Mizoram registers 14.82 % growth in GSDP during 2017-18 fiscal

Aizawl: Maintaining continuous economy growth over the years with an impressive rate, Mizoram has registered a growth of 14.82% in its Gross State Domestic Product (GSDP) during the fiscal 2017-2018, according to the Economic Survey 2018-19.

The Economic Survey presented by Chief Minister Zoramthanga in the assembly on Thursday said the GSDP at current prices was estimated at Rs 19,174.34 crore in 2017-18 as against Rs 16,698.76 crore in 2016-17.

The GSDP has also clocked 12.28% average annual growth rate during the fiscal 2014-2015 to 2017-2018.

The service sectors continue to have the highest contribution to the Gross State Value Added (GSVA) at 45.03%.

The economic survey said the primary sector, comprising agriculture and allied activities, contributed 29.93% to the GSVA while the industry sector contributed 25.05% of the GSVA. The industry sector consists of mining and quarrying, manufacturing, construction and electricity, gas, water supply and other utility services.

The per capita income of the state for the fiscal 2017-2018 was projected at Rs 1,51,682 as against the previous year’s estimate of Rs 1,33,951.

According to the Economic Survey, the total revenue receipt of the state increased from Rs 7,398.30 crore in 2016-17 to Rs 8,580.20 crore in 2017-2018, while the overall liabilities of the state was Rs 7,300.31 crore.

Also Read: Mizoram CM Zoramthanga presents Rs 10,692.30-cr state budget

While the state’s non-tax revenue registered 3.73%, own tax revenue registered decrease at 11.46%.

The new government headed by Zoramthanga has adopted Socio-Economic Development Policy (SEDP) for the development of the state.

The SEDP is a flagship programme of the ruling Mizo National Front (MNF), which aims at bringing sustainable development by accelerating progress in key sectors through exploration and judicious use of resources and maintaining equality and equity among the citizens.

It is expected that the government strategy for development of Mizoram and allocation of public resources would be mostly directed towards implementation of the SEDP with special focus on political and administrative reforms, social development and economic development of the state.