Sub-sector Contributions in Telangana’s Services Sector (2022-23 to 2023-24)
During the fiscal years 2022-23 and 2023-24, the services sector in Telangana displayed stable dynamics with some notable shifts in the contributions of key sub-sectors.
Key Sub-sector Contributions:
Trade, Repair, Hotels, and Restaurants:
- 2022-23 Contribution: 27.6%
- 2023-24 Contribution: 29.0%
- Observation: This sub-sector saw a slight increase in its contribution, reflecting sustained growth in consumer-oriented services, likely driven by increased consumer spending and recovery in the hospitality industry.
Financial Services and Real Estate, Ownership of Dwellings, and Professional Services:
- 2022-23 Contribution: 7.9% (Financial Services), 36.8% (Real Estate, Ownership of Dwellings, and Professional Services)
- 2023-24 Contribution: 7.6% (Financial Services), 35.6% (Real Estate, Ownership of Dwellings, and Professional Services)
- Observation: These sub-sectors experienced marginal declines, possibly due to shifts in market conditions or investment patterns within the state.
Transport, Storage, Communication & Services Related to Broadcasting:
- 2022-23 and 2023-24 Contribution: 11.6%
- Observation: The contribution remained stable, underscoring the consistent role of this sub-sector in supporting infrastructure and communication needs across the state.
Public Administration:
- 2022-23 and 2023-24 Contribution: 4.5%
- Observation: Public administration maintained a stable contribution, reflecting the steady role of governance and public services in Telangana’s economy.