Economy

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Sectors

Net State Value Added by Economic Activity (2011-12)


Observations

1. Sectoral Contributions: 
•    Agrofishing:
o    Declining trend from 2011-12 to 2022-23, with slight fluctuations. This indicates potential challenges in the agricultural and fishing sectors such as climate impact, productivity issues, or market constraints.
•    Mining and Quarrying:
o    Volatile sector with notable peaks (2014-15, 2016-17) and dips (2015-16, 2019-20). Indicates inconsistency in resource extraction or demand/supply conditions.
•    Manufacturing:
o    Steady growth, particularly after 2015-16. The sector grew from ₹3,000 billion in 2011-12 to ₹6,048 billion in 2022-23, reflecting industrial expansion and investment.
•    Utility Services (Electricity, Gas, Water Supply):
o    Significant increase, especially post-2018-19, showing an increased focus on infrastructure and essential services.
•    Construction:
o    Strong growth throughout the period, with minor setbacks in 2020-21, likely due to COVID-19-related disruptions, then a recovery.
•    Commerce and Services:
o    Constant upward trend, with a sharp recovery in 2021-23, suggesting resilience and growth in trade, business, and service sectors post-pandemic.
•    Transcomserv (Transport, Communication & Services):
o    Decline during 2020-21, likely due to the pandemic's impact on travel and logistics, followed by slow recovery.
•    Financial and Property Services:
o    Both sectors show consistent growth, with property services reaching ₹8,374 billion in 2022-23. This highlights the significance of real estate and financial services in economic expansion.
2. NSVA at Basic Prices & NSDP:
•    NSVA at Basic Prices increased from ₹30,026 billion in 2011-12 to ₹48,066 billion in 2022-23.
•    Net State Domestic Product (NSDP) grew from ₹32,802 billion in 2011-12 to ₹56,416 billion in 2022-23, reflecting a healthy economic expansion despite periodic downturns.
3. Per Capita NSDP:
•    Significant rise from ₹97,912 in 2011-12 to ₹159,505 in 2022-23.
•    A dip in 2020-21 due to economic slowdowns, likely pandemic-induced, but strong recovery afterwards.

Conclusion:

The state has experienced steady economic growth, driven by manufacturing, construction, and services. However, challenges in agriculture and mining sectors highlight the need for sectoral diversification and strategic investments in sustainable practices and innovation. Continued focus on infrastructure, financial services, and property development will likely sustain growth in the coming years.