 "Service sector continues to drive Mizoram's economy with 50% share in GSVA")
The tertiary or service sector continues to drive Mizoram's economy with a lion's share of 50.08 per cent of the Gross State Value Added (GSVA) being contributed by the sector, according to the Economic Survey of Mizoram 2022-2023.
The Economic Survey presented by Chief Minister Zoramthanga in the Assembly on Tuesday said that the Gross State Domestic Product (GSDP) has been continuously growing over the years at an impressive rate.
The GSDP at constant prices (2011-12) is expected to attain an amount of Rs. 19,036.83 crore in 2021-22 against the estimate of Rs 16,969.85 crore for the year 2020-21 showing a growth of about 12.18 per cent over the previous year.
Whereas the GSDP at current price registered an increase of 15.25 per cent over the previous year, it said.
The GSDP at current price is estimated at Rs 28,480.10 crore in 2021-22 as against Rs 24,712.26 crore in 2020-21.
The GSVA at constant (2011-12) prices has clocked a 9.43 per cent average annual growth rate during financial years 2011-2012 to 2021-22, the economic survey said.
The service sector contributed the lion's share of the GSVA at 50.08 per cent followed by the industry sector at 25.09 per cent and the primary sector, comprising agriculture and allied activities, contributed 24.83 per cent to the GSVA.
"The remarkable contribution of the tertiary or service sector constituting a share of about 50.08 % of the total GSVA clearly indicates that this sector drives the economy of Mizoram," the Economic Survey said.
With more than half of the state population deriving the greater part of their income from agriculture, faster growth in this sector is necessary to increase their income, it said.
The share of agriculture, forestry and fishing has steadily increased over the years from 20.12 per cent in 2011-12 to 24.83 per cent in 2021-22.
The primary sector contributed 25.93 per cent, industry sector (26 per cent) and tertiary sector (48 per cent) to the GSVA in 2020-21.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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