The state has strategically shifted its focus towards agro-based industries, witnessing significant growth in sectors such as ethanol, textile manufacturing, food processing, dairy, and horticulture. Bihar now stands as a lucrative investment destination, boasting a young workforce, abundant resources, cost-effective operations, a streamlined system, export potential and the driving force of perennial rivers propelling future growth.
In the fiscal year 2021-22, Bihar’s economy experienced a robust recovery, with its Gross State Domestic Product (GSDP) surging by an impressive 10.98%. This growth rate, the third highest among all Indian states, outpaced the national economic growth of 8.68%. Sectorwise, Bihar exhibited notable growth rates in the primary (9.6%), secondary (3.8%), and tertiary (13.3%) sectors at constant prices.
The tertiary and secondary sectors emerged as pivotal growth drivers, with Electricity, Gas, Water Supply, and Other Utility Services (EGWUS) within the secondary sector showcasing exceptional growth at 14.5%. Noteworthy sectors in the tertiary domain include Air Transport (10.5%), Storage (21.3%), Financial Services (12.6%), and Public Administration (9.3%) during the same period, contributing to significant structural changes in the state’s economy.
Dynamic MSME Landscape
This story is from the February 2024 edition of Manufacturing Today.
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This story is from the February 2024 edition of Manufacturing Today.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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