Bihar has become the fastest-growing state in the country in the economic sector, with its economy expanding at a rate of 15.5%. On Monday, Deputy Chief Minister and Finance Minister Samrat Choudhary presented the Economic Survey for 2023-24 in both houses of the legislature.
Projected GDP of 7.5 Lakh Crores
Despite limited resources, the state has achieved remarkable progress in its development rate. According to the swift estimates for the fiscal year 2022–23, Bihar’s Gross State Domestic Product (GSDP) is projected to increase by 15.5%, reaching an estimated 7.5 lakh crores. The actual GSDP could reach up to 4.4 lakh crores, showing a growth rate of 10.6%. Additionally, the per capita income is expected to witness a 13.9% growth, reaching 59,637 rupees.
Per Capita Income Estimated to Reach 59,637 Rupees
Comparing the figures from the previous year, the state’s per capita income has seen a remarkable increase of 13.9%, with an estimated value of 59,637 rupees. When viewed at constant prices, this growth is approximately 9.0%, resulting in a per capita income projection of 35,119 rupees. Furthermore, the Deputy Chief Minister provided information about individual loans, stating that the per capita loan amount has increased from 14,438 rupees in 2018-19 to 24,357 rupees in 2023-24.
Increased Expenditure on Social Services Reaches 88,348 Crores
The report highlights that the state government has efficiently managed its financial resources to achieve various developmental objectives. Despite a 20.1% increase in government spending, amounting to 2,31,904 crores in the financial year 2022-23, the state government prioritizes a significant portion of its expenditure on social services. Expenditure on social services has increased to 88,348 crores.
State to Enhance Its Resources
Addressing the financial deficit, the Deputy Chief Minister stressed the need to control it despite the state’s limited resources. The state’s revenue is primarily sourced from Goods and Services Tax (GST) and Value Added Tax (VAT). The departments are actively working to boost revenue. A strategic approach will be taken by all departments to enhance revenue from sources that have been less productive.
Financial Deficit within Prescribed Limits
Arvind Kumar Choudhary, Principal Secretary of the Finance Department, assured that the financial deficit is within the limits prescribed by the Fiscal Responsibility and Budget Management (FRBM) Act. The growth in the financial deficit is attributed to interest-free loans received from the central government. Arvind Kumar Choudhary and other officials, including Mukesh Kumar Lal and Sanjeev Mittal, were present at the occasion.
