Bihar's Deputy Chief Minister and Finance Minister Samrat Choudhary on Friday highlighted significant economic progress, noting that the state's economy expanded by an impressive 3.5 times over the last twelve years. The Gross State Domestic Product (GSDP) surged from Rs 2.47 lakh crore in 2011-12 to Rs 8.54 lakh crore in 2023-24 at current prices.
Speaking during the presentation of the Bihar Economic Survey Report for 2024-25 in the state assembly on the opening day of the budget session, Choudhary emphasized the state's robust economic trajectory.
"Bihar has witnessed significant economic growth over the last two decades, resulting in notable improvements in several socio-economic indicators," said Choudhary. He detailed that the latest estimates placed the GSDP at Rs 8,54,429 crore at current prices, while at constant (2011-12) prices, it stands at Rs 4,64,540 crore for the fiscal year 2023-24.
Rising Revenue with Dominant Tax Contributions
Choudhary noted that tax revenues have been a crucial driver of growth, amounting to Rs 1,61,965 crore in 2023-24, marking the largest component within total revenue receipts. He pointed out the substantial increase in the share of tax revenue, climbing from 75.3% in 2019-20 to 83.8% in 2023-24.Additionally, grants-in-aid accounted for 13.5% of total revenue, totaling Rs 26,125 crore, while non-tax revenue sources contributed 2.7%, equaling Rs 5,257 crore in the same period.
Strong Performance in Key Sectors
Bihar also showcased impressive performance within specific sectors. Notably, between 2011 and 2024, the transport and communication sector grew at a significant annual rate of 7.6%, the third-highest among major Indian states, trailing only Uttar Pradesh (10.1%) and Karnataka (7.7%).Choudhary further highlighted the forestry and logging sector, noting its contribution to the Gross State Value Added (GSVA) surged by 10.7%, growing from Rs 4,187 crore in 2011-12 to Rs 13,549 crore in 2023-24.
With these promising indicators, Bihar appears firmly set on a path of sustained economic growth and development, laying a solid foundation for continued socio-economic progress in the coming years.
