The mineral-rich Jharkhand is expected to register a growth rate of 8.8 per cent in its Gross State Domestic Product in the current fiscal (2021-22), according to the economic survey report tabled during the budget session of the Assembly on Wednesday.

State finance minister and retired IPS Rameshwar Oraon tabled the report that details the state of the economy ahead of the government’s budget for the fiscal year 2022-23 and indicates that the state with 2.4 percent of the geographical area of the country and 2.7 per cent of the country’s population has a GSDP which is less than two per cent of the country’s GDP.

The GSDP of the state grew at an average annual rate of 8 per cent per annum in the first five years of its formation (between 1999-2000 and 2004-05), then at the rate of 6.6 per cent between 2004-05 and 2011-12 and at 6.2 per cent between 2011-12 and 2018-19.

The growth rate has decelerated during the last two years in the financial years 2019-20 and 2020-21, the survey report said. These two years were not normal years, it said, adding the Indian economy was hit by an economic slowdown in 2019-20, which did not leave the economy of Jharkhand untouched.

Both the Indian economy and the economy of Jharkhand recorded a growth of a mere 4 per cent, the survey report said.

“The state has shown adequate resilience to recover promptly from every shock including economic recovery from the effects of the two waves of Covid-19 pandemic and lockdowns. It is estimated to record 8.8 per cent growth in its real GSDP in the current financial year 2021-22,” the report states. Oraon would table the state budget on Thursday.

“Jharkhand’s economy is expected to grow by 6.15 per cent in the fiscal beginning April 1, 2022, and is well placed to meet the future challenges on the back of good monsoon, reforms and schemes,” the survey adds.

“In 2022-23, the GSDP of Jharkhand is estimated to grow by 6.15 per cent at constant prices and 10.72 per cent at current prices. This year it is estimated to be Rs 2.62 lakh crore at constant price and Rs 4.02 lakh crore at the present price,” Oraon said.

The survey said the per capita income in Jharkhand is expected to increase by 7.1 per cent over the previous year to Rs 57,180 for the fiscal 2021-22.

As regards inflation, the survey said the inflation rate in the state has been lower than in the country and most of the states. “While India’s inflation rate was 4.91 per cent in November 2021, it was 2.6 per cent in Jharkhand,” it said.

About the poverty report based on the National Multidimensional Poverty Index Baseline Report of Niti Aayog that says 46.16 per cent of the people in the state are poor, the survey said the report is based on the NFHS-4 Survey 2015-16 and since then significant progress has been made.

Meanwhile, Opposition BJP lawmakers staged a dharna outside the Assembly and even raised protest inside the Assembly hall demanding capital punishment for those involved in lynching of a minor and a youth in Hazaribagh and Simdega respectively.