Ranchi, March 2 The Economic Survey on Monday predicted that the economy of Jharkhand will grow at 7.2 per cent in the current financial year 2019-20.
Jharkhand Finance Minister Rameshwar Oraon tabled the Economic Survey in the Assembly.
According to the report, the state in the last five years has witnessed a high level of instability while it achieved double digit growth in some of the years. It also experienced negative growth in some other years.
The average annual growth rate CAGR of the economy for the last four years (2014-15 and 2018-19) has been only 5.7 per cent.
The gross state domestic product (GSDP) at constant (2011-12) prices of Jharkhand was Rs 1,86,534 crores in the year 2014-15, while it has been estimated to be Rs 2,49,554 crores in the current financial year.
The GSDP at current prices was Rs 2,18,525 crore in the year 2014-15 while it is estimated to be Rs 3,43,126 crore in the current fiscal.
The per capita income (per capita NSDP) is estimated to be Rs 83,592 at current prices and Rs 60,339 at constant prices for the year 2019-20.
The per capita income at constant prices was Rs 47,781 in the year 2014-15 and even after two years in the year 2016-17 there was only an increase of Rs 45. It recovered to some extent in later years and grew at an average annual rate of 4 per cent only between 2014-15 and 2018-19. This year it is estimated to grow by 5.6 per cent.
The Economic Survey says with the unemployment rate at 7.7 per cent, Jharkhand ranks 25th on the index of per capita income nationally.
The survey says that the unemployment rate in the state was at 7.7 per cent which was higher than the national average of 6.1 per cent.
The survey further says that the per capita income of Jharkhand was one of the lowest in the country as out of the 28 states it was ranked at 26th in the year 2015-16. Bihar and Uttar Pradesh were the only two states who were below Jharkhand in per capita income.
The survey said that Jharkhand still ranks at the 25th position with Manipur, Bihar and Uttar Pradesh in the last three.
The real per capita income of the state was about 33 per cent less than that of the country in the year 2014-15. It became about 38 per cent less than the real per capita income of the country in the year 2018-19.
( With inputs from IANS )