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Bhopal, July 2 (HS). For the financial year 2023-24, the state gross domestic product of Madhya Pradesh at current prices reached Rs 13,63,327 crore. This shows the expansion of the state's economy. It includes the growth of both production, value of goods and services. There has been an increase of about 9.37 percent from the state GDP of Rs 12,46,471 crore of the previous financial year.
On Tuesday, the Economic Survey clearly underlined 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 the previous year. This is an increase of about 6.01 percent, which shows that Madhya Pradesh is making continuous economic progress. While finalizing the Budget 2024-25 in the ministry, Deputy Chief Minister Jagdish Devda said that the Economic Survey underlines the excellent economic progress of Madhya Pradesh. Under the leadership of Chief Minister Dr. Mohan Yadav, Madhya Pradesh will set new steps of economic prosperity and will fully cooperate in making the country's economy five trillion as per the expectations of Prime Minister Narendra Modi.
Along with the growth of the economy in Madhya Pradesh, welfare schemes and programmes are being implemented for the development of other important sectors and for the upliftment of all sections. Many efforts such as programmes for economic and social empowerment of tribal and scheduled caste society, empowerment of women, simplifying the rules to promote industry and trade and making them easy to follow, inclusion of technology in agriculture and measures to increase the income of farmers through food processing have emerged as exemplary examples of good governance.
Evidence-based and data-based policy making and analysis is being given great importance in the state. This effort is clearly visible in the Madhya Pradesh Economic Survey 2023-24. This time the economic survey shows the progress made in the state in areas like investment, export, industry, science and information technology, education, medicine and health.
Per capita income increased fourfold
The per capita income of Madhya Pradesh from the year 2011-12 to 2023-24 tells a unique story of the economic development and prosperity of the state. During this period, the per capita NSDP has increased, which shows the significant growth in the state's economy. At current prices, the per capita net income has increased from Rs 38,497 in the year 2011-12 to Rs 1,42,565 in the year 2023-24. It has increased by almost four times.
Even after adjusting for inflation, per capita net income at constant (2011-12) prices has shown a significant increase, rising from Rs 38,497 in 2011-12 to Rs 66,441 in 2023-24. This increase shows real economic progress beyond the effects of inflation.
Contribution of primary sector is 45.53%
The primary sector contributed 45.53% in the year 2023-24 at current prices, which is a significant contribution to the economy of this region. The secondary sector contributed 18.47% and the tertiary sector contributed 36% in the year 2023-24 at current prices. At constant prices, it has been 39.64% in the year 2023-24, which shows strength in the service sector. With continued investment and improvement in the service sector, the tertiary sector is expected to contribute more to the economic progress of the state.
42.62% increase in production of pulses
In the financial year 2023-24, Madhya Pradesh has recorded an increase of 0.20% in the production of major crops. The production of pulses increased by 42.62%, and oilseeds increased by 7.32%. The production of vegetables increased from 235.41 lakh metric tons to 242.62 lakh metric tons in the year 2023-24, and the production of fruits increased from 95.10 lakh metric tons to 95.54 lakh metric tons in the year 2023-24.
revenue surplus
The revenue surplus is estimated to be Rs 413 crore in the year 2023-24, which is an indication of recovery from the revenue deficit situation of the Corona period and strong financial position. The share of state taxes as a percentage of GSDP has increased from 6.16% to 6.20 percent during the year 2019-20 to 2022-23. During this period, the state's own tax collection increased at an annual rate of 12.79%.
More than 4.29 crore beneficiaries in the state have been benefited with banking facilities so far through the Pradhan Mantri Jan Dhan Yojana.
The government is making efforts to make banking services accessible and expand credit for agriculture, industry and other sectors, as a result of which, from 2005-06 to 2023-24, agricultural credit has grown by 16.4% CAGR and MSME sector has grown by 33.85% CAGR.
Prime Minister Housing Scheme
In the urban sector, 9.50 lakh houses have been sanctioned in the state, 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! In the first phase of the PM Swanidhi Yojana, the state has ranked first in the country by distributing loans worth Rs 827.85 crore to 8.30 lakh urban street vendors.
There has been an increase of 270.47 percent in conventional energy production between the years 2004 and 2024. Madhya Pradesh contributes 8.2 percent to the total solar energy production of the country and ranks fourth in the country in this respect.