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Economic crisis in Jharkhand, Soren government released white paper

The state government has issued a white paper in the assembly on Monday and has strongly attacked the economic policies of the previous government. It said that the government of double engine in the state did not get any benefit and the state has been constantly falling victim to economic crisis. The economic growth rate of Jharkhand has decreased by 6.8 percent in the last five years. The state was growing at a rate of 12.5 percent in the year 2014-15, but the average growth rate from 2015-16 to 2018-19 was reduced to 5.7 percent.Finance Minister Rameshwar Oraon on Monday presented a white paper on the state’s finance and development in the assembly.

The last five years have been a period of financial crisis
The state government has issued a white paper in the assembly on Monday that the last five years have been a period of financial crisis. The state continued to receive substantial funds from the Center during the years 2014-15 to 2018-19, but received less revenue than capacity from internal sources.Due to this, the state went through a financial crisis. The major cause of the crisis is the implementation of unnecessary and unhelpful schemes without studying the intensive cost benefit. On the other hand, it was also not successful in fulfilling the expectations of the people.

Per capita income rose 0.1 percent in two years
The state’s per capita real at constant price of 2011-12 was Rs 48781 in 2014-15. After two years, it increased by just Rs 45 in 2016-17. Thus the average annual increase in per capita income in these two years (2014–15 to 2016–17) was just 0.1 percent. The per capita income in the year 2017-18 was Rs 54246. This year it is estimated to be around 60 thousand rupees.

Revenue deficit increased 6 times
Quoting data from the Planning cum Finance Department, it has been told that the actual budget has not only decreased compared to the projected budget, but also increased the revenue deficit in providing capital for the actual budget. There was a revenue deficit of about two thousand crore rupees in the year 2011-12. It has increased six times in the last six years. The revenue deficit has reached about 12 thousand crores in the year 2017-18. The revenue deficit in the year 2012-13 was 16 percent more than the revenue deficit of the estimated budget. But it was 123 per cent higher in 2015-16. In the next two years 2016–17 and 2017–18, it was almost two times the estimated revenue deficit. The state’s revenue deficit was 4.31 per cent of GSDP in 2016-17 and 4.32 per cent in 2017-18.

 

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