Patna, Feb 28 (PTI) Bihar Deputy Chief Minister Samrat Choudhary on Friday said the size of the state's economy at current prices has increased 3.5 times, from Rs 2.47 lakh crore in 2011-12 to Rs 8.54 lakh crore in 2023-24.

Choudhary who holds the Finance portfolio tabled the Bihar Economic Survey report for 2024-25 in the state assembly on the opening day of the budget session on Friday.

"Bihar has witnessed significant economic growth over the last two decades, resulting in notable improvements in several socio-economic indicators. The size of Bihar's economy at current prices has increased 3.5 times, rising from Rs 2.47 lakh crore in 2011-12 to Rs 8.54 lakh crore in 2023-24", he said.

"According to the latest available estimates, the Gross State Domestic Product (GSDP) of Bihar for the year 2023-24 is estimated to be Rs 8,54,429 crore at current prices and Rs 4,64,540 crore at constant (2011-12) prices. In the fiscal year 2023-24, tax revenue amounted to Rs 1,61,965 crore, making it the most significant component of revenue receipts", he said.

The share of tax revenue in total receipts increased from 75.3 per cent in 2019-20 to 83.8 per cent in 2023-24, he said, adding that in 2023-24, grants-in-aid represented 13.5 per cent of total receipts, totalling Rs 26,125 crore, while non-tax sources contributed 2.7 per cent, amounting to Rs 5,257 crore.

Bihar registered the third highest growth (7.6 per cent) in transport and communication sector during 2011-24, after Uttar Pradesh (10.1 per cent) and Karnataka (7.7 per cent) among the major states of India, said the DyCM.

The contribution of the forestry and logging sector in the Gross State Value Added (GSVA) at current prices grew by 10.7 per cent from Rs 4,187 crore in 2011-12 to Rs 13,549 crore in 2023-24, Choudhary said. PTI PKD RG

Economic growth: Bihar's economy expanded significantly with rising GSDP and a stronger tax revenue share, per state survey. Bihar's economy expanded significantly in current-price terms by 2023-24, with tax revenue becoming the principal component of receipts as its share rose while grants-in-aid and non-tax sources remained smaller. The Economic Survey emphasises sectoral dynamics, noting robust growth in transport and communication among major states and a marked increase in the forestry and logging sector's contribution to Gross State Value Added between the base year and 2023-24.