Economic Survey: Jharkhand Expected to grow at 7.4 percent in 2023-24

Ranchi: Jharkhand is expected to register a growth rate of 7.4 percent during the financial year 2023-24. As per the economic survey laid by Finance Minister Rameshwar Oraon during the ongoing Budget Session of the Jharkhand Assembly, the economic slowdown of the year 2019-20 and the covid induced lockdown of the year 2020-21 the economy of Jharkhand has recovered once again.

The GSDP of the state grew only by 1.1 percent in the year 2019- 20 and contracted by 5.5 percent in the year 2020- 21. The Covid-19 pandemic had severely affected the economy of the whole country but because of the sensitive management of the Covid situation in the state, the economy of Jharkhand was less severely affected by it than most of the other parts of the country.

The real GDP of the country had declined by 6.6 percent while that of the state had declined by only 5.5 percent during this period. Despite the second and third waves of the pandemic, the economy of the state recovered in the year 2021-22. The state grew at the rate of 8.2 percent in the financial year 2021-22. It is estimated to grow by 7.8 percent in the current financial year and by 7.4 percent in the year 2023-24.

The survey said that Jharkhand is one of the low-income states of the country. The GSDP at constant (2011-12) prices has remained 1.61 percent of the GDP at constant prices of the country in the year 2021-22 and the per capita income of the state is approximately 40 percent less than that of the country. It said that except for a few years, the growth rate of Jharkhand has mostly been higher than that of the country. 

In the current financial year, the growth rate of the country has been estimated to grow by 7 percent that of Jharkhand by 7.8 percent and in the coming financial year while the country is expected to grow in the range of 6 to 6.68 Jharkhand is estimated to grow by 7.4 percent. The share of the GSDP of the state in the GDP of the country is estimated to increase in the coming years.

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