The Industry sector that otherwise showed a sluggish performance few years back in the State seems to have got a shot in the arm with initiatives like ‘Make in Jharkhand’ that has not only pushed economic indicators of the State on higher scales but has also helped in giving a boost to the manufacturing area.
According to the Jharkhand Economic Survey 2016-17 report tabled in the Assembly on Saturday, the Compound Annual Growth rate (CAGR) of the Industry sector between 2011-12 and 2015-16 has been marked to be 7.2 per cent (GSDP). The growth rate in 2015-16 (GSDP) is 12.2 per cent.
The manufacturing sector witnessed a huge growth in 2012-13, suffered through economic slowdowns and brought the growth rate from 23.6 per cent to 8.4 per cent. However, with the initiatives like ‘Make in Jharkhand’ it has been possible for the manufacturing sector to improve by boosting investments and promoting manufacturing units in the State, stated the report.
Significantly, the mining and quarrying sector grew at an average annual rate of 7.22 per cent during the five year period. The infrastructure and communications sectors too have contributed significantly in the economic development of the State.
The report portrays a bright picture of the State’s economy. The State, according to the report, has again registered double digit growth in the FY 2015-16 more than that of the national average where all sectors of economy have performed considerably well.
Parliamentary Affairs Minister Saryu Roy on Saturday presented the survey report ahead of the Annual Budget in the Assembly stating that Jharkhand has been doing well in all three sectors of economy unlike few years ago when growth was visible in services sector only. Roy, after tabling the survey report, said that growth was indicative of speedy development works being carried out during recent years in the State.
According to the report, the growth rate of the economy of State between FY 2011-12 and 2015-16 has been 8.5 per cent (On Fixed prices) and 12.5 per cent (On current prices). In last three years the growth rate has been in double digits. The GSDP growth rate on fixed prices in FY 2014-15 has been 12.5 per cent and in 2016-16 it has been 12.1 per cent. In the current financial year also it is expected to rise by 12 per cent, states the report.
The share of agriculture sector in GSDP is 8.5 per cent and it has registered a growth of 7.18 per cent. The industry sector has a share of 39.9 per cent and it has grown by 7.2 per cent, while the services sector with a share of 38.4 per cent in the GSDP has grown by 10.6 per cent during the five-year period.
Roy said that the average growth rate of Jharkhand was better than the national average and only three States — Gujarat, Mizoram and Tripura were ahead of Jharkhand in GSDP growth as per the figures between 2011-12 and 2014-15. Jharkhand and Chandigarh have registered NSDP growth at 8.8 per cent, while Mizoram and Tripura have grown by over 9 per cent.