Patna, 28 February (IANS). Bihar Deputy Chief Minister Emperor Chaudhary presented the state’s Economic Survey 2024-25 on Friday. The survey is the 19th edition of Bihar, which has been prepared by the Bihar Public Finance and Policy Institute. The report gives detailed information on various aspects of the state’s economy.
According to data based on the base year 2011-12, Bihar’s gross state domestic product (GSDP) has increased from Rs 2.47 lakh crore in 2011-12 to Rs 8.54 lakh crore in 2023-24. This indicates an increase of about 3.5 times.
The estimated GDP for 2023-24 is estimated to be Rs 8,54,429 crore at the current price and Rs 4,64,540 crore at a steady price of 2011-12. The third is the largest contribution of the tertiary sector (service sector), which is 58.6 percent.
This is followed by 21.5 percent of the secondary (industry) sector and 19.9 percent of the primary (agricultural) area. Bihar’s GSDP is expected to increase by 14.5 percent in 2023-24.
At the same time, per capita GSDP is also expected to increase by 12.8 percent.
The total expenditure of the Bihar government in FY 2023-24 was Rs 2,52,082 crore. In this, the scheme expenditure was Rs 1,01,835 crore and establishment and dedicated expenditure was Rs 1,50,247 crore. During this time there has been a rapid increase in capital expenditure.
In the year 2023-24, the state government received a tax revenue of Rs 1,61,965 crore. It has become the major source of total revenue of the state. The share of tax revenue has reached 83.8 percent of the total receipts.
According to fiscal indicators, Bihar’s finance system is stable and flexible at the present level. The expenditure management of the state government will be helpful in long -term economic development and will provide support for economic growth.
The direction of financial management and expenditure schemes of the Government of Bihar is clearly forward towards development, which is important for the stability and development of the state.
-IANS
SHK/ABM
