PINAKI MAJUMDAR
Ranchi, Feb 26: The economic survey presented in the Legislative Assembly reflected the development in various areas of the state in the last few years.
During the last few years, the growth rate of Jharkhand has been chiefly higher than the country’s.
In the direction of eradicating poverty and unemployment, it has also succeeded.
Jharkhand’s economy has completely recovered from the economic recession of 2019-20 and the impact of Covid-19 and the nationwide lockdown in 2020-21.
The state’s real income [GSDP – at constant (2011-12) prices] has grown at an average annual rate of 8.8 per cent over the last three years, i.e. between 2020-21 and 2022-23.
It is expected to grow by 7.1 per cent in the current financial year (2023-24) and 7.7 per cent in the next financial year (2024-25).
The nationwide economic recession in 2019-20 and COVID-19 and lockdown in 2020-21 not only affected the country but also Jharkhand.
In these two years, there was a decline in the growth rate of both the country and the state, but during this period, compared to the government, there was a slight decline in the state’s growth rate.
Jharkhand managed the bad phase caused by COVID-19 and the nationwide lockdown imposed more efficiently and sensitively than other states.
Due to this, its income declined less than the country’s income, where its income declined by 5.3%.
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There was a decline of 5.8% while the country’s income declined by 5.8%.
In Jharkhand, this decline in income during the year was less than that of most other states.
During this time, it took many practical steps for its poor and migrant labourers. After Covid, the economic condition of Jharkhand improved rapidly.
It increased by 10.9% in 2021-22, whereas the country’s growth rate this year was 9.1%. Since then, the state has been moving on the path of progress.
Year 2022 Its growth rate was 6.8% in 2023, and this year, it is estimated to be 7.1%.
The state’s income in 2011-12 was about Rs 1.5 lakh crore, increasing to about Rs 2.6 lakh crore at constant prices in 2022-23 and about Rs 3.9 lakh crore at current prices.
The state’s income in the year 2024-25 at constant prices is about Rs 3 lakh crore, and currently, the value is estimated to be around Rs 4.7 lakh crore.
In the year 2019-20, the per capita annual income of the state was about Rs 55,658 at constant prices and about Rs 75,016 at current prices.
İn 2023-24, it will increase to about Rs 63,000 at constant prices. It is estimated to be Rs 98,000 at the current rupee rate, and in the year 2024-25, it is estimated to be Rs 67,000 at the fixed price and Rs 1.70 lakh at the current price.
Jharkhand’s GSDP was 1.59 per cent of the country’s gross domestic product (GDP) in the year 2019-20, which increased to 1.62 per cent in the year 2022-23.
Barring a few years, Jharkhand’s growth rate has been higher than the country’s.
The size of the state budget has also been continuously increasing. In 2001-02, the total length of the budget was about Rs 6000 crores.
In 2019-20, it increased to about Rs. 70,000 crores. Since last year itself, it has crossed Rs 1 lakh crores.
It was estimated to be Rs 1.16 lakh crore in 2022-23 (BE). Due to the increased budget, the state government is taking many meaningful steps to fulfil the people’s aspirations.
The size of the state budget in 2011–12 was approximately 17 per cent of the state’s GSDP. It became 23.8 per cent of GSDP in the year 2022-23, and it is estimated to be 27.2 per cent of GSDP in the year 2023-24.
The economic survey further revealed that the state has always had a revenue surplus in the post-Covid years.
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