Clocking a compounded annual growth rate (CAGR) of seven per cent during past decade ie between 2004-05 and 2012-13, Madhya Pradesh has registered the highest growth rate in the agriculture and allied activities’ sector amid BIMARU category States — Bihar, MP, Rajasthan and Uttar Pradesh (UP) thereby registering almost double the national average growth rate of 3.7 per cent in the sector, according to an ASSOCHAM study.
“Agriculture and allied activities’ account for almost one-fourth (24.2 per cent) of Madhya Pradesh’s economy as of 2012-13, however the sector’s share has fallen from about 28 per cent in this regard as of 2004-05,” noted a study titled ‘Analysis of BIMARU States,’ conducted by The Associated Chambers of Commerce and Industry of India (ASSOCHAM). Contribution of agriculture and allied activities to India’s economy has decline from a level of 19 per cent as of 2004-05 to about 14 per cent as of 2012-13.
In terms of industrial sector growth, MP has ranked second with about nine per cent growth rate during the aforesaid period as against about 14 per cent clocked by Bihar amid BIMARU states.
However, MP has performed decently well than as they state had ranked ahead of the all-India industrial growth rate of about seven per cent and its peer states of Rajasthan (8.5 per cent) and UP (seven per cent), further noted the study prepared by the ASSOCHAM Economic Research Bureau (AERB).
Besides, industrial sector’s share in MP’s economy marginally increased from about 27 per cent in 2004-05 to about 28 per cent as of 2012-13. However, MP has proved to be a laggard in terms of services sector growth, which at 9.6 per cent was though at par with national average but the state ranked behind Bihar (10.1 per cent) and Rajasthan (9.7 per cent). However, services sector contribution to MP’s economy has increased from about 45 per cent in 2004-05 to about 48 per cent as of 2012-13.
Registering a CAGR of 8.8 per cent in terms of gross state domestic product (GSDP), Madhya Pradesh has ranked second only to Bihar amid the traditional BIMARU States between 2004-05 and 2012-13, according to the ASSOCHAM study.