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'Bihar’s growth rate is 11.3%, highest in country'

PATNA: Deputy CM Sushil Kumar Modi, who tabled the state’s Economic Survey file for 2018-19 within the state assembly on Monday, mentioned the expansion journey of Bihar’s economy persevered even in 2017-18 fiscal when it clocked 11.three% gross state home product (GSDP) expansion fee, the absolute best within the country.

“The closing five monetary years noticed state’s GSDP growing at a healthy fee. The tertiary (provider) sector additionally recorded expansion fee in double digits all over this period,” Modi, who additionally holds the finance portfolio, mentioned outdoor the state assembly after tabling the Economic Survey file.

He mentioned per capita income of the state was once Rs 31,316 at constant price while its GSDP stood at Rs three.61 lakh crore on the constant price. “The double digit expansion was possible because of sound development strategies marked by top levels of development expenditure,” Modi mentioned.

The primary sector (agriculture and allied activities like forestry, fishery and animal husbandry assets) recorded expansion fee of one.4%, secondary sector (mining, quarrying, production and development) 2.five% and the tertiary sector 14.6% all over 2017-18. The tertiary sector contains industry, hotels, restaurants, railways, highway, water and air transports, storage, conversation and broadcasting, monetary products and services and public management.

Modi mentioned income surplus (quantity that is still after income expenditure is subtracted from the state’s general income receipts from central and state assets) helped the state maintain its expansion fee.

The income surplus greater to Rs 14,823 crore in 2017-18 from the low of Rs 6,441 crore in 2013-14. The state’s general income greater from Rs 68,919 crore in 2013-14 to Rs 1.7 lakh crore in 2017-18. Similarly, the gross fiscal deficit was once introduced down from Rs 16,480 crore in 2016-17 to Rs 14,305 crore in 2017-18, conserving it at 2.nine% that is lower than the mandated three% of the GSDP. Further, development income expenditure (cash spent on docs, lecturers) was once 72% in comparison to 28% of non-development expenditure.

Modi mentioned the expansion in agro-based industries within the state at 19.2% was once five times the all-India expansion fee of 3.6%, while the expansion within the non-agro founded industries has been 6.nine% in comparison to the national moderate of 4.4%.

Public investment within the highway sector registered annual expansion fee of 16.three% all over the closing seven years and public investment in rural roads additionally greater by 30% once a year. Modi mentioned Bihar held 6th place within the country on investment in national and state highways and 5th when it comes to different roads.

“Altogether 11.18 lakh new vehicles had been offered in 2017-18 with folks investing more on two-wheelers. The tele density within the state was once 221 sim playing cards per 100 folks in city areas next to Kerala at 260 sim playing cards per 100 persons, while in rural areas it was once 63 per 100 persons. Air passenger visitors in Bihar was once 31 lakh and the per capita intake of power greater from 134kwh in 2011-12 to 280kwh in 2017-18,” Modi mentioned.

He added the expenditure on schooling rose from Rs 10,214 crore in 2011-12 to Rs 26,394 crore in 2017-18, an building up of 14.4% which is higher than the national moderate of 12.five%. Also, the existing life expectancy in Bihar was once 68.7 years in comparison to 65.8 years in 2006-10, which implied that each way of life of folks and healthcare facilities had progressed, Modi mentioned.

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