Latest NorthEast India News | Economic growth of Assam faster than national growth: State FM Ajanta Neog  

Guwahati, Feb 12: Assam Finance Minister Ajanta Neog who is presenting the State Budget 2024-25 at the Assam Legislative Assembly, stated that Assam’s economy is growing faster than the national growth.

As per projected estimate, the State GDP at current prices for the year 2024-25 is expected to touch Rs. 6.43 lakh crore. This is more than 150% increase over the GSDP of Rs. 2.54 lakh crore for the year 2016-17.

As per the advance estimates, the nominal GSDP for Assam at current prices for 2023-24 (AE) is likely to reach Rs. 5.70 lakh crore, as against Rs.4.93 lakh crore in 2022-23 (QE) reflecting a growth of 15.6 per cent over the preceding year. The real GSDP for Assam at constant prices for the year 2023-24 is likely to attain a level of Rs 3.19 lakh crore as against Rs 3.01 lakh crore in the year 2022-23(QE) reflecting a growth of 5.9 per cent over the preceding year.

“It is very encouraging to note that the State of Assam is growing faster than the national growth. The nominal economic growth of Assam is estimated to be 19.9 per cent in the year 2022-23(QE) as compared to 16.1 per cent growth at the national level,” the finance minister informed.

The contribution of State’s economy to the national economy has also been increasing. At current prices, the contribution of GSDP of Assam has recorded a rise from 1.65 percent in financial year 2016-17 to 1.81 percent in the financial year 2022-23 (QE). At constant (2011-12) prices also, the State’s contribution to national GDP has increased from 1.64 percent to 1.87 percent during the same period.

Neog asserted that the State is fast catching up in its per capita income and it has almost more than doubled within last 7 years by 2023-24. The per capita income of the State at current prices for the FY 2022-23 is Rs. 1,20,336, as compared to Rs. 66,330 in 2016-17. This is estimated to reach Rs.1,35,787 in 2023-24.