Rajasthan Economic Survey 2023-2024 Highlights
Macro Economic view
Gross State Domestic Product (GSDP) at Constant (2011-12) Prices for year 2022-23 is ₹782287 crore and for year 2023-24 is ₹845115 crore.
GSDP Growth Rate at Constant (2011-12) Prices for year 2022-23 is 7.81% and for year 2023-24 is 8.03%.
Pic Source – Economic Review of Rajasthan 2023-24
Gross State Domestic Product (GSDP) at Current Prices for year 2022-23 is ₹1357851 crore and for year 2023-24 is ₹1528385 crore.
GSDP Growth Rate at Current Prices for year 2022-23 is 13.63% and for year 2023-24 is 12.56%.
Pic Source – Economic Review of Rajasthan 2023-24
The estimates of GSDP at current prices do not reveal actual economic growth because these contain the combined effect of (i) the changes in volume of goods and services and (ii) the changes in the prices of goods and services.
The estimated nominal GDP for All India at Current Prices for the year 2023-24 is ₹295.36 lakh crore, showing a growth of 9.6%. In the same year, Rajasthan’s GSDP is estimated to contribute 5.17% to the nation’s GDP.
Net State Domestic Product (NSDP) at Constant (2011-12) Prices for year 2022-23 is ₹685105 crore and for year 2023-24 is ₹740581 crore.
Net State Domestic Product (NSDP) at Current Prices for year 2022-23 is ₹1215197 crore and for year 2023-24 is ₹1369477 crore.
NSDP Growth Rate at Constant (2011-12) Prices for year 2022-23 is 7.99% and for year 2023-24 is 8.10%.
NSDP Growth Rate at Current Prices for year 2022-23 is 13.61% and for year 2023-24 is 12.70%.
The difference between the Gross State Domestic Product (GSDP) and Net State Domestic Product (NSDP) is that in the GSDP estimates, no deduction is made for Consumption of Fixed Capital (CFC) which takes place in the process of production, whereas in the NSDP estimates, CFC is subtracted from the GSDP.
The real GSVA at constant (2011-12) basic prices for the year 2023-24 is likely to attain a level of ₹7.81 lakh crore, as against ₹7.30 lakh crore for the year 2022-23 showing an increase of 6.92 per cent in 2023-24 against the growth of 7.35 per cent in 2022-23.
The nominal GSVAat Basic Current Prices for the year 2023-24 is likely to attain a level of `14.28 lakh crore, as against `12.77 lakh crore in the year 2022-23 showing a growth of 11.86 per cent in the year 2023-24 against 12.97 per cent in the year 2022-23.
Per Capita Income at Constant (2011-12) Prices for the year 2023-24 is estimated to be 90,831 as compared to 84,935 for the year 2022-23, showing a growth of 6.94 per cent in 2023-24 over the previous year 2022-23.
Per Capita Income at Current Prices for the year 2023-24 is estimated to be 1,67,964 as compared to 1,50,653 for the year 2022-23 registering a growth of 11.49 per cent in 2023-24 over the previous year 2022-23.
Sectoral Contribution in GSVA at Current Prices
(a) Agriculture in 2023-24 – 26.72%.
(b) Industry in 2023-24 – 28.21%.
(c) Services 2023-24 – 45.07%.
The sectoral growths are 9.64% in Agriculture, 15.06% in Industry and 11.26% in the Service sector in the year 2023-24 over the year 2022-23.
Pic Source – Economic Review of Rajasthan 2023-24
Agriculture
In 2023-24, Agriculture and allied sectors contributed to 26.72 per cent in Rajasthan’s Gross State Value Added (GSVA) at current prices.
The share of crops is 44.53%, livestock is 48.58%.
As per the Agriculture Census 2015-16, total number of female operational land holdings in the State was 7.75 lakh whereas it was 5.46 lakh in 2010-11, showing a growth of 41.94 %.
In the year 2021-22, Rajasthan has secured first position in the production of bajra, rape & mustard, total oilseeds and guar crops; second position in the production of nutri-cereals & groundnut and third position in the production of gram, total pulses, jowar & soyabean.
Total Agro Climatic Zones in Rajasthan are 10.
Major schemes
Pradhan Mantri Krishi Sinchai Yojana – Micro Irrigation (PMKSY-MI)
To access drip and sprinkler techniques of micro irrigation.
Funding pattern – Central: State (60:40).
Atal Bhujal Scheme
By the Government of India with the assistance of the World Bank (50:50).
To focus on better management of ground water as well as to prevent its reducing level.
Under this scheme, 1,132 gram panchayats of 38 blocks of 17 districts of Rajasthan have been identified.
Tree Outside Forest Rajasthan(TOFR)
Launched in the year 2023-24.
To expand tree coverage outside traditional forests in Rajasthan and increase greenery outside forest areas.
A target has been set to plant 5 crore saplings every year.
Mukhyamantri Beej Swavalamban Yojana –
To promote the production of qualitative seeds by the farmers in their own fields.
Krishak Kalyan Kosh
It was constituted on 16 December, 2019 with a corpus of 1,000 crore.
This fund will be used to provide a reasonable price to the farmers for their produce.
In the Budget of 2023-24 the Krishak Kalyan Kosh was increased to 7,500 crore.
Narmada Canal Project
First major irrigation project in India in which a sprinkler irrigation system has been made mandatory.
Total 233 villages of Jalore and Barmer districts are included in this.
Modified Parbati-Kalisindh-Chambal (MPKC) Link Project (integrated with ERCP)
Government of India, has developed a plan for interlinking of rivers of Chambal basin including the integration of Eastern Rajasthan Canal Project for optimum utilisation of water resources in the basin.
This project, named as the Modified Parbati-Kalisindh-Chambal Link, shall be part of the National Perspective Plan (NPP) of interlinking of rivers in the country.
An MoU was signed among the Government of India, Rajasthan and Madhya Pradesh on dated 28 January, 2024.
The benefits of the components in Rajasthan include the Ramgarh Barrage on the Kul river, Mahalpur Barrage on the Parbati river, Navnera Barrage on the Kalisindh river, Mej Barrage on the Mej river, Rathod Barrage on the Banas river, Doongri Dam across the Banas river, a water conductor system, and the renovation and integration of Isarda dam along with 26 existing tanks at various conservation points of the Eastern Rajasthan Canal Project (ERCP).
This comprehensive project aims to provide drinking water to 13 districts(with new districts 21) in Eastern Rajasthan, supply industrial water, and facilitate irrigation.
Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS)
It provides at least 100 days of guaranteed wage employment in a financial year to every household whose adult members volunteer to do unskilled manual work.
Salient Features-
All local residents of the gram panchayat are eligible.
Guarantee of providing employment within 15 days of application.
Unemployment allowance is paid by the State Government, if employment is not provided within 15 days of application.
Gram Sabha is the primary authority to identify the works.
Social audit by gram sabha.
All wage payments through banks/post offices only.
Chief Minister Rural Employment Guarantee Scheme (CMREGS), Rajasthan has been started in the State. Under this, on completion of 100 days of employment under MGNREGA additional 25 days of employment is being provided and 100 days additional employment is being provided to “Sahariya and Khairua” tribal families residing in Baran district and “Kathaudi” tribal families residing in Udaipur district and specially abled persons of the State.
Shri Annapurna Rasoi Yojana (Rural)
It was started in rural areas on 10 September 2023.
To provide nutritious and healthy food at affordable rates.
Shri Annapurna Rasoi Yojana (Rural) is being operated by women SHGs through Rajasthan Grameen Aajeevika Vikas Parishad (Rajeevika).
₹8 per thali is being taken from the beneficiary and ₹22 per thali is being paid by the State Government.
Industry
The industry sector witnessed a growth of 12.43 per cent at constant (2011-12) prices for the year 2023-24.
Industry Sector contributed to 28.21 per cent in Rajasthan’s Gross State Value Added (GSVA) at current prices. In the same year, the share of manufacturing is estimated to be 42.27 per cent, followed by 35.26 per cent in the construction sector.
In Rajasthan, Engineering Goods, Gems & Jewellery, Metal, Textiles and Handicrafts are the top five export items that account for more than 65% of exports from the State.
Rajasthan has deposits of 81 different types of minerals. Out of these, 58 minerals are being currently mined. Rajasthan is the sole producer of Lead & Zinc ores and concentrate, Selenite and Wollastonite.
Infrastructure
The installed capacity of power in the State as on March 2024 is 24,783.64 MW.
Rajasthan Center of Advance Technology (R-CAT) – It is situated in Jaipur to upskill the State youth.
PM Surya GharMuft Bijli Yojna – The Honorable Prime Minister announced to install solar plants on one crore houses to provide up to 300 units of free electricity every month under PM Surya Ghar Yojana on 13 February, 2024.
Budget provision of ₹75,000 crore has been made for the scheme.
A maximum grant of ₹78,000 (3 KWor more) is being provided through PM Surya Ghar Muft Bijli Yojna.
Under this scheme, the Rajasthan Government has set a target of installing solar rooftop plants in 5 lakh houses.
Rajasthan Budget 2024-2025 Highlights
The Gross State Domestic Product (GSDP) of Rajasthan for 2024-25 (at current prices) is projected to be Rs 17,81,078 crore.
Revenue deficit in 2024-25 is estimated to be 1.4% of GSDP (Rs 25,758 crore).
Estimated fiscal deficit Rs. 70 thousand 9 crore 47 lac which is 3.93% of GSDP.
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