The economy of Jharkhand has shown signs of recovery since the financial year 2021-22 and is estimated to grow by 7.8 per cent in fiscal 2022-23.

According to the economic survey report for the financial year 2022-23 tabled by the Jharkhand finance minister and Congress leader Rameshwar Oraon during the budget session of state Assembly on Thursday, the Gross State Domestic Product (GSDP) at constant prices of the state was Rs 2,18,962 crore in the year 2020- 21, which grew to Rs 2,36,816 crore in the year 2021-22 and is estimated to be Rs 2,55,372 crore in the year 2022-23.

“It recorded a growth of 8.2 per cent in the financial year 2021-22 and is estimated to grow by 7.8 per cent in the financial year 2022-23. The per capita income of the state, which, too, had declined during the years of economic slowdown and lockdown, has also recovered since then.

“The per capita income at constant prices increased from Rs 51,365 in 2020-21 to Rs 55,126 in 2021-22 and the per capita income at current prices increased from Rs 71,071 in 2020-21 to Rs 78,660 in 2021-22. They are estimated to be Rs 58,819 at constant prices and Rs 86,060 at current prices in the year 2022-23,” said Oraon.

The survey also reflects that in the last year, the Jharkhand economy has shown signs of recovery from the effects of the Covid pandemic and the consequent lockdown.

Despite the second and third waves of the Covid-19 pandemic, the economy of the state recovered in the year 2021-22.

“This was because while on one hand, the restrictions this time was not as stringent as it was during the national lockdown, on the other, many of the workers and producers by this time had adapted to work under the new normal conditions.

The real GSDP of the state grew at the rate of 8.2 per cent during this year,” announced Oraon. “The real GSDP of the state is estimated to grow by 7.8 per cent in the current financial year (2022-23) and 7.4 per cent in the financial year 2023-24. The real GSDP of the state is estimated to be Rs 2,55,372 crore in the year 2022-23 and Rs 2,74,154 crore in the year 2023-24,” said Oraon.

“The economy of Jharkhand recorded a growth of 8.2 per cent in the financial year 2021-22 and is estimated to grow by 7.8 per cent in the financial year 2022-23 and 7.4 per cent in the year 2023-24.

The growth rate of Jharkhand for the last few years has mostly remained higher than the national average,” the report states.

The national growth rate for 2022-23 is 7 per cent while Jharkhand’s growth rate is 7.8 per cent.

“In India, the inflation rate decreased from 6.93 per cent in November 2020 to 4.59 per cent in December 2020. In Jharkhand, the same decreased from 7.55 per cent in November 2020 to 3.91 per cent in December 2020. In Jharkhand, the inflation rate remained within the rate stipulated in the ‘New Monetary Policy Framework’ throughout the year 2021 but in India, it crossed this level in May and June 2021 and remained high in subsequent months as well.

“In July and August 2021, it was 5.59 per cent and 5.3 per cent respectively but decreased thereafter. The rate of inflation remained high both in Jharkhand and India throughout the year 2022. From January 2022 to October 2022 it remained above 6 per cent which is the RBI’s stipulated upper limit and has remained marginally below 6 per cent in the last two months of this year,” the report states.