Categories: BusinessNews

Economic Survey 2023-24: Bihar is the fastest growing state in the country, economy growing at the rate of 15.5%

Bihar Economic Survey 2023-24 : Bihar has become the fastest growing state of the country in the field of economy. The state’s economy is growing at the rate of 15.5 percent. At the same time, compared to last year, per capita income is estimated to increase by 13.9 percent to Rs 59,637. On Monday, Deputy Chief Minister cum Finance Minister Samrat Chaudhary presented the Economic Survey of 2023-24 in both the houses of the Legislature.

GSDP estimated to be Rs 7.5 lakh crore

The Finance Minister said that the state has achieved this growth rate despite having limited resources. As per quick estimates for the year 2022–23, Bihar’s Gross State Domestic Product (GSDP) at current prices is estimated to grow by 15.5 per cent to Rs 7.5 lakh crore, while real Gross State Domestic Product (GSDP) at current prices is estimated to grow by 10.6 per cent to Rs 4.4 lakh crore. could reach. At the same time, an increase of 13.9 percent was recorded in per capita income.

Per capita income is estimated to increase to Rs 59,637

According to the Economic Survey, the per capita income of the state has increased by 13.9% compared to last year and is estimated to increase to Rs 59,637. If we look at the situation at value then this increase is around 9.0%. That is, the per capita income at constant prices is estimated to be Rs 35,119. At the same time, the Deputy Chief Minister also gave information about per capita loan. He said that the per capita loan in the state was Rs 14438 in the year 2018-19, which has increased to Rs 24357 in the year 2023-24.

Expenditure on social services increased to Rs 88,348 crore

According to the report, the state government has achieved many developmental goals by judicious management of its fiscal resources. Compared to previous years, government expenditure has increased by 20.1%. This expenditure has increased to Rs 231904 crore in the year 2022-23. The state government spends a large part of its expenditure on social services. In the year 2022-23, this expenditure has increased to Rs 88348 crore.

The state will have to increase its resources

The Deputy Chief Minister cum Finance Minister mentioned the fiscal deficit and said that there is a need to control it. The main sources of revenue of the state are GST and VAT. The department is working to increase it. Apart from this, all the departments will have to work by making strategies to increase the revenue. A model will have to be made for how to collect taxes from the departments from where taxes are not coming.

Fiscal deficit within prescribed limits

Regarding the fiscal deficit, Principal Secretary of the Finance Department, Arvind Kumar Choudhary said that it is within the limits prescribed under the FRBM Act. The increase in fiscal deficit that is currently visible is due to the interest-free loan provided by the Central Government. Special Secretary Mukesh Kumar Lal and Joint Secretary Sanjeev Mittal etc. were present on the occasion.

Mayank

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