RANCHI: Jharkhand economy is expected to grow by 7.4 per cent in the fiscal beginning April 1, 2023 and is on the road to recovery despite being severely battered by the pandemic, the state economic survey said on Thursday.
The state managed the fallout of the Covid-19 situation efficiently and as a result the decline in its GDP was 5.5 per cent, which is less than the country's 6.6 per cent decline during the period.
The share of GSDP of the state in the GDP of the country is estimated to increase in the coming years, the survey said.
"The state grew at the rate of 8.2 per cent in 2021-22. It is estimated to grow by 7.8 per cent in the current financial year of 2022-23 and by 7.4 per cent in 2023-24," said the economic survey tabled by Jharkhand Finance Minister Rameshwar Oraon in the state Assembly.
The survey, that detailed the state of the economy ahead of the government's Budget for 2023-24, said that despite the second and the third waves of Covid-19 the economy of the state recovered in 2021-22.
"In the current financial year 2022-23 while the growth rate of the country has been estimated to grow by seven per cent that of Jharkhand will be 7.8 per cent. In the coming financial year of 2023-24 when the country is estimated to grow in the range of 6 to 6.8 per cent, Jharkhand is estimated to grow by 7.4 per cent," it said.
The survey said that the per capita income in Jharkhand which had declined during the years of economic slowdown and lockdown, has also recovered.
"The per capita income at constant price increased from Rs 51,365 in the year 2020-21 to Rs 55,126 in the year 2021-22 and the per capita at current prices increased from Rs 71,071 in 2020-21 to Rs 78,660 in 2021-22. They are estimated to grow further by 6.7 per cent at constant price and 9.4 per cent at current prices in 2022-23. They are estimated to be Rs 58,819 at constant prices and Rs 86,060 at current prices in 2022-23," it said.
Regarding inflation, the survey said it remained high in the state most of the time throughout 2022 at above six per cent, which is RBI's stipulated upper limit.
"In Jharkhand the prices of fuel, light, clothing, footware have increased sharply in comparison to other commodity groups during last one and a half years. The inflation rate in the state has decreased in the last two months of 2022 because of moderation in the rate of increase in price of these items," it said.
In 2019-21 the percentage of multidimensional poor decreased to 36.6 per cent - 42.2 per cent in rural areas and 11.1 per cent in urban areas, the Jharkhand economic survey added.