Statics of Economic Survey 2022-23 narrates the success story of impeccable financial management
Team News Riveting
Bhopal, March 1
Chief Minister Shivraj Singh Chouhan said Madhya Pradesh had been performing well in financial discipline, holistic development and tax collection.
The financial management of the state is outstanding. Per capita income have increased. Chief Minister Chouhan was discussing with the representatives of the TV channels on the Economic Survey 2022-23 of Madhya Pradesh.
Chouhan said that there was progress in every field in Madhya Pradesh from economic and financial point of view. Revenue collection and capital expenditure has also increased. Industrial growth rate of the state has also increased. According to advance estimates, the economic growth rate of the state is 16.43 percent in the year 2022-23.
Earlier this growth rate was 18.02 percent in 2021-22 despite the circumstances of COVID. In the year 2001-02 it was merely 4.43 percent. The state’s Gross Domestic Product is estimated to be Rs 13,22,821 crore . It was Rs 71,594 crore in the year 2001-02. Thus the Gross Domestic Product (GSDP) has increased by more than 18 times between then and now.
The Chief Minister said that in the year 2022-23, a fact came forth that the per capita income in Madhya Pradesh is Rs 1,40,583. In the year 2011-12, the per capita income in the state had increased to Rs 38,497. Prior to this, in the year 2001-02, the per capita income in Madhya Pradesh was only Rs 11,718.
Talking about debt and GSDP ratio, the performance of Madhya Pradesh is great in this area as well. The latest Economic Survey states that the debt to GSDP ratio which was 39.5 percent in the year 2005 decreased to 22.6 percent in the year 2020-21. The capital expenditure of the state has increased from Rs 37,089 to Rs 45,685 crore. This increase is 23.18 percent and is the highest capital expenditure in the history of the state. Efforts were made to increase the state’s revenue even under the circumstances of COVID, with the vision of building an Atma-nirbhar Madhya Pradesh.
It has grown at a Compounded Annual Growth Rate (CAGR) of 7.94 percent per annum in the last three years. In the field of fiscal consolidation, the work of increasing revenue constantly has been done in Madhya Pradesh. The work of expansion of priority sector lending has also been done.
Credit to farmers has increased by 13.41 percent and to MSME sector by 30.22 percent. In the year 2001-02, the agriculture growth rate was only three percent, which has now increased to 19 percent. The state has also achieved the success of wheat production of 352.7 lakh tonnes in the advance estimate of 2022-23 as compared to 174.8 lakh tonnes in the year 2013-14 and 46 percent participation of Madhya Pradesh in wheat exports. Paddy production has increased from 53.2 lakh to 131.8 lakh tonnes.
The industrial growth rate, which was just 0.61 per cent in the year 2001-02, has now increased to 24 per cent. The work for welfare of street vendors has also been done very well in the state. Madhya Pradesh is leading in the country by giving loans of more than Rs 521 crores to small businessmen (street vendors) of 5.25 lakh urban areas. Irrigation capacity has increased by 585 percent. In the year 2003, the irrigation potential was 7 lakh 50 thousand hectare, which is now more than 45 lakh hectare.
