E-Paper
Jharkhand economic survey pegs state’s growth rate at 7.8% in current fiscal
The survey was tabled a day before state finance minister Rameshwar Oraon tables the annual budget for the upcoming fiscal.
RANCHI: Underlining that the state economy recovered in 2021-21 despite the second and third waves of Covid-19, the economic survey tabled in the Jharkhand assembly on Thursday pegged the economic growth at 7.8 % in the current financial year, higher than the country’s growth rate during the same period.
The survey was tabled a day before state finance minister Rameshwar Oraon tables the annual budget for the upcoming fiscal.
“In the current financial year (2022-23), the growth rate of the country has been estimated to grow by 7 per cent, while that of Jharkhand by 7.8 per cent. In the coming financial year (2023-24) while 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,” the survey said.
Describing the state of inflation, the survey said while inflation remained higher than 6 per cent, the stipulated upper limit of the RBI, through most part of 2022, the price rise eased to marginally below 6 per cent in the last two months in 2022.
“In Jharkhand, the prices of fuel, light, clothing and footwear have increased very sharply in comparison to other community groups during last one and half years i.e from August, 2021 to December 2022. The inflation rate of the state has decreased in the last two months of the year 2022 (November and December) because of moderation in the rate of increase of these items,” the survey said, adding that fiscal deficit in the state has mostly been within the Fiscal Responsibility and Budget Management (FRBM) limits.
On the expenditure front, the survey said that total expenditure increased at an average of 6.1 per cent from 2015-16 to 2021-22, the expenditure on schemes grew at an average of 4.8 per cent and that on establishment at annual average rate of 7.8 per cent.
On the debts and liabilities of the state, the survey underlined that debt was ‘sustainable’.
“Except for the year 2020-21, the debt-GSDP ratio has remained less than 35 per cent and the interest-revenue-receipt ratio less than 10 per cent. For the past two years, the best borrowing has also remained within the borrowing ceiling set for the state,”the survey said.
The survey said while the level of unemployment has been a matter of concern, overall employment in Jharkhand has not only been less than the country average but has also declined over the years.
