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GUWAHATI: Finance Minister Ajanta Neog made an important announcement at the Assam Legislative Assembly's State Budget 2024-25 presentation. Assam's economy is growing faster than the rest of the country. The expected Gross State Domestic Product (GSDP) of Assam for the next fiscal year is a whopping Rs. 6.43 lakh crore. That's 150% more than the Rs. 2.54 lakh crore recorded in 2016-17.
Assam's GSDP for 2023-24 is predicted to be Rs. 5.70 lakh crore, a strong 15.6% increase from the previous year. The GSDP at constant prices for the same year is forecasted to be Rs. 3.19 lakh crore. This is an excellent 5.9% growth from the prior fiscal year.
Minister Neog was positive about these figures. She said, " It is very encouraging to note that the State of Assam is growing faster than the national growth. The nominal economic growth of Assam is estimated to be 19.9 percent in the year 2022-23(QE) as compared to 16.1 percent growth at the national level.”
She highlighted that Assam's contribution to the national GDP has also increased. The GSDP has climbed from 1.65% in 2016-17 to 1.81% in 2022-23. Even at constant (2011-12) prices, the contribution has risen from 1.64% to 1.87% over the same period.
Neog pointed out Assam's huge strides in per capita income. It saw more than a twofold increase within seven years. It stands at Rs. 1,20,336 for 2022-23, which is a leap from Rs. 66,330 in 2016-17. She thinks this upward trend in per capita income will last. She expects it to be Rs. 1,35,787 in the 2023-24 fiscal year.
Assam is repeatedly beating the nation's economic growth figures. This fact shows the state's solid financial situation and reveals a bright economic future for it. The Finance Minister's statement offers an upbeat scenario, focusing on the significant role Assam plays for the country's economy.
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