Jammu and Kashmir will show a growth of 8.49 percent in Gross State Domestic Product (GSDP) in the current fiscal, State Economic Survey Report 2017 said.
The report which was tabled by Minister for Finance Dr. Haseeb A. Drabu in State Legislative Council said GSDP at constant (2011-12) prices for 2017-18 is estimated at Rs 1,09,136.52 crore as against the estimate of Rs 1,00,597.57 crore for 2016-17, indicating growth of 8.49 percent this fiscal.
“At the current prices, GSDP for 2017-18 is estimated to be Rs 1,40,886.76 crore as against the estimate of Rs 1,26,230. 91 crore for 2016-17, showing an increase of 11.16 percent during the year,” the report said.
The figurative description of GSDP and its related aggregates are indicators of state economy that showcase whether state has made any progress in economic terms over the period of time, it said.
The projected estimate for 2018-19 at constant (2011-12) prices and current prices of GSDP is Rs 1,16,637.44 crore and Rs 1,57,383.77 crore, it said.
The estimate of the state income (net state income) at constant (2011-12) prices for 2017-18 is Rs 90,902.60 crore as against the estimate of Rs 83,717.39 crore for 2016-17, suggesting a rise of 8.58 percent, it said.
At current prices, state income for 2017-18 is estimated at Rs 1,19,294.71 crore as compared to Rs 1,06,326.40 crore for 2016-17, showing a rise of 12.20 percent during the year, it said.
The net income at the constant (2011-12) prices and current prices are roughly estimated at Rs 97,352.75 crore and Rs 1,33,596.72 crore, respectively in 2018-19.
Similarly, the per capita real income at constant prices for 2017-18 is estimated at Rs 65,615 as against Rs 61,349 for the year.
This indicates a growth per capita real income of about 6.95 percent during 2016-17 and per capita income at current prices in 2017-18 is estimated Rs 68,108 as compared to Rs 77,918 in 2016-17, showing rise of 10.51 percent.
The State Economy is expected to register growth of 8.49 percent (Advanced) in 2017-18 at constant prices of 2011-12 as compared to the growth rate of 3.29 percent during 2016-17, it said.
The projected growth for 2018-19 is roughly estimated at 6.87 percent.
As far as industry is concerned, it is likely to grow at 6.18 percent in 2017-18 as compared to 2.68 percent in 2012 -13, 4.8 percent in 2013-14, (-)11 percent in 2014-15, 26.16 percent in 2015-16 and 3.43 percent in 2016-17 at constant (2011-12) prices.
Agriculture and allied sector is likely to grow at 8.37 percent in 2017-18 as compared to 2.49 percent in 2016-17, it said adding service sector which is main contributor of state’s economy is likely to grow by 8.16 percent in 2017-18 as compared to 1.40 percent during 2016-17.