Ranchi, Feb 28 (PTI) The Jharkhand economy is expected to grow by 7.5 per cent in the 2025-26 fiscal, the state economic survey said.

The economic survey, tabled in the assembly by Jharkhand Finance minister Radha Krishna Kishore on Friday, estimated that the state's economy will grow at 6.7 per cent in the current financial year of 2024-25.

"The economy of Jharkhand has grown steadily in the last three years. It is estimated to grow by 6.7 per cent in the current financial year of 2024-25 and by 7.5 per cent in the next financial year of 2025-26," the survey said.

It claimed that the economic growth rate of Jharkhand exceeded that of the country in the years following the COVID-19 pandemic.

"Between the years 2020-21 and 2023-24, Jharkhand grew at an average annual rate of 9.1 per cent, while the country grew at an average annual rate of 8.3 per cent," it said.

The survey gives a positive indication of the state's intention to make Jharkhand a Rs 10 trillion economy (Rs 10 lakh crore) by 2029-30.

"The economy at current prices has been estimated to be Rs 4,61,010 crore in the year 2023-24. If it grows at the rate of 14.2 per cent per annum, it will exceed Rs 10 lakh crore by the year 2029-30. The past performance of the state's economy gives the confidence that a 14.2 per cent growth in its nominal GSDP (GSDP at current prices) is achievable," the survey said.

The state government during the previous budget of 2024-25 had expressed its intention of making Jharkhand a Rs 10 trillion economy by 2029-30.

The survey states that the per capita income of the state is one of the lowest in the country.

"It has ranked 26th amongst the 28 states of the country in the year 2022-23. It is only ahead of Bihar and Uttar Pradesh," the survey said.

The inflation rate has mostly remained within the limit of six per cent, which is RBI’s stipulated upper limit, it said.

"The average rate of inflation in Jharkhand was 5.7 per cent in the year 2023-24 and this year (up to October 2024, it is at 4 per cent)", the survey stated. PTI SAN SAN RG

Economic growth projection charts accelerated state expansion and sets a nominal GSDP scale-up target requiring sustained high growth. Jharkhand's economic survey projects state domestic growth of 7.5 per cent next fiscal and 6.7 per cent in the current fiscal, notes that post-pandemic average growth exceeded the national average, and sets an ambition to expand nominal GSDP to a substantially larger scale by the target year-requiring sustained high nominal growth from the reported current-price base; it also records a low per capita income ranking and inflation largely within the prescribed upper limit.