The Jharkhand Economic Survey Report presented by Chief Minister Raghubar Das in the Assembly on Tuesday portrayed a bullish picture of the State’s economy, stating that the GSDP and GSVA of the State witnessed 40 per cent growth and per capita income grew by 31 per cent in the last six years. According to the survey, the growth rate of the economy is estimated to be 6.7 per cent in the current financial year (2017-18).
The estimations have been made on constant prices that show that the GSDP of the State has grown from Rs 150918 crore in 2011-12 to Rs 212720 crore in the year 2016-17. The per capita income has grown fromRs 41254 to Rs 54201 in last six years, whereas it has grown by 5.2 per cent in the current financial year.
One of the interesting facets of the report is that the economic growth has not been uniform and the tertiary sector has recorded a compounded annual growth rate of 9.3 per cent in last six years. The performance of the other sectors is below average with primary sector achieving 4.6 per cent and the secondary sector 5.3 per cent growth rates.
Talking about the economic performance of the State in comparison with the country, the report states that Jharkhand has been successful in reducing the development gaps through the years. The share of the State in national income has enhanced to 1.84 per cent in 2015-16. Also, the per capita income of the State is now 30 per cent less than that of the country. Looking at several other indicators also, the report says, the gap between Jharkhand and India has narrowed down.
The report also projects a bright picture of the State finances stating that Jharkhand’s fiscal position has strengthened in the last three years. It states that between FY 2014-15 and 2016-17 both the revenue and the capital receipts of the State experienced impressive growth. The revenue receipts recorded a growth of 22 per cent while the capital receipts grew by 20 per cent during the period.
Talking about debt sustainability, the report says that the State is keeping well within the limits of Debt GSDP ration considered sustainable for an economy. It was around 24 per cent during 2015-16 and moved towards 26 per cent in 2016-17. In the budget estimate for 2017-18 it is estimated to be around 26.65 per cent, which is well below the limit of 35 per cent.
The report also illustrates in details the development works being undertaken by the government making full use of Central grants and State funds in the area of Rural Development, Urban Development, Agriculture and Allied activities, Food security, Industries, Infrastructure and Communication, Labour and Employment, Education, Health, Drinking Water amd Sanitation, Women, Child Development & Social Security Tribal Welfare, Tourism, Arts, Culture, Sports and Youth Affairs etc.