Jharkhand Budget 2022: Economic survey report estimates 8.8% growth in FY22

According to the survey report presented by Finance Minister Rameshwar Oraon, "it is expected to achieve 8.8 percent growth in its real Gross State Domestic Product (GDP) in the current fiscal year (2021-22)".

The Jharkhand government submitted its Economic Survey Report to the Assembly on Wednesday, estimating 8.8 percent increase in the state's real Gross State Domestic Product (GDP) in the current fiscal year. The Economic Survey, which details the health of the economy ahead of the government's budget for the fiscal year beginning April 1, 2022, stated that the state has demonstrated enough resilience to recover quickly from any shock, even the consequences of the COVID-19 pandemic.

According to the survey report presented by Finance Minister Rameshwar Oraon, "it is expected to achieve 8.8 percent growth in its real Gross State Domestic Product (GDP) in the current fiscal year (2021-22)". The state's GSDP increased at an annual rate of 8% in the first five years of its existence (between 1999-2000 and 2004-05), then at 6.6 percent between 2004-05 and 2011-12, and at 6.2 percent between 2011-12 and 2018-19."

According to the survey report, the growth rate has slowed in the previous two fiscal years, 2019-20 and 2020-21. These two years were not usual, it said, adding that the Indian economy was plagued by an economic recession in 2019-20, which did not spare Jharkhand's economy.

According to the survey report, both the Indian GDP and the economy of Jharkhand grew by only 4%.

Numerous predictions have been made in advance of the budget. According to reports, the Hemant Soren administration's state budget would this time prioritise the poor and small farmers. The budget is expected to give substantial aid to the poor and farmers.

Education and health care may be prioritised in the budget. The government will make every effort to ensure that financial support is provided to all areas.