GSDP

With its per capita income far exceeding the national average, Tamil Nadu was faring better in its contribution to national economy and the state's industries and services sectors played a pivotal role in increasing the Gross State Domestic Product (GSDP) by 14 per cent in 2022-2023 amounting to Rs 23,64,514 crore, Principal Accountant General (Audit-I), Tamil Nadu, D Jaishankar said on Tuesday. As regards the resources of the state government, he said the revenue receipts increased by 17.47 per cent during 2022-2023 when compared to the previous year because of an increase in both tax revenue and non-tax revenue. Briefing reporters on the State Finances Audit report of the Comptroller and Auditor General of India for the year ended March 2023, tabled in the Assembly earlier in the day, he said the state GDP in 2022-2023 was Rs 23,64,514 crore, an increase by 14 per cent over the previous year. "Industries and services sectors were the main contributors and the per capita income of

Uttarakhand's Gross State Domestic Product (GSDP) has increased by 1.3 times in the last 20 months, the state government said on Wednesday. New policies brought by the state government, amendments in the old ones besides employment and self-employment programmes underway have contributed to the GSDP growth, Secretary energy, housing and planning R Meenakshi Sundaram said at a press conference. The per capita income of the state in 2021-22 was Rs 2,05,000, which rose to Rs 2,60,000 in 2023-24, he said, adding that the per capita income of the state increased by 26 per cent in the last two years, which is better than the national average. The per capita income at the national level has increased from Rs 1,50,906 to Rs 1,84,000 in two years, registering an increase of 20 per cent during the period, he said. According to the central government's Periodic Labor Force Survey, the labor force participation rate in the age group of 15 to 29 in the state was 43.7 per cent in 2022-23, which

The Karnataka chief minister has invited states to a conclave in Bengaluru to discuss the challenges of fiscal federalism, particularly ahead of upcoming recommendations from the Finance Commission

An official said UP's GSDP rose from about Rs 22.84 trillion in FY23 to Rs 25.48 trillion in FY24, clocking a growth of 11.56 per cent during the period

West Bengal's gross state domestic product (GSDP) is likely to grow 10.5 for the financial year 2024-25 over the preceding fiscal, state industry and commerce minister Shashi Panja said on Thursday. The Economic Review for 2023-24 indicated that the state GSDP to grow by 7.65 per cent, outpacing the National average of 7.32 per cent. Speaking at a CII event here, the minister said West Bengal currently holds the position of the fourth-largest economy in the country. "The GSDP of the state for 2024-25 is estimated to grow at 10.5 per cent over the preceding fiscal", she said. Panja said the manufacturing sector of the state grew at 7.8 per cent in 2022-23, surpassing the national average of five per cent. She said that there had been no incidence of strikes since 2010-11, the state has uninterrupted power supply and also serves as a gateway to South East Asia with a substantial consumer base. Additional chief secretary and CMD of West Bengal Industrial Development Corporation (WBI

Mizoram has registered a 13.5 per cent Gross State Domestic Product (GSDP) growth in the 2022-23 financial year, according to an economic survey. The Mizoram Economic Survey 2023-24 also stated that the service sector continued to drive the state's economy, contributing to over 45 per cent of the Gross State Value Added (GSVA) in the 2022-23 fiscal. The economic survey, presented by Chief Minister Lalduhoma in the assembly on Thursday, said that the state's economy grew over the years, barring the pandemic period. The GSDP at constant prices (2011-12), which is the true indicator of growth without being influenced by factors such as inflation, is expected to grow to Rs 21,000.56 crore in the 2022-23 fiscal against the estimate of Rs 18,493.72 crore for the 2021-2022 fiscal, registering a growth of about 13.55 per cent over the previous year, the survey stated. Whereas the GSDP at current prices registered an increase of 17.99 per cent over the previous year, it said. The GSDP at .

Meghalaya Chief Minister Conrad K Sangma on Saturday asserted that the state needs to sustain 11.5 per cent annual GSDP growth to achieve the ambitious target of becoming a USD 10 billion economy by 2028. Addressing a gathering after laying the foundation of a Rs 100 cr bulk water supply project at Ballonggre in West Garo Hill district, Sangma said that the state is at present a Rs 45,000 crore economy and that needs to be improved. "It is a herculean task but the state government has charted out a roadmap to achieve the target," he said. The CM asserted that his government has a vision for the state and investments are being made to build better and sustainable infrastructure, create jobs through entrepreneurship and adopt innovative policies and programmes to increase farmers' income. He said a thrust has been laid on improving rural economy by focusing on enterprises that will leverage the potential of the rich natural resources of the state. He asserted that Meghalaya has won

The Assam government on Monday presented a Rs 2.9 lakh crore budget for the 2024-2025 financial year with a deficit of Rs 774.47 crore and proposed no new tax. Presenting the annual financial statement for the next fiscal, Assam Finance Minister Ajanta Neog also said the government will support the education of 10 lakh girls up to post graduation level in order to eliminate child marriage from society. "The Budget Estimates of 2024-25 show a receipt of Rs 1,43,605.56 crore under the Consolidated Fund of the state. After adding the receipt of Rs 1,44,550.08 crore under Public Account and Rs 2,000 crore under Contingency Fund, the aggregate Receipts amount to Rs 2,90,155.65 crore," she added. As against this, the total expenditure from the Consolidated Fund in 2024-25 is estimated atRs 1,43,890.62 crore, Neog said. She further said that taking into account, the expenditure of Rs 1,42,670.09 crore under the Public Account and Rs 2,000 crore under the Contingency Fund, the aggregate ..

The total outstanding liabilities of the Assam government currently is over Rs 1.15 lakh crore, Finance Minister Ajanta Neog informed the state Assembly on Tuesday, while affirming that the debt to GSDP ratio of the state is within prescribed limits. She also maintained that the government has been repaying debts as per schedule while it has become self-reliant in paying for its salary, pension and loan interest from its own resources. Replying to a question by Independent legislator Akhil Gogoi, Neog said the total outstanding liabilities of the state as on March 31, 2023, is Rs 1,15,751.32 crore. The amount was Rs 82,741.09 crore as on the same day in 2021, she added. She maintained that the debt to GSDP ratio was at 23.47 per cent till 2022-23, which was within the permitted limit of 32 per cent as per the Assam Fiscal Responsibility and Budget Management Act. Claiming robust financial health of the state, Neog said, While the previous governments used loan amounts to pay salar

Punjab had over 40% debt as a proportion of GSDP in 2019-20 too, while Himachal Pradesh had 39.1%

Fiscal deficit of Himachal Pradesh is expected at 5.82 per cent of the Gross State Domestic Product (GSDP), higher than projected deficit of 4.61 per cent in 2023-24 due to a rise in liabilities such as salary, pension, interest payment and social security. The tax revenue is likely to decrease by Rs 752.33 crore and the revenue deficit would be Rs 1,368.81 crore, more than anticipated, as per the Fiscal Responsibility and Budget Management (FRMB) report tabled in the house by Chief Minister Sukhvinder Singh Sukhu on Saturday. Further, the expenditure on pension is likely to be increased by Rs 621.22 crore from Rs 8,693 crore to Rs 9,315 crore , primary deficit would increase from Rs 4,338.13 crore to Rs 6,953.72 crore. The government has assured to bring down the deficit by curtailing expenditure and resource mobilisation. The total committed liability of the government are projected to increase from Rs 29,88,177 crore in 2023-24 to Rs 32,34,477 in 2024-25, Rs 34,75,859 crore in .

The normal net borrowing ceiling for states has been fixed at 3 per cent of their gross state domestic product

Goa Chief Minister Pramod Sawant on Tuesday said the Gross State Domestic Product (GSDP) of the coastal state has grown by 33 per cent over the last 20 years. Addressing a programme on the occasion of Goa Liberation Day here, the chief minister said the per capita income in the state has risen by 30 per cent in the last two decades. The Goa Liberation Day is celebrated on December 19 to mark the success of 'Operation Vijay' undertaken by the Indian Army to liberate the state from the 450-year-long Portuguese rule in 1961. "The state has been witnessing growth post the liberation. The GSDP has increased by 33 per cent in the last 20 years, and the per capita income has gone up by 30 per cent in the same period," Sawant said. The government has started Viksit Bharat Sankalp Yatra, which is being taken to different parts of the state, he said, appealing to all sarpanchs and panchayat members to take advantage of the initiative. The chief minister further said that the state governmen

It is not that only the poor states such as Bihar have high debt in proportion to their GSDP

One aspiration for the GST system was that it would lead to regional development as it is a destination-based tax regime

Govts unable to complete reform process in 2021-22 and 2022-23 may also benefit from additional borrowing

One reason for their gain is the Centre has transferred them much higher amounts than to bigger states

So far, only 15 states have revealed their projections for the gross state domestic product for 2022-23

The Gross State Domestic Product (GSDP) of Chhattisgarh at constant prices is estimated to grow by 8 per cent and the per capita income is likely to reach Rs 1,33,898 for the fiscal 2022-23, as per the state's Economic Survey Report presented in the Assembly on Friday. The report, which was tabled by state Planning, Economics and Statistics Department minister Amarjeet Bhagat, said Chhattisgarh's GSDP at constant price (base year 2011-12) as per advance estimates is expected to grow at 8 per cent and reach Rs 2,89,08,241 lakh in 2022 -23 as against quick estimates of 2,67,68,086 lakh in FY 2021-22. The biggest contributor to the surge in GSDP has been the service sector with expected growth of 9.21 per cent from Rs 82,94,627 crore (2021-22) to Rs 90,58,266 crore (2022-23), the report said. According to the report, the growth in the agriculture (agriculture, livestock, forestry and fishing) and industrial (mining and quarrying, construction, manufacturing and electricity, gas and wat

Capex is not the favourite word in the lexicon of ministers despite the generous flow of resources for building assets