Meghalaya: Strong Economic Growth In FY 2021–2022

SHILLONG: Meghalaya ranked as the 19th fastest rising State/Union Territory in India for FY 2021–22 thanks to a robust Gross State Domestic Product (GSDP) growth of 8.2%.

While Meghalaya's GSDP growth rate from 2011–12 to 2017–18 was the slowest of all the States and Union Territories in India (ranking 33rd), it increased more quickly from 2018–19 to 2020–21 to become the 19th fastest–growing State and Union Territories in India.

The press release claims that the rise in government spending is to blame for Meghalaya's rapid growth. By 2022–23, state government spending will have doubled from Rs. 9,858 Cr. in 2017–18 to Rs. 18,881 Cr.

The State has recorded impressive growth and has earned a place at the top of the national development pedestal as a result of an exponential increase in expenditure of almost 50% and significant investments being made.

Additionally, the statistics showed a low GSDP, which contributed to the state's low national ranking, particularly between FY 2013 and FY 2018.

According to data from the RBI on the gross state product (GSDP) of the states, Meghalaya has the lowest CAGR of any Indian state or union territory from 2011–12 to 2017–18 at 2%. The State did, however, grow more quickly from 2018–19 to 2020–21, moving up an amazing 13 spots nationally.

The Reserve Bank of India (RBI) recently issued GSDP figures for 33 states for the fiscal years FY 2021–22 and FY 2020–21 at constant prices. The GSDP statistics for all states for the fiscal year 2020–21 were issued by RBI. The 10-year GSDP for all States and UTs are also routinely released by RBI, and the CAGR can be computed using this data.

Meghalaya has grown slowly during the course of the period, however, a more thorough analysis shows that the poor development rate can be linked to the years FY 2013–15. During FY 2021–2022, the State continued to recover and had rapid economic growth.

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