Bihar’s 15% GSDP growth in 2021-22 offsets Covid effect

Offsetting the Covid-19 pandemic effect,Biharrecorded theGross State Domestic Product(GSDP) Growth rate of 15.04 per cent in 2021-22, the highest during the past years, according to the Comptroller and Auditor General (CAG) of India report, which was tabled in the .

“During the period of 2017-18 to 2021-22, the GSDP growth rate of Bihar was higher than the all-India Average at current prices. During 2021-22, the GSDP growth rate was recorded at 15.04 per cent, the highest during the last five years,” the CAG report states. During the pandemic period (2020-21), the GSDP growth rate was recorded at 0.80 per cent against the country’s GDP of (-) 1.36 per cent. In 2019-20, the GSDP was recorded at 10.33 per cent, followed by 12.64 per cent in 2018-19 and 11.33 per cent in 2017-18, the report states.

This, indeed, could be termed as wonderful given the fact that the economy of Bihar is primarily agrarian and it has higher POVERTY level as compared to the all-India average.

Apart from this, the density of Population in the state has increased from 881 persons per sq km (2001) to 1,327 persons per square km (2022).

The report also said the state witnessed an increase in Revenue Receipts by Rs 30,630 crore (23.90 per cent) in FY2021-22 over the previous financial year.

It further said during the past 10 financial years, transfer of funds from the central government had increased from Rs 42,178.31 crore in FY 2012-13 to Rs 1,19,958.45 crore in FY 201-22.

The report further stated that only 9,878.08 crore (13.87 per cent) out of the total Savings of Rs71,194.67 crore was surrendered during FY 2021-22. As per the report, the overall savings of Rs71,194.67 crore (26.83 per cent) resulted from savings of Rs 53,857.87 crore in 46 grants and eight appropriations under revenue section and savings of Rs 17,336.80 crore in 35 grants/appropriation under capital section, including seven grants under loans and advances and one grant under Public Debt repayments.
The CAG report further mentioned that in 34 cases (of savings amounting to Rs100 crore and above) of 27 grants, there were persistent total savings of Rs 42,260.60 crore and above during each of the last five financial years.