GSDP growth: MP likely to outdo other States

According to the advance estimates released by the Central Statistics Organisation (CSO) for year 2014-15, Madhya Pradesh is likely to outdo other major States of the country in GSDP (Gross State Domestic Product) growth. The CSO has estimated an impressive 10.19 per cent GSDP growth rate of Madhya Pradesh in year 2014-15. As per the quick estimates the GSDP of Madhya Pradesh grew at 9.48 per cent during year 2013-14.

As per the CSO's advance estimates the GSDP is likely to be `5.08 lakh crore in year 2014-15 at current prices. As per quick estimates it was `4.34 lakh crore. The estimated increase in GSDP in year 2014-15 would be about five fold in comparison to year 2004-05 when it was `1.12 lakh crore.

The agricultural growth rate is likely to be 21.04 per cent as per advance estimates of year 2014-15.

The quick estimates of year 2013-14 put it at 23.18 per cent. The per capita income of Madhya Pradesh is also going to increase significantly. As per the advance estimates of year 2014-15, the per capita income of Madhya Pradesh at current prices is likely to be `59,770 which was pegged at `51,798 in year 2013-14, as per quick estimates. It may be mentioned here that per capita income of Madhya Pradesh was merely `15,442 in year 2004-05.  

Madhya Pradesh has a number of significant achievements to its credit in prudent fiscal management over last ten years.

The own-tax revenue of Madhya Pradesh has gone up to `38,990 crore in year 2014-15 from mere `6,805 crore in year 2003-04. According to the budget estimates for 2015-16, it is likely to be `43,448 crore. The increase would be six fold. The State has witnessed revenue surplus budget continuously since year 2004-05. In year 2003-04, it was -4,476 crore. Ever since year 2004-05, there has been revenue surplus. In year 2015-16, the revenue surplus is estimated to be `5,587.97 crore.

In yet another important achievement, Madhya Pradesh has registered remarkable increase in plan expenditure. It was `5,684.73 crore in year 2003-04 against which it is estimated at `60,348 crore in year 2015-16. This about 10 fold increase has led to fast infrastructure development in the State. The plan expenditure in per cent term to total expenditure has increased from 26.26 to 46 per cent. This also shows that money has increased on people's pockets. Similarly, capital expenditure has also increased significantly in the State.

It was `2,853 crore in year 2003-04 which is proposed to be increased to `22,364 crore in year 2015-16. This has facilitated greater budgetary provisions for sectors like roads, dams, irrigation projects etc.