Governor E.S.L. Narasimhan stated this in his address to the joint session of the assembly on the first day of the budget session on Thursday.
Listing out programmes and schemes launched by the government in the last 22 months, he said it was trying hard to usher in an era of unprecedented prosperity for all and "targeting to achieve a growth of 15 percent in GSDP in 2016-17 to make Telangana the number one state in the country".
He said the economy of the state was expected to grow at 11.7 percent in 2015-16 as per the advanced estimates of the state's gross domestic product as against the projected national growth of 8.6 percent.
"Telangana's GSDP is estimated to be Rs.5.83 lakh crore in 2015-16 at current prices which marks an important milestone in the growth of state economy," he said.
"In the second financial year, my government created a record by endorsing an annual budget of more than Rs.1.15 lakh crore for fiscal 2015-16 with plan allocation of more than Rs.52,000 crore.
"Under this the per capita plan allocation has almost doubled compared to financial year 2013-14 in the combined state. This is by itself testimony of commitment of my government to significantly improve public spending for development of the state," he said.
Narasimhan said the state recorded commendable progress in all sectors.
He said although the primary sector involving agriculture and allied activities was likely to register a meager growth of 0.8 percent due to adverse seasonal conditions in 2015-16, the secondary sector involving industries and manufacturing was likely grow at 8.3 percent and services sector was likely to grow at 14.9 percent over the previous year.He noted that as per advance estimates of 2015-16, the per capita income of the state at current prices was likely to increase to Rs.1,43,023 from Rs.1,29,182 in 2014-15 as against the national per capita income of Rs.93,231.
He told the legislature that the industry sector was expected to grow at 11 percent in 2015-16 which will put Telangana in the league of fastest growing industrialised states.
The state also conceived a unique information and communication technology policy to make Telangana most favoured investment destination for technology and electronic manufacturing in the country.
"Very soon four top most IT companies in the world will set up large development centres outside of the US in Hyderabad," he said.
The IT sector, which contributes substantially to GSDP and employment, recorded huge exports of Rs.68,258 crore through 1,300 IT units including 500 global companies, registering an impressive 16 percent growth, the highest in country, he added.