Madhya Pradesh to outdo major states with 10.19 percent in economic growh rate in 2014 too

Bhopal: According to the advance estimates released by the Central Statistics Organization (CSO) for year 2014-15, Madhya Pradesh is likely to outdo other major states of the country in GSDP growth. The CSO has estimated an impressive 10.19 percent GSDP growth rate of Madhya Pradesh in year 2014-15. As per the quick estimates the GSDP of Madhya Pradesh grew at 9.48 per cent during year 2013-14.

As per the CSO’s advance estimates the GSDP is likely to be Rs. 5.08 lakh crore in year 2014-15 at current prices. As per quick estimates it was Rs. 4 lakh 34 thousand 729 crore. The estimated increase in GSDP in year 2014-15 would be about five fold in comparison to year 2004-05 when it was Rs. 1 lakh 12 thousand 926 crore.

The agricultural growth rate is likely to be 21.04 percent as per advance estimates of year 2014-15. The quick estimates of year 2013-14 put it at 23.18 percent.

The per capita income of Madhya Pradesh is also going to increase significantly. As per the advance estimates of year 2014-15, the per capita income of Madhya Pradesh at current prices is likely to be Rs. 59 thousand 770 which was pegged at Rs. 51 thousand 798 in year 2013-14, as per quick estimates. It may be mentioned here that per capita income of Madhya Pradesh was merely Rs. 15 thousand 442 in year 2004-05.

Creditable Achievements

Madhya Pradesh has a number of significant achievements to its credit in prudent fiscal management over last ten years. The own-tax revenue of Madhya Pradesh has gone up to Rs. 38 thousand 990 crore in year 2014-15 from mere Rs. 6,805 crore in year 2003-04. According to the budget estimates for 2015-16, it is likely to be Rs. 43 thousand 448 crore. The increase would be six fold.

The state has witnessed revenue surplus budget continuously since year 2004-05. In year 2003-04 it was -4,476 crore. Ever since year 2004-05 there has been revenue surplus. In year 2015-16 the revenue surplus is estimated to be Rs. 5,587 crore 97 lakh.

In yet another important achievement Madhya Pradesh has registered remarkable increase in plan expenditure. It was Rs. 5,684 crore 73 lakh in year 2003-04 against which it is estimated at Rs. 60 thousand 348 crore in year 2015-16. This about 10 fold increase has led to fast infrastructure development in the state. The plan expenditure in per cent term to total expenditure has increased from 26.26 to 46 per cent. This also shows that money has increased on people’s pockets.

Similarly, capital expenditure has also increased significantly in the state. It was Rs. 2,853 crore in year 2003-04 which is proposed to be increased to Rs. 22 thousand 364 crore in year 2015-16. This has facilitated greater budgetary provisions for sectors like construction of roads, dams, irrigation projects etc.