Uttar Pradesh records slowest GSDP growth amid Bimaru states: Assocham study

Written By kom nampultig on Jumat, 24 Oktober 2014 | 08.20

LUCKNOW: An industry study on the gross state domestic product of the four BIMARU states suggests UP has clocked the slowest compounded annual growth rate of about 6.9% among BIMARU (Bihar, Madhya Pradesh and Rajasthan) states. The study, a compendium of the states' performance over nine years, between 2004-5 and 2012-13, has been compiled by Assocham.

According to the study, Bihar has registered the highest growth rate at 9.3%, followed by Madhya Pradesh at 8.8% and Rajasthan at 8.2%.

The report says that though UP's share to the Indian economy remained highest during this period, its share has dipped from 8.8% to 8.1% from the start to the end of the study period. The other states, however, have maintained status quo.

UP's performance has been laggard in the agriculture and allied sector, clocking a CAGR of 2.9%, and below the national growth rate of 3.7%. The share of agriculture and allied sector in UP's GSDP (Gross State Domestic Product) has dipped from 29.7% as of 2004-05 to 21.9% as of 2012-13. "On the industrial sector front, UP has registered just 6.9 per cent growth rate during the said period while India clocked 7.4 per cent CAGR in the industrial sector," the Assocham study said.

The share of industry sector in UP's economy has dipped from 23.3% as of 2004-05 to 23.2% as of 2012-13, it has increased considerably in other BIMARU states of Bihar (from 13.8% to 19.2%), in MP (27.1% to 27.9%) and in Rajasthan (30.6% to 31.3%). Though, nationally the share of industry sector has declined from 27.9% to 26.7% during this period.

In the services sector too UP has also clocked slowest growth rate of nine per cent during 2004-05 and 2012-13, which is not only below other BIMARU states but also the national average of 9.6%. Bihar has registered highest growth rate of over 10 per cent followed by Rajasthan (9.7%) and MP (9.6%), the Assocham study added.

UP recorded the highest growth in terms of services sector's contribution to the state economy as it rose from 47% to about 55% in 2012-13. At 4.8%, UP has also registered slowest per-capita income growth rate during 2004-05 and 2012-13, while Bihar topped with 7.6% CAGR amid other BIMARU states followed by MP (7%) and Rajasthan (6.1%). Nationally the per-capita income grew by 6.2% during this period.

http://timesofindia.indiatimes.com/followceleb.cms?alias=indian economy,GSDP growth,CAGR,Bimaru states,Assocham

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