabad district and Laxmi Narasimha Swamy Temple at Yadagirigutta, Nalgonda district. Amenities for tourists have also been developed at Vemulawada Sri Raja Rajeshwara Swamy Temple at Vemulawad and Hanuman Temple at Kondagattu are famous temples in Telangana.
Telangana has a tremendous potential for Rural Tourism and is a fascinating canvas of myriad colors, cultures and customs. Handicrafts represent, perhaps, the oldest traditions of living culture and Telangana has some of the richest sources of handicrafts. Rural Tourism projects identiﬁed in Telangana, by the Ministry of Tourism, Government of India are Pochampally Rural Tourism Project, Nalgonda, Nirmal Rural Tourism project, Adilabad, Cheriyal Rural Tourism Project and Pembarthi Rural Tourism Project Warangal.
Hyderabad has the potential to ermerge as a global medical tourism hub, in view of the world class treatment at affordable prices offered in the leading hospitals located in the city. Steps are being taken to prepare a comprehensive plan for this purpose and to conduct road shows abroad.
Bathukamma is the icon of cultural identity of Telangana and this festival has been declared as a State festival. This unique ﬂoral festival of Telangana has the potential to attract tourists from all over the country and has become an annual feature. Telangana State Government released an amount of Rs.10 crores for conduct of this festival in 2014 and plans to conduct this festival on a grand scale every year. Tour packages on the eve of Bathukamma were launched by TSTDC and steps are being taken to attract tourists from all over the country for this unique ﬂ oral festival.
Bonalu was also declared as a State festival by the Government and the State Tourism Development Corporation has launched Hyderabad Bonalu weekend package tours to Secunderabad Ujjaini Mahankali Temple and Maisamma Temple at Lal Darwaza. These tours are being planned to be organized every year. The tableau of Telangana State which was displayed for the ﬁrst time at Rajpath in New Delhi during the Republic Day celebrations depicted Bonalu festival in a colorful manner.
(Source: THE HANS INDIA)