Aizawl, Mar 5 (PTI) Mizoram has witnessed remarkable growth and structural transformation over the past decade and has evolved from an agricultural-centric economy to a more diversified one, driven by the industries and tertiary sectors, according to the state Economic Survey 2024-25 tabled in the assembly on Wednesday.

The survey, presented by Chief Minister Lalduhoma in the House, said that Gross State Domestic Product (GSDP) at current prices was estimated to increase from Rs 30,690.33 crore in 2022-2023 to Rs 35,575.54 crore in 2023-24, registering a growth of 15.92 per cent over the previous year.

The GSDP at constant (2011-12) prices has also experienced sustained growth and is projected to achieve an 11.6 per cent increase, and an overall annual economic growth rate of 9.89 per cent in 2023-24, which reflects the state's strong recovery momentum and robust economic fundamentals, it said.

The state's commitment to sustainable growth, inclusive development and fiscal discipline has positioned the economy in a transition that has been facilitated by robust economic reforms, infrastructure development and strategic policy initiatives, the survey said.

The tertiary or service sector remains the primary driver of the state's economy, contributing 46.87 per cent to the Gross State Value Added (GSVA) at current prices and is expected to register a 8.17 per cent growth in 2023-24 from the previous year due to expansion of trade, tourism, financial services and public administration, it said.

The primary sector, comprising agriculture and allied activities, has also shown steady growth due to advancements in agricultural practices or adoption of modern farming techniques, improvement of productivity and rural development activities, and it contributed 20.45 per cent to the GSVA.

The contribution of the industry sector to the GSVA has increased from 31.23 per cent in 2022-23 to 32.68 per cent in 2023-24.

The contribution of primary, secondary and tertiary sectors to the GSVA in 2024-25 is projected at 20.55 per cent, 34.21 per cent and 45.24 per cent respectively, the economic survey said. PTI CORR BDC NN

Economic growth: Mizoram's shift to a service-led, diversified economy driven by industry and policy reforms. Mizoram's economy has shifted from agriculture-centric to a more diversified model led by services and growing industry participation, with services-driven by trade, tourism, financial services and public administration-becoming the principal contributor to gross state value added. The Survey links this structural change to policy initiatives, infrastructure development, economic reforms and fiscal discipline that support inclusive and sustainable growth.