jharkhand-s-economy-witnesses-steady-growth-of-7-7

Jharkhand’s economy is witnessing stable growth as it recovers from the effects of Covid-19 and the economic slowdown. Over the past three years (2021-22 to 2023-24), the state's Gross State Domestic Product (GSDP) has grown at an average annual rate of 7.7% at constant prices.

 

The Jharkhand Economic Survey, presented in the State Legislative Assembly on Friday, projects a 6.7% GSDP growth in 2024-25 and 7.5% in 2025-26.

 

The state’s GSDP, which stood at ₹1,50,918 crore in 2011-12, is expected to double at constant prices and more than triple at current prices by 2024-25.

 

The estimated GSDP for 2024-25 is ₹3,04,165 crore at constant prices and ₹5,06,356 crore at current prices, rising to ₹3,26,941 crore and ₹5,56,286 crore, respectively, in 2025-26.

 

Jharkhand’s share in the national GDP has also improved. Its GSDP at constant prices rose from 1.59% of India’s real GDP in 2019-20 to 1.64% in 2023-24.

 

The nominal GSDP as a percentage of the national figure increased from 1.54% to 1.56% in the same period. The report highlights that Jharkhand's growth rate has mostly exceeded the national average over the past five years.

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The state’s per capita income has also risen steadily. In 2020-21, it was ₹51,464 at constant prices and ₹69,963 at current prices.

 

By 2022-23, these figures increased to ₹60,033 and ₹91,874. For 2023-24, it is projected at ₹63,443 (constant) and ₹95,649 (current), rising to ₹68,612 and ₹1,14,271 in 2024-25, and ₹72,836 and ₹1,24,079 in 2025-26.

 

Jharkhand’s inflation rate has largely remained within the 6% target. In 2023-24, the state’s average inflation was 5.7%, dropping to 4% between April and October 2024.

 

The state’s inflation has generally remained lower than the national average, except for six months in the 19-month period from April 2023 to October 2024. So far, in 2024-25, Jharkhand’s inflation rate has consistently stayed below the national level.

 

The report suggests that Jharkhand’s economy is on a positive trajectory, with robust growth, rising income levels, and controlled inflation, signalling a strong post-pandemic recovery.

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