Economic Growth and Projections
Jharkhand Economic Survey 2024-25 In a recent session of the Legislative Assembly, the Jharkhand government unveiled its Economic Survey report for the fiscal year 2024-25. The report indicates that the state’s economic growth rate stood at 7.1% for the current financial year. Looking ahead, a growth estimate of 7.7% has been projected for the upcoming fiscal year 2024-25. Finance Minister Rameshwar Uranv highlighted in the session that the state’s financial management has notably improved.
Revenue and Expenditure
The report shows significant increases in revenue collection and expenditure, which will be reflected in the upcoming budget. Jharkhand’s development rate has surpassed the national average. Between 2020-21 and 2022-23, the state’s Gross State Domestic Product (GSDP) grew by an average annual rate of 8.8%. Despite this growth in development rate, there has been no significant improvement in per capita income in Jharkhand.
Per Capita Income Rankings
In terms of per capita income rankings, Jharkhand ranked 26th among the 28 states in the country in the fiscal year 2000-01. Only Bihar and Uttar Pradesh were lower on the list. Even in the year 2021-22, it remained at the 25th position. Only Bihar, Uttar Pradesh, and Manipur were behind Jharkhand in this aspect.
Inflation Rate
The Economic Survey report also notes that Jharkhand’s inflation rate has been lower than the national rate. The average inflation rate for the fiscal year 2022-23 was 6.1%. The report discusses the inflation rate up to October 2023, stating that except for July and August 2023, the inflation rate has remained below 6% for the remaining five months.
Budget Size and Revenue
The report reveals that the state’s budget size has increased by an average annual rate of 12.1% from the fiscal year 2011-12 to 2022-23. In 2023-24, the budget size was approximately ₹1,16,418 crores. Regarding tax revenue, the report mentions that tax collection in the state has increased by an average annual rate of 11.1% from the fiscal year 2016-17 to 2022-23. During the same period, non-tax revenue in the state recorded a growth rate of 8.4% annually.
Debt Situation and Education Sector
Over the past three years, the state’s total debt has exceeded ₹1 lakh crores. Most of this debt is from public loans, with a portion coming from public accounts. The Finance Minister mentioned that our government is making timely repayments of debts, reducing the burden of interest payments on the people of the state. The report also highlights improvements in the education sector. In the year 2017-18, approximately 72% of the state’s population was literate, which increased to 79% by 2022-23. The literacy rate for women has increased by an average annual rate of 3%.
