Economic growth of Assam faster than national growth: Ajanta Neog

Digital Desk: The Assam budget for 2024–25 is being presented by Finance Minister Ajanta Neog to the Assam Legislative Assembly. She stated that the state's economy is growing faster than the national growth. 

According to forecast estimates, the State GDP is expected to reach Rs. 6.43 lakh crore in 2024–25 at current prices. This is a rise of more than 150% above the GSDP of Rs. 2.54 lakh crore for the 2016–17 fiscal year. 

As per the advance estimates, the nominal gross state domestic product (GSDP) for Assam at current prices is expected to reach Rs. 5.70 lakh crore in 2023–24 (AE) compared to Rs. 4.93 lakh crore in 2022–23 (QE), indicating a rise of 15.6% over the previous year. Real gross state domestic product (GSDP) for Assam at constant prices is expected to reach Rs 3.19 lakh crore in 2023–24, up from Rs 3.01 lakh crore in 2022–23(QE), indicating a 5.9% increase over the previous year. 

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

Additionally, the contribution of the State’s economy to the national economy has also been increasing. Assam's contribution to the gross state domestic product (GSDP) increased at current prices from 1.65 percent in the fiscal year 2016–17 to 1.81 percent in the fiscal year 2022–2023 (QE). During the same period, the State's share of the national GDP increased from 1.64 percent to 1.87 percent at constant prices (2011–2012).