Ranchi, Feb 28 (PTI) The Jharkhand economy is expected to grow by 7.5 per cent in the 2025-26 fiscal, up from the current year's estimation of 6.5 per cent, according to the state economic survey tabled in the assembly on Friday. The survey 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, tabled in the assembly by Finance Minister Radha Krishna Kishore, gave 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 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 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 survey said.

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, it 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 said that the per capita income of the state is one of the lowest in the country.

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

“The per capita income of the state is estimated to be Rs 68,612 at constant prices and Rs 1,14,271 at current prices in 2024-25 and Rs 72,836 at constant prices and Rs 1,24,079 at current prices in 2025-26,” it stated.

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 RG SAN BDC

Economic growth projection signals stronger expansion and a nominal GSDP target requiring sustained high growth to meet the state goal. The state economic survey projects 7.5 per cent growth in 2025-26 (6.7 per cent in 2024-25), notes average annual growth of 9.1 per cent between 2020-21 and 2023-24 versus the country's 8.3 per cent, and sets a nominal GSDP target to reach ten lakh crore by 2029-30 requiring about 14.2 per cent nominal annual growth. It further records low per capita income ranking and reports inflation averaging 5.7 per cent in 2023-24 and about 4 per cent up to October 2024.