Jharkhand GDP projected to grow 7.7% in FY 25: Economic survey

The Jharkhand economy is expected to grow by 7.7 per cent in the 2024-25 fiscal, the state economic survey said. The survey, tabled in the assembly by Jharkhand Finance Minister Rameshwar Oraon on Monday, estimated that the state's economy will grow at 7.1 per cent in the current financial year of 2023-24 (FY'24). “The economy of Jharkhand has recovered from the effects of Covid-19 and the nationwide lockdown of the year 2020-21. It is estimated to grow by 7.1 per cent in the current financial year of 2023-24 and by 7.7 per cent in the next fiscal of 2024-25 (FY'25),” the survey stated.

It claimed that the economic growth rate of Jharkhand remained more than that of the country in most of the years from 2011-12 to 2022-23. “Between the years 2020-21 and 2022-23, Jharkhand grew at an average annual rate of 8.8 per cent, while the country grew at an average annual rate of 8.1 per cent," it said.

The survey also stated that the per capita income of the state, which had declined during the years of economic slowdown and lockdown, has recovered since then. “The per capita income at constant prices increased from Rs 51,464 in the year 2020-21 to Rs 60,033 in 2022-23 and the per capita income at current prices increased from Rs 69,963 to Rs 91,874 in the year 2022-23. They are estimated to grow further by 5.7 per cent at constant prices and 7.4 per cent at current prices in 2023-24," the survey said.

The inflation rate has mostly remained within the limit of six per cent, which is RBI's stipulated upper limit, it said. “The average rate of inflation in Jharkhand was 6.1 per cent in the year 2022-23. Except for the months of July and August in the year 2023-24 (up to October 2023), the rate of inflation has remained less than 6 per cent,” the survey said. Multidimensional poverty has also declined from 42.10 per cent to 28.81 per cent between 2015-16 and 2019-21. “In rural areas, the level of poverty decreases from 50.92 per cent to 34.93 per cent... In urban areas, poverty decreases from 15.04 per cent to 8.67 per cent” the survey added.