Per capita net income of MP increased to Rs 1,40,583, significant growth in 3 years

Staff Reporter

The per capita income of Madhya Pradesh has increased from Rs 1,03,654 to Rs 1,40,583 in the last three years. Along with the progressive states of the country, significant increase in per capita income in State according to today’s prevalent rates is definitely a good sign of economic progress. This has been revealed in the updated data of the Union Ministry of Statistics and Programme Implementation. Per capita net income at current and constant (2011-12) prices: On the basis of constant prices (year 2011-12) of Madhya Pradesh, the per capita net income was Rs 61,534 in the year 2021-22 (accelerated), which has increased to Rs. 65,023 in the year 2022-23 (advance), which shows an increase of 5.67 per cent compared to the previous year. The per capita net income of the state at prevailing prices is projected to increase from Rs 1,21,594 in 2021-22 to Rs. 1,40,583 in 2022-23 (advance), showing an increase of 15.62 per cent. Under the leadership of Chief Minister Shivraj Singh Chouhan, Madhya Pradesh is continuously moving towards the development and economic progress of all sections by making its best contribution in the direction of Prime Minister Narendra Modi’s Atmanirbhar Bharat Abhiyan. Chouhan is continuously working at a fast pace in this direction as to how to improve the major components of the State’s economy.

According to the advance estimates for the year 2022-23, the State’s gross domestic product has increased by 16.43 per cent at current prices and 7.06 per cent at constant prices as compared to the year 2021-22 (accelerated). There has been an estimated growth of 5.24 per cent in the primary sector, 5.42 per cent and 9.99 per cent in the secondary and tertiary sectors respectively, during the year 2022-23 advance in the state’s gross domestic product at constant prices. MP aims to contribute Dollar 550 billion to the Dollar 5 trillion economy: In the Prime Minister’s resolution to make India a Dollar 5 trillion economy, Madhya Pradesh has set a target of contributing Dollar 550 billion. The state is working rapidly towards fulfilling this goal. The size of the state budget has also increased fifteen times as compared to the year 2001-02 to Rs. 2,47,715 crore in the year 2023. The debt to GSDP ratio of the year 2005 which was 395 per cent in the year 2005 has come down to 22.6 per cent due to consistent fiscal discipline by the state, which means the burden of debt has come down.

The increase in per capita income in Madhya Pradesh is the result of better financial management, financial inclusion in the state and the fundamentals of the economy. Along with this, continuous growth in the government banking business in the State, proper credit on time in the priority sector, increased participation and savings of common people in Jan Dhan accounts, continuous contribution by the self-help groups which has taken the form of mass movement in the state to the rural economy is also one of its major factors. Apart from this, significant increase in food grain production, promotion of small and medium scale industries and increasing investment due to all-round efforts for industrialisation have also played an important role in increasing per capita income of the state. Becoming surplus state in power sector, unprecedented expansion of road network in rural and urban areas and well thought out efforts made by the State Government in the fields of health, nutrition and social security are also behind this important achievement of the State.