SGDP increases by 9.37 %, per capita income rises four times

MPs economy becomes stronger
Focus on economic-social empowerment of scheduled classes and women
MP ranks fourth in solar energy production
MP to extend fullest support for strengthening countrys economy – Shri Devda

Madhya Pradesh’s GDP in the financial year 2023-24 has reached Rs 13,63,327 crore at current prices. This shows the expansion of the state’s economy. It incorporates increase in the value of production, goods and services. The state gross domestic product (GDP) of the previous financial year was Rs 12,46,471 crore. It is 9.37% increase.

The Economic Survey released here today highlights that the GSDP at constant prices for the year 2023-24 was Rs 6,60,363 crore, which is more than Rs 6,22,908 crore of previous year. This is an increase of about 6.01 percent, which shows that Madhya Pradesh is continuously making economic progress.

Deputy Chief Minister Shri Jagdish Devda said that the Economic Survey underlines an excellent economic progress of Madhya Pradesh. He said that Madhya Pradesh will extend fullest support to make country’s economy a five trillion economy as expected by the Prime Minister Shri Narendra Modi.

With the speedier growth of economy, welfare schemes and programmes are underway for other important sectors and upliftment of all sections. Programmes for economic and social empowerment of tribal and scheduled caste communities, empowerment of women, promotion of industry and trade by simplifying rules and making them easy to follow, inclusion of technology in agriculture and increasing farmers’ income through food processing. Efforts like measures to increase the income have emerged as excellent examples of good governance.

Evidence-based and data-based policy making and analysis has received importance. This is clearly visible in the Economic Survey 2023-24, which shows the progress in areas like investment, export, industry, science and information technology, education, medicine and health.

Per capita income increases four times

The per capita income of Madhya Pradesh from 2011-12 to 2023-24 tells a unique story of the economic growth and prosperity. During this period, per capita NSDP has increased, indicating a significant economic growth. At current prices, per capita net income has increased from Rs 38,497 in 2011-12 to Rs 1,42,565 in 2023-24 representaing an increase of almost four times.

Even at constant (2011-12) prices after adjusting for inflation, per capita net income showed significant growth, rising from Rs 38,497 in 2011-12 to Rs 66,441 in 2023-24. This growth shows real economic progress despite inflation.

Contribution of primary sector 45.53%

At prevailing prices, the contribution of the primary sector in the year 2023-24 was 45.53%, which is important contribution to the economy. The contribution of the secondary sector has been 18.47% and the contribution of the tertiary sector has been 36% in the year 2023-24 at prevailing prices. At constant prices it has increased to 39.64% in the year 2023-24, which shows the strength in the service sector. With continued investment and improvement in the service sector, the tertiary sector is likely to contribute more to the economic progress of the state.

42.62% increase in pulses production

In the financial year 2023-24, an increase of 0.20% has been recorded in the production of major crops in Madhya Pradesh. While the production of pulses increased by 42.62%, an increase of 7.32% was recorded in oilseeds.

The production of vegetables increased from 235.41 lakh metric tonnes to 242.62 lakh metric tonnes in the year 2023-24, and the production of fruits increased from 95.10 lakh metric tonnes to 95.54 lakh metric tonnes in the year 2023-24.

Revenue surplus

The revenue surplus amount in the year 2023-24 is estimated to be Rs 413 crore, which is an indication of recovery from the revenue deficit situation of the Covid period. The share of state taxes as a percentage of GSDP has increased from 6.16% to 6.20% during 2019-20 to 2022-23. The state’s own tax collections grew at an annual rate of 12.79% during this period.

So far, more than 4.29 crore beneficiaries in the state have benefited from banking facilities through Pradhan Mantri Jan Dhan Yojana.

Efforts are being made by the government to make banking services accessible and expand credit for agriculture, industry and other sectors, as a result there will be a CAGR of 16.4% in agricultural credit from the year 2005-06 to the year 2023-24. growth and MSME 33.85% CAGR in the region.

In Pradhan Mantri Awas Yojana, 9.50 lakh houses have been sanctioned in the state in urban areas, out of which 7.50 lakh houses have been completed. Apart from this, it is the first state in the country to issue digital Ayushman cards to 3.56 crore beneficiaries. The state has stood first in the country by distributing loans worth Rs 827.85 crore to 8.30 lakh urban street vendors’ PM Swanidhi Yojana.

Between 2004 and 2024, renewable energy production has increased by 270.47 percent. Madhya Pradesh contributes 8.2 percent to the total solar energy production of the country and stands fourth in the country.