PATNA: The Bihar economy at current prices has grown 3.5 times, from Rs 2.47 lakh crore in 2011-12 to Rs 8.54 lakh crore in 2023-24, according to the state’s Economic Survey report for 2024-25 presented by Deputy CM and finance minister Samrat Choudhary in the assembly on the first day of the budget session on Friday.
Choudhary said that the economic growth had taken place over the last two decades, improving socio-economic indicators. “As per the latest available estimates, the Gross State Domestic Product (GSDP) of Bihar for 2023-24 was estimated to be Rs 8,54,429 crore at current prices and Rs 4,64,540 crore at constant (2011-12) prices,” he said.
In the fiscal year 2023-24, tax revenue was worth Rs 1,61,965 crore, making it the most significant component of revenue receipts. The share of tax revenue in total receipts increased from 75.3% in 2019-20 to 83.8% in 2023-24 as grants-in-aid during 2023-24 was 13.5% of the receipts, totalling Rs 26,125 crore, while non-tax sources contributed 2.7%, amounting to Rs 5,257 crore.
The transport and communication sector registered the third highest growth (7.6%) during 2011-24, after UP (10.1%) and Karnataka (7.7%) among the major states. The contribution of the forestry and logging sector in the Gross State Value Added (GSVA) at current prices grew by 10.7% from Rs 4,187 crore in 2011-12 to Rs 13,549 crore in 2023-24, Choudhary said.
Earlier, Governor Arif Mohammad Khan said that rule of law and sustained development have been taking place in Bihar since November 24, 2005 when new government came to power.
In his customary address to the joint session of the legislature, Governor said, “The state government has emphasised on development with justice and good governance, which implies growth of all sections of the society.”