Ranchi: After recovering from Covid -19 Lockdown, Jharkhand’s economy has started running on track. Financial management is also getting better. The per capita income of the state is estimated to be up to Rs 1 lakh in the financial year 2024-25. Despite less monsoon rains, a growth rate of four to five percent has been predicted in the agriculture sector. There will be a tremendous boom in the field of industry also. There is a possibility of growth up to eight percent.
The reason for this is believed to be the policy of MSMN. At the same time, the possibility of growth in service sector, transport and construction has also been expressed. The government is returning the loans taken at expensive interest rates. This has happened because the Central Government has announced that interest-free loans will be given to all the states for 50 years. After this, the Jharkhand government has also started returning the loans with expensive interest rates.
In this series, Jharkhand government has returned Rs 136 crore to Rural Electrification Corporation of India, National Cooperative Development Corporation, Housing and Urban Development Corporation. The process of returning Rs 200 crore to HUDCO is going on. The state government was paying interest at the rate of 13 percent on the amount returned. At present the state government has a debt of Rs 96406 crore. At present the state government is paying interest of Rs 7400 crore annually on this loan.
To reduce the interest burden, the government is repaying the loans with high interest rates. In the coming time, the state will be left with only that loan, the interest rate of which will be between 6 to 7 percent. The total interest payment of the state, which is currently about 9 percent of the total revenue receipt of the state, will become even less in future. The growth rate will also jump in the financial year 2024-25.
The state’s growth rate can be up to 7.5 percent. At present the growth rate of the state is 6.8 percent. The reason for this is said to be that there is a lot of growth potential in the fields of agriculture, industry, tourism, construction, service sector and transport in the state.