Ranchi: Jharkhand is expected to clock a growth rate of 8.8 percent during the financial year 2021-22.
With 2.4 percent of the geographical area of the country and 2.7 percent of the country’s population the GSDP of the state is less than 2 percent of the GDP of the country. The state nonetheless has shown steady progress since its formation.
“The state has shown adequate resilience to recover promptly after every shock. In the current financial year the economy of the state has recovered from the effects of the first wave of the covid-19 pandemic and the stringent lockdown of the last year and also from the second wave which struck during the first quarter of this year. It is estimated to record 8.8 percent growth in its real gross state domestic product for the current financial year 2021-22, ” said the Economic Survey Report 2021-22.
As per the report of the economic survey 2021-22 which was tabled by finance minister Rameshwar Oraon during the ongoing budget session of the assembly it has been said that the GSDP (Gross State Domestic Product) of the state grew at an average annual rate of 8 percent per annum in the first five years of its formation between 1999-2000 and 2004-05, then at the rate of 6.6 percent between 2004-05 and 2011-12 and at 6.2 percent between 2011-12 and 2018-19. At 2011-12 prices the GSDP of the state was Rs 229274 lakh crores in the year 2018-19.
However the survey said that the growth rate has decelerated during the last two years which is the financial year 2019-20 and 2020-21. “These two years were not normal years the Indian economy was hit by an economic slowdown in the year 2019-20 which did not leave even the economy of Jharkhand untouched.” Both the Indian economy and the economy of Jharkhand recorded a growth of near 4 percent.
The survey further said that the year 2021 was affected by Covid-19 pandemic. The pandemic and the ensuing lockdown affected all the economic activities and disrupted the supply chain of both the consumers and the producer goods. The requirement to maintain social distance and other Covid-19 appropriate behaviour further slowed down the pace of recovery as a result the GSDP of the state is estimated to have contacted by 4.7 percent in this fiscal.