MP economy in bounce-back mode, suggests survey 

Chief Minister Shivraj Singh Chouhan says govt has shown financial discipline and good governance as GSDP has grown by 16.43 per cent.

Published: 01st March 2023 09:31 AM  |   Last Updated: 01st March 2023 09:31 AM   |  A+A-

Madhya Pradesh CM Shivraj Singh Chouhan

Madhya Pradesh CM Shivraj Singh Chouhan. (File Photo | PTI)

By Express News Service

BHOPAL:  A day before presenting its last full-fledged annual budget, the Shivraj Singh Chouhan government tabled Madhya Pradesh’s economic survey 2022-23 in the Vidhan Sabha on Tuesday. Claiming that the state’s economy was truly in the bounce-back mode after setbacks caused by the Covid-19 pandemic, Chief Minister Shivraj Singh Chouhan said, “The latest economic survey figures show that that state’s financial management and economic condition are sound.”

“The statistics are also an apt indicator that we’ve ensured inclusive development as well as continued to expand the size of the Budget along with ensuring financial discipline and good governance,” he said.
Detailing the media the key takeaways from the economic survey 2022-23, the CM said, “I’m proud to tell you that the gross state domestic product (GSDP) has grown in 2022-23 by a strong 16.43 per cent. The steady GSDP growth after 18.02 per cent growth in 2021-22 shows that MP is growing in a sustained manner in all spheres, despite the Covid-19 pandemic.”

Compared with 2001-02 GSDP of Rs 71,594, the growth has peaked to Rs 13,22,000 crore in 2022-23, which means a jump of 18 times in two decades. The per capita income which stood at Rs 11,718 in 2001-02 grew to Rs 38,497 in 2011-12 and a decade later it has peaked to Rs 1,40,500, which speaks volumes about rising sources of income for people.

“Often we’re accused of funding the economy with mounting debt, but the figures in this economic survey speak otherwise. The debt-GSDP ratio which stood at 39.5 per cent in 2005 has declined to 22.6 per cent in 2020-21, which clearly shows how the debt is declining compared to the rise in the GSDP,” the CM maintained.

“Even on the capital expenditure front, the figure which stood at Rs 37,89 crore in 2021-22 has grown by 23.18 per cent to Rs 45,685 crore in 2022-23. The industrial growth which was in the negative (-0.61%) in 2001-02 was pegged at 24 per cent in 2022-23. The revenue receipts too have risen by an average 7.94 per cent over the last three years.”    

A lowdown into the sector-wise picture drawn by the economic survey showed that in the agriculture sector, the total area grew by 5.46 per cent during 2021-22 compared to 2020-21, while the yield of crops in the agriculturally rich state grew by 4.16 per cent in the same period. The state produced 352.7 lakh-tonne wheat in 2022-23  compared to 174.8 lakh tonnes in 2013-14, while paddy production grew from 53.2 lakh tonnes to 131.8 lakh tonnes in the same period.

The total exports of the state grew by 8.4 per cent between 2017 and 2022. Among the land-locked states (Haryana, Rajasthan, Punjab, Jharkhand, Chhattisgarh and MP), MP has overtaken Rajasthan in terms of exports value and is in second place now, followed by Haryana, according to the Export Preparedness Index 2021 Report.

The economic survey 2022-23 also stated that foreign direct investment (FDI) is continuously increasing in the state, as it received Rs 1,560 crore/USD208 Million as FDI between April 2021 and March 2022.
In the tourism sector, one of the key sectors of MP’s economy, post-COVID-19 pandemic growth is all evident, as there has been a 122 per cent increase in the number of tourists at religious places and 58 per cent increase in other tourist places in the state in 2022 compared to 2021.

The institutional deliveries which in 2005-06 was 26 per cent rose to 90.7 per cent in 2019-21, while the child mortality rate which was 70 per 1000 live births in 2005-06 fell drastically to 41.3 per thousand live births. 

Survey’s key indicators

  • Gross State Domestic Product (GSDP) at constant prices this year up by 7.06 per cent
  • Per capita income for 2022-23 up to more than Rs 1.40 lakh, as against the income for 2021-22, which was around Rs 1.21 lakh
  • MP economy grew by a robust 16.43 per cent in 2022-23
  • Industrial growth which was in the negative at -0.61 per cent in 2001-02 grew by 24 per cent in 2022-23.
  • Capital expenditure grew by 23.18 per cent from Rs 37,089 crore in 2021-22 to Rs 45,685 crore in 2022-23
  • Revenue receipts at average 7.94 per cent in the last 3 years
  • Debt-to-GSDP ratio which stood at 39.5 per cent in 2005 down to 22.6 per cent notwithstanding Covid

Malnutrition down
Severe malnutrition in children under 5 years of age group which was 12.6  per cent as per NFHS-3 (2005-06) declined to 6.5 per cent as per NFHS-5 (2019-21)

Salient feature: State ranks first in production of diamond, copper and manganese ore in 2021-22

Farm & fish sector

Compared to 2020-21, total cropped area grew by 5.46 per cent in 2021-22, while the total crop output up by 4.16 per cent in the same period

Fish output rose by an average 15.39 per cent annually during 2015-2022.

Salient features

  • Exports grew annually by 8.4 per cent in 2017-2022.
  • Tourism saw robust growth in the post-Covid-19 pandemic period

Child Mortality Rate which was 70 per thousand live births dipped to 41.3 per thousand live births in 2019-21


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