Bihar eco grows to ₹8.54L cr in 20 years

Bihar's economy has shown significant growth over the last two decades with the size of the state economy calculated from base year 2011-12 having increased 3.5 times from ₹2.47 lakh crore in 2011-12 to ₹8.54 lakh crore in 23-24 while the gross state domestic product (GSDP) in 2023-24 is estimated to have increased by 14.5% at current prices and 9.5% at constant prices (2011-12), compared to the previous year 2022-23, as per the latest edition of the economic survey 2024-25 presented in the state assembly on Friday.

- Anirban Guha Roy

PATNA:

The state's gross domestic product (GSDP) for the year 2023-24 is estimated to be ₹854,429 crore at current prices and ₹464,540 crore at constant prices (2011-12). "Economic activities across all sectors - primary, secondary and tertiary - in Bihar have expanded at a pace that positions the state among the fastest growing in the country. The growth rate of Bihar's GSDP at constant prices is estimated to be 9.2 percent in 2023-24, putting Bihar among the states that are growing at a high rate," the report says.

More importantly, the survey says the GSDP of Bihar is estimated to have increased by 14.5 percent at current prices and 9.2 percent at constant (2011-12) prices in 2023-24 compared to the previous year. "Between 2011-12 and 23-24, the state's GSDP at current prices has increased at an average annual growth rate of 10.9 percent, slightly ahead of India's GDP growth rate of 10.7 percent. As per the provisional estimates for 22-23, the GSDP at current prices is estimated to have grown at a rate 1.1 percentage points higher than India's GDP," the survey says.