Bihar recorded steady growth in the last decade, with its Gross State Domestic Product growing 10.52 per cent annually on current prices between 2005-06 and 2014-15. However, with the slowing down of the Indian economy, annual growth in the last three years slumped to 9.89 per cent.
These figures were presented in the Economic Survey 2015-16, tabled in the Bihar Assembly on the first day of the Budget Session Thursday. Chief Minister Nitish Kumar started presenting the economic survey after coming to power in 2005.
State Finance Minister Abdul Bari Siddiqui told reporters later that the high growth rate was due to several sectors recording more than 15 per cent growth. “Manufacturing registered 19.31 per cent growth, construction sector grew at 16.58 per cent annually and banking and insurance sector at 17.7 per cent. However, agriculture, the mainstay of the economy, grew at 6.02 per cent,” said Siddiqui, quoting the report.
“Despite a high growth phase, Bihar ranks at the lowest rung of the per capita table. In 2012-13, the per capita income of Bihar was 37 per cent of the all-India average, in 2014-15, it went up to 40.6 per cent,” the survey says.
According to the report, Bihar recorded Rs 74,750 crore loans in 2014-15 as compared to Rs 47,285 cr in 2010-11. The total length of national highways grew from 3,410 km in 2001 to 4,595 km in 2015. The total length of state highways is 4,253 km.