Patna, Feb 28: Bihar's economy has witnessed substantial growth over the last decade, expanding 3.5 times from ₹2.47 lakh crore in 2011-12 to ₹8.54 lakh crore in 2023-24 at current prices, according to the Bihar Economic Survey 2024-25. Deputy Chief Minister and Finance Minister Samrat Choudhary presented the report in the state assembly on the opening day of the budget session.
Highlighting Bihar’s economic progress, Choudhary stated, “The Gross State Domestic Product (GSDP) for 2023-24 is estimated at ₹8,54,429 crore at current prices and ₹4,64,540 crore at constant (2011-12) prices. Tax revenue for the fiscal year stood at ₹1,61,965 crore, making it the most significant contributor to revenue receipts.”
Revenue and Fiscal Indicators
The survey indicated a rising share of tax revenue in total receipts, increasing from 75.3% in 2019-20 to 83.8% in 2023-24. Meanwhile, grants-in-aid accounted for 13.5% (₹26,125 crore) and non-tax sources contributed 2.7% (₹5,257 crore).Emphasizing the state's fiscal stability, Choudhary said, “Bihar's financial position remains sustainable and flexible, with prudent allocation of receipts and expenditures supporting long-term economic growth.”
Sectoral Growth and Investments
Bihar ranked third among major states in transport and communication growth (7.6%) between 2011-24, following Uttar Pradesh (10.1%) and Karnataka (7.7%). The construction sector recorded 22% growth from 2021-22 to 2022-23, contributing 50.2% to the secondary sector’s GSDP, with manufacturing following at 37%.In industrial development, 3,752 investment proposals amounting to ₹75,293.76 crore were received by the State Investment Promotion Board (SIPB) as of September 2024. During 2023-24, 706 projects worth ₹5,642.57 crore were proposed, while investments in 769 operational units totaled ₹8,464.35 crore, generating 31,749 jobs. Notably, micro enterprises saw a sixfold increase in investments compared to 2022-23.
Agriculture and Horticulture Expansion
The agriculture sector witnessed substantial growth in food grain production:- Rice production rose 21% between 2022-23 and 2023-24.
- Wheat production increased by 10.7% during the same period.
- Maize production surged by 66.6% from 2020-21 to 2023-24.
- Mango production grew 9.7% between 2022-23 and 2023-24.
- Litchi orchard area expanded 6%, leading to an 11.7% increase in total production.
Energy and Social Sector Growth
Bihar recorded an energy surplus of 4,034 million units (MU) in 2022-23, with peak power demand rising 1.4 times from 2017-18 to 2023-24, while power supply grew 1.5 times in the same period.Investment in the social sector saw significant growth, with expenditure on social services rising 13 times between 2005-06 and 2023-24.
Forestry Sector Expansion
The forestry and logging sector contributed ₹13,549 crore to the Gross State Value Added (GSVA) at current prices in 2023-24, marking a 10.7% growth from ₹4,187 crore in 2011-12.Conclusion
The Bihar Economic Survey 2024-25 highlights sustained economic expansion, industrial investment growth, and improvements in agriculture and infrastructure. The state’s financial stability and developmental policies are playing a crucial role in strengthening its long-term economic trajectory.
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