Bihar now among the fastest growing states in India, says new Economic Survey

PATNA: Bihar is one of the fastest growing states in India with the state gross domestic product (GSDP) estimated at 7.6 percent for a five year period from 2011-12 to 2015-16, which is higher than that national growth rate, according to a latest report of the Bihar Economic Survey.

“According to the new estimate, the medium term growth rate for GSDP in Bihar was 7.6 percent, compared to 6.8 percent for the national economy,” says the new economic survey (2016-17) which was tabled on the floor of the Bihar assembly on Thursday.

Yet the state’s growth rate shows steady slide compared to state’s growth trajectory in double digit in the past decade when it once clocked the growth rate of 17.06 percent in financial year 2014-15.

“Bihar is still on a high growth trajectory as 7.6 percent is higher than 6.8 percent in medium term growth rate for national economy,” Bihar financial minister Abdul Bari Siddiqui told the local media after placing the new survey.

Report states that the development of the infrastructure sector has been a priority area for the state government and it has enhanced public investment in roads and bridges.

It said the investment in roads has increased nearly three folds from Rs 2,696 crore in 2007-08 to Rs 7,696 crore in 2016-17, indicating an annual growth rate of more than 10 percent.

In 2015-16, the expenditure on roads constituted 16.4 percent of the expenditure of the state government on economic sectors, 7.7 percent of development expenditure and 1.5 percent of the GSDP of the state.