Jharkhand GSDP growth expected to be 12% this fiscal: Survey

Ranchi, Jan 21 (IANS) The growth in Gross State Domestic Product of Jharkhand is expected to be 12 per cent in 2016-2017, says an Economic Survey tabled in the assembly on Saturday.

"Remarkable growth has been recorded in all fields and sub-fields of state economy. The GSDP growth rate has been in two digits in the last three years. GSDP growth on static rate in 2014-15 was 12.5 per cent per year and 12.1 per cent in 2015-16. The growth is expected to be 12 per cent this financial year also," the survey said.

Jharkhand has shown a better growth rate than many states and union territories. Only Gujarat, Mizoram and Tripura have better growth of over 9 per cent over Jharkhand during 2011-12 to 2014-15.

Tripura and Mizoram are special category states of north-east India and get more subsidy than other states.

The annual NSDP increment of Jharkhand and Gujarat has been 8.8 per cent.

Jharkhand's per capita income in 2015-16 was Rs 62,816 against the national figure of Rs 93,231.

If GDP figures are considered, Jharkhand has recorded 12.1 per cent growth as against the national average 7.6 per cent last year.

From 2011 to 2015-16, remarkable growth was recorded in almost every area of the state's economy -- 5.23 per cent in agriculture, 7.2 per cent in industry and 10.63 per cent in the service sector.

The survey said the state's financial condition has improved in the last three years. In financial years 2011-12 and 2013-14, 8.1 per cent annual increment was recorded but it increased to 25.9 per cent during 2014-15 and 2016-17. Revenue collection also improved during the last three years.

As for the planned expenditure, 67 per cent annual increment was recorded in the last two years in Jharkhand. The share of planned expenditure increased in three years. The major part of the planned expenditure consists of capital expenditure which is important from the development point of view.

The revenue deficit is expected to be 2.16 per cent of GSDP in the current financial year which is within Fiscal Responsibility and Budget Management limits. In 2015-16, the state's total loans were 24.97 per cent of the GSDP. The per capita loan is Rs 15,897, which is less than its per capita income.