Bihar clocked an economic growth rate of 9.92% during financial year 2013-14, while its per capita Gross State Domestic Product (GSDP) shot up to Rs. 17,294 during this period from Rs. 15,931 in 2012-13.
The figures were revealed by the Bihar Economic Survey 2014-15 laid by state Finance Minister Bijendra Yadav in the Bihar Legislative Assembly today soon after Chief Minister Nitish Kumar won the trust vote on the floor of the House.
As per quick estimates, the GSDP at constant prices (2004-05) for 2013-14 has been estimated at Rs. 3,43,054 crore against Rs. 2,96,153 crore in 2012-13, registering a growth of 9.92%.
The share of primary, secondary and tertiary sectors has been reported at 22 per cent, 19.2% and 58.8% respectively of the total GSDP in 2013-14 at constant prices.
Expressing delight over the sustained economic growth, Yadav said: "Bihar is one of the few states, which have a higher growth rate than the national economic growth. It means development here has consolidated and growth has become irreversible now. This points out towards a vibrant economy in the state."
However, the economic growth marked a decline of 0.82% in comparison to 10.74% in 2012-13. It was also lesser than 10.29 per cent growth registered in the state during 2011-12.
Reacting to the decline in the year on year growth rate, Yadav said "Growth of the states is driven much by the national growth rate, and move up and down accordingly. The fall in the figures can also be attributed to slight decrease in the construction sector, serious drought in the state over the last few years and high prices of diesel."
Yadav said the growth has been somewhat less in agriculture, as well as, the tertiary sector, but pointed out that Bihar was among the two or three states, which have this high a growth rate and hoped it would do better.
Flanked by Finance Commissioner Rameshwar Singh and Asian Development Research Institute (ADRI) secretary Saibal Gupta, the Bihar Finance minister also expressed happiness over the growth in per capita income.
"The growth in per capita income is encouraging. It has climbed to Rs. 17,294 in 2013-14 from Rs. 15,931 in 2012-13. Ten years ago it was one-fourth of the national per capita income, but now it is around 40% of the national per capita income, which is at Rs. 39,904," Yadav said.
The state Finance Minister said the gap in the per capita income of the state and the national average was closing, though Bihar was still far behind.
"It will take around 15 to 20 years to catch up with the national average at the current economic growth rate," he said.