RANCHI: Jharkhand's economy is expected to grow by 6.15 per cent in the fiscal beginning April 1, 2022, and is well placed to meet the future challenges on the back of good monsoon, reforms and schemes, said the pre-Budget Economic Survey on Wednesday.
The Economic Survey 2021-22, tabled by Finance Minister Rameshwar Oraon in the state Assembly, expects the state's economy to grow by 8.8 in the current fiscal.
"In the year 2022-23, the GSDP of Jharkhand is estimated to grow by 6.15 per cent at constant prices and 10.72 per cent at current prices. This year it is estimated to be Rs 2.62 lakh crore at constant price and Rs 4.02 lakh crore at the present price," Oraon said.
The survey that details the state of the economy ahead of the government's Budget for the fiscal year beginning April 1, 2022, mentions that the state has shown adequate resilience to recover promptly from every shock including economic recovery from the effects of the COVID-19 pandemic.
"It is estimated to record 8.8 per cent growth in its real Gross State Domestic Product (GSDP) the current financial year (2021-22). The GSDP of the state grew at an average annual rate of 8 per cent per annum in the first five years of its formation (between 1999-2000 and 2004-05), then at the rate of 6.6 per cent between 2004-05 and 2011-12 and at 6.2 per cent between 2011-12 and 2018-19," it said.
The growth rate has decelerated during the last two years - financial years 2019-20 and 2020-21, the survey said.
These two years were not normal, it said, adding the Indian economy was hit by an economic slowdown in the year 2019-20 which did not leave even the economy of Jharkhand untouched.
Both, the Indian economy and the economy of Jharkhand recorded a growth of a mere 4 per cent, the survey said.
The survey said the per capita income in Jharkhand is expected to increase by 7.1 per cent over the previous year to Rs 57,180 for fiscal 2021-22.
It said agriculture has flourished due to good monsoon and Jharkhand is on the path of recovery from the pandemic.
As regards inflation, the survey said the inflation rate in the state has been lower than in the country and most of the states.
"While India's inflation rate was 4.91 per cent in November 2021, it was 2.6 per cent in Jharkhand," it said.
About poverty report based on National Multidimensional Poverty Index Baseline Report of Niti Aayog that says 46.16 per cent of the people in the state are poor, the Survey said the report is based on the NFHS-4 Survey 2015-16 and since then significant progress has been made.