Mizoram has registered a 13.5 per cent Gross State Domestic Product (GSDP) growth in the 2022-23 financial year, according to an economic survey.
The Mizoram Economic Survey 2023-24 also stated that the service sector continued to drive the state's economy, contributing to over 45 per cent of the Gross State Value Added (GSVA) in the 2022-23 fiscal.
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The economic survey, presented by Chief Minister Lalduhoma in the assembly on Thursday, said that the state's economy grew over the years, barring the pandemic period.
The GSDP at constant prices (2011-12), which is the true indicator of growth without being influenced by factors such as inflation, is expected to grow to Rs 21,000.56 crore in the 2022-23 fiscal against the estimate of Rs 18,493.72 crore for the 2021-2022 fiscal, registering a growth of about 13.55 per cent over the previous year, the survey stated.
Whereas the GSDP at current prices registered an increase of 17.99 per cent over the previous year, it said.
The GSDP at current prices is estimated to be at Rs 32,829.46 crore in 2022-23 as against Rs 27,823.50 crore in 2021-22.
The GSVA at constant (2011-12) prices has clocked 10.43 per cent average annual growth during financial years 2011-2012 to 2022-23, peaking at 14.32 per cent in 2014-15, the survey said.
The service sector contributed the lion's share of the GSVA at 45.70 per cent in 2022-23 against 50 per cent in 2021-22.
"The remarkable contribution of the tertiary or service sector, constituting a share of about 45.70 per cent of the total GSVA, indicates that this sector drives the economy of Mizoram," the economic survey said.
Major contributors in the service sector are public administration, trade and commerce, education and health sectors.
The contribution of industry to the GSVA has increased to 34.15 per cent in 2022-23 from 25.09 per cent in the 2021-22 financial year.
Whereas, the contribution of the primary sector, comprising agriculture and allied activities, has declined to 20.15 per cent in 2022-23 from 25.23 per cent in 2021-22.
With more than half of the state's population deriving the greater part of their income from agriculture, faster growth in the primary sector is necessary to increase their income, and rising income in agriculture will also be an impetus to non-agricultural income in rural areas, thus helping redress the rural-urban imbalance, the economic survey stated.
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Recently, horticulture and floriculture have gained momentum and shown marked improvement in their production, it said.
The share of agriculture, forestry and fishing in the GSVA has seen a steady increase over the years from 20.12 per cent in 2011-12 to 25.93 per cent in 2020-21 and a slight decline thereafter.
The share of crops and fisheries in the GSVA has shown a steady decline from 10.21 per cent and 0.65 per cent in 2011-12 to 6.35 per cent and 0.25 per cent in 2022-23 respectively.
Whereas, the share of livestock in the GSVA, which was 4.08 per cent in 2011-12, declined to 1.77 per cent in 2022-23.
According to the economic survey, the state's per capita income for the fiscal 2022-23 is projected at Rs 2,32,126 as against the previous year's estimate of Rs 1,98,961.92.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)