State’s GSDP registers 2.4% growth

GSDP at ₹9.8 lakh crore showed impressive resilience

The State’s economic output, the gross State domestic product (GSDP), grew by 2.4% during the previous financial year 2020-21, the adverse impact cast by the Coronavirus (COVID-19) pandemic on the State’s economy notwithstanding.

The growth assumes significance as the economic output at the national level fell by 3% during the same time. The GSDP at ₹9.8 lakh crore showed the impressive resilience during the year and recovery is already underway. The resilience is led by agriculture and allied sectors which grew by 18.5%, much higher than 6.6% growth in these sectors at the national level, according to a report on the State Economy released by the Directorate of Economics and Statistics.

The report said the agriculture and allied sectors contributed a higher share to overall GSDP than in any year since the formation of the State. The services sector however continued to contribute the highest share to the GSDP in the overall terms. Although the secondary and tertiary sectors contracted by 2.1% and 3.9% respectively, they still fared better as there were much steeper contractions at the national level.