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Business Economy

Mizoram estimated to achieve 10.14 pc growth

Aizawl, Mar 3 (UNI) Mizoram is estimated to achieve an annual economic growth rate of 10.14 percent during the years 2022–2023, which was estimated at 9.50 percent during 2020–21 (actual) and 9.80 percent for the financial year 2021–22 (provisional).
The figure was released in the Economic Survey 2023–2024 laid on the table of the state legislative assembly by Chief Minister Lalduhoma on Thursday.
The Gross State Domestic Product (GSDP) of Mizoram has been continuously growing over the years; however, the rate of growth declined during the pandemic period.
Gross State Domestic Product (GSDP) at constant (2011–12) prices, which is a true indicator of growth without being influenced by factors such as inflation, is expected to attain an amount of Rs. 21,000.56 crore in 2022–2023 against the estimate of Rs. 18,493.72 crore for the year 2021–22, showing a growth of about 13.55 percent over the previous year, the Economic Survey says.
The Gross State Value Added (GSVA) at constant (2011–12) prices has clocked a 10.43 percent average annual growth rate during the financial years 2011–12 to 2022–23, peaking at 14.32 percent during 2014–15.
The total GSDP of the state at current prices is estimated at Rs. 32,829.46 crore in 2022–23 as against Rs. 27,823.50 crore in 2021–22, thereby registering an increase of 17.99 percent over the previous year, the survey says.
The Economic Survey opines that the growth of the three sectors driving the state economy is unhealthy for the economy.
“The continued remarkable contribution of the tertiary or service sector, constituting a share of about 45.70 percent of the total GSVA, indicates that this sector continues to drive the economy of Mizoram,” the survey says.
A higher contribution from the industry sector, which increased from 25.09 percent during 2021–22 to 34.15 percent during 2022–23, indicates marked improvement in the sector. The agriculture and allied sectors contributed 20.15 percent to the total GSVA during 2022–23.
The per capita income of Mizoram for the year 2022–23 is projected at Rs. 2,32,126.00 as against the previous year’s estimate of Rs. 1,98,961.92, the Economic Survey added.
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