The survey highlighted that Jharkhand’s economic growth has outpaced the national average in the post-pandemic years. Between 2020-21 and 2023-24, the state recorded an average annual growth rate of 9.1%, compared to India's 8.3% during the same period.
Jharkhand’s Vision for a ₹10 Trillion Economy
Finance Minister Radha Krishna Kishore, while presenting the survey, reaffirmed the state’s ambition to achieve a ₹10 lakh crore (₹10 trillion) economy by 2029-30.The economic survey projects that Jharkhand's economy will grow at 6.7% in 2024-25 and further rise to 7.5% in 2025-26. The Gross State Domestic Product (GSDP) at current prices is estimated to be ₹4,61,010 crore in 2023-24. To meet the ₹10 trillion target by 2029-30, the state’s economy needs to expand at an average annual growth rate of 14.2% in nominal terms, a target that the report considers achievable based on past performance.
Per Capita Income Among the Lowest in India
Despite strong economic growth, Jharkhand continues to struggle with low per capita income levels. The survey ranked Jharkhand 26th out of 28 states in per capita income for 2022-23, ahead of only Bihar and Uttar Pradesh.For 2024-25, the state's per capita income is projected at ₹68,612 (constant prices) and ₹1,14,271 (current prices). In 2025-26, these figures are expected to rise to ₹72,836 (constant prices) and ₹1,24,079 (current prices).
Inflation Under Control
Jharkhand has managed to keep inflation within acceptable limits. The average inflation rate in 2023-24 stood at 5.7%, staying within the Reserve Bank of India's (RBI) upper limit of 6%. For the current financial year (up to October 2024), inflation is recorded at 4%.The state's economic performance over the past few years and its targeted policies indicate a strong commitment to achieving its ambitious growth and development objectives. However, challenges such as low per capita income and the need for sustained double-digit nominal GDP growth remain crucial areas of focus.
