Service sector drives Mizoram's economy, registers 13.5% GSDP growth
AIZAWL: The tertiary or service sector continues to drive Mizoram's economy with a lion share of over 45 per cent of the Gross State Value Added (GSVA) being contributed by this sector during 2022-2023, according to the Mizoram Economic Survey 2023-2024.
The Economic Survey presented by chief minister Lalduhoma in the assembly on Thursday said that the state registered over 13 per cent growth in Gross State Domestic Product (GSDP) during the financial year 2022-2023.
Except for a decline during the pandemic period, the GSDP has been continuously growing over the years, it said.
The GSDP at constant prices (2011-12), which is a true indicator of growth without being influenced by factors such as inflation, is expected to attain an amount of Rs 21,000.56 crore in 2022-23 against the estimate of Rs 18,493.72 crore for the year 2021-2022, showing a growth of about 13.55 per cent over the previous year, it said.
Whereas, the GSDP at current price registered an increase of 17.99 per cent over the previous year, it said.
The GSDP at current price is estimated at Rs. 32,829.46 crore in 2022-23 as against Rs. 27,823.50 crore in 2021-22.
The GSVA at constant (2011-12) prices has clocked 10.43 per cent average annual growth rate during financial years 2011-2012 to 2022-23 peaking at 14.32 per cent during 2014-15, the economic survey said.
The service sector contributed the lion share of the GSVA at 45.70 per cent in 2022-23 against 50 per cent during 2021-22.
"The remarkable contribution of the tertiary or service sector constituting a share of about 45.70 per cent of the total GSVA indicates that this sector drives the economy of Mizoram," the Economic Survey said.
Major contributors in the service sector are Public Administration, Trade and Commerce, Education, Health and Other Services sectors.
The contribution of the industry sector to the GSVA has increased to 34.15 per cent in 2022-23 from 25.09 per cent during the financial year 2021-22.
Whereas the contribution of the primary sector, comprising agriculture and allied activities, has declined to 20.15 per cent in 2022-23 from 25.23 per cent during 2021-22.
With more than half of the state population deriving the greater part of their income from agriculture, faster growth in the primary sector is necessary to increase their income, and rising income in agriculture will also be an impetus to non-agricultural income in rural areas thus helping redress the rural-urban imbalance, the Economic Survey said.
Recently horticulture and floriculture have gained momentum and shown marked improvement in their productions, it said.
The share of agriculture, forestry and fishing in GSVA has seen a steady increase over the years from 20.12 per cent in 2011-12 to 25.93 per cent in 2020-21 and a slight decline afterward.
The share of crops and fisheries in GSVA has shown a steady decline from 10.21 per cent and 0.65 per cent in 2011-12 to 6.35 per cent and 0.25 per cent in 2022-23 respectively.
Whereas the share of livestock in GSVA was 4.08 per cent in 2011-12, it declined to 1.77 per cent in 2022-23.
According to the new Economic Survey, the per capita income of the state for the fiscal 2022-23 is projected at Rs 2,32,126 as against the previous year’s estimate of Rs 1,98,961.92.