PATNA: Bihar remains one of the fastest growing States in the country as the growth momentum of the State’s economy continued last year, said state finance minister Abdul Bari Siddiqui on Thursday.
Presenting the economic survey for 2016-17 in the State Assembly on the opening day of the budget session, Siddiqui said that though the base year was changed by Central Statistical Organisation (CSO) to 2011-12 to calculate both state and national GDP, Bihar’s growth rate remains better than the national average.
As per the new GSDP estimates, the medium-term growth rate for GSDP in Bihar was 7.6 per cent, compared to 6.8 per cent for the national economy, said the survey report.
“Per-capita income in Bihar was about 35 per cent of the national average in 2015-16, compared to about 33 per cent a decade ago. The GSDP of Bihar at constant (2011-12) prices in 2015-16 was Rs 3.27 lakh crore, and Rs 4.14 lakh crore at current prices. The per capita income at current prices in 2015-16 is Rs 36,964,” said Siddiqui.
Several sectors that have been the drivers of growth in Bihar registered more than 10 per cent growth - manufacturing 17.7 per cent; electricity, gas and water supply 15.2 per cent; trade, repairs, hotels and restaurants 14.6 per cent; transport, storage and communications 12.6 per cent.
In 2015-16, the share of the primary sector in GSDP was 19 per cent, which reflected a fall of 7 per cent since that between 2011-12 and 2015-16. The secondary sector’s share was 18.8 per cent and that of the tertiary sector was an impressive 62.2 per cent. The secondary sector’s growth in 2015-16 was 8.4 per cent and the tertiary sector’s 10.4 per cent, revealed the survey.
Governor Ramnath Kovind addressed a joint session of the State legislature on the opening day of the budget session and, during the hour-long address, he referred to the “seven resolves” of the Nitish Kumar-led government for Bihar’s development a number of times.
The Assembly session, which would end on March 26, is likely to be stormy as the main Opposition party BJP is set to raise issues such as worsening law and order and cases of corruption.