Madhya Pradesh is performing well in financial discipline, holistic development and tax collection. The financial management of the State is outstanding. Per capita income has increased. This was revealed in the Economic Survey 2022-23 of Madhya Pradesh released on Tuesday.
There is progress in every field in Madhya Pradesh from an economic and financial point of view. Revenue collection and capital expenditure has also increased. Industrial growth rate of the state has also increased. According to advance estimates, the economic growth rate of the state is 16.43 percent in the year 2022-23. Earlier this growth rate was 18.02 percent in 2021-22 despite the circumstances of Covid. In the year 2001-02 it was merely 4.43 percent. The state’s Gross Domestic Product is estimated to be RS 13 lakh 22 thousand 821 crore. It was RS 71 thousand 594 crore in the year 2001-02. Thus the Gross Domestic Product (GSDP) has increased by more than 18 times between then and now.
In the year 2022-23, a fact came forth that the per capita income in Madhya Pradesh is RS 1 lakh 40 thousand 583. In the year 2011-12, the per capita income in the state had increased to RS 38 thousand 497. Prior to this, in the year 2001-02, the per capita income in Madhya Pradesh was only RS 11 thousand 718. Talking about debt and GSDP ratio, the performance of Madhya Pradesh is great in this area as well. The latest Economic Survey states that the debt to GSDP ratio which was 39.5 percent in the year 2005 decreased to 22.6 percent in the year 2020-21.
The capital expenditure of the state has increased from Rs 37 thousand 89 to RS 45 thousand 685 crore. This increase is 23.18 percent and is the highest capital expenditure in the history of the state. Efforts were made to increase the state’s revenue even under the circumstances of Covid, with the vision of building an Atma-nirbhar Madhya Pradesh. It has grown at a Compounded Annual Growth Rate (CAGR) of 7.94 percent per annum in the last three years.