Meghalaya improves GSDP ranking with 8.2% growth in FY22
Shillong, Dec 8 (KNN) The North Eastern state of Meghalaya has recovered from last rank in terms of growth in GSDP during the period of FY 2013-2018 to 19th rank during FY 2018-2021.
It has recorded a strong GSDP growth of 8.2% for the FY 2021-22 and despite covid-19 the state economy recovers at a fast pace on account of major thrust through government expenditure and external aided projects.
The growth rate for Meghalaya’s GSDP during 2011-12 to 2017-18 was the slowest among all the States/UTs of India (33rd rank), said a press release.
It grew at a faster rate during 2018-19 to 2020-21. From the slowest-growing State, it went on to become the 19th fastest-growing State/UT in India.
The strong growth of Meghalaya can be attributed to the increase in government expenditure. Since 2018, the State government expenditure has doubled from Rs 9,858 crore in 2017-18 to Rs 18,881 crore in 2022-23.
An exponential increase in expenditure by almost 50% and large-scale investments taking place, have led the State to record an impressive growth and put the state on the national development pedestal.
The data also revealed a low GSDP which led to the state to rank bottom on the national scale, especially during the period of FY 2013-18.
As per the RBI released data on GSDP of states, the compounded annual growth rate (CAGR) for Meghalaya’s GSDP during 2011-12 to 2017-18 was 2%, which was the lowest among all the States/UTs of India.
However, the state grew at a faster rate during 2018-19 to 2020-21, with an impressive jump of 13 places nationally. (KNN Bureau)
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