- Bright outlook in the 2024-25 economic survey
Bhopal, Madhya Pradesh has now joined the league of select Indian states whose Gross State Domestic Product (GSDP) has crossed Rs15 lakh crore. This milestone was revealed in the state’s Economic Survey for 2024-25, presented a day before the budget in the state assembly on Tuesday. The state’s GSDP has reached Rs 15,03,395 crore this fiscal year, marking an increase of nearly Rs 1.5 lakh crore compared to the previous year.
In addition, the state’s per capita income has also hit a new high, surpassing Rs 1.5 lakh annually. Madhya Pradesh’s per capita income stands at Rs 1,52,615, a significant jump from Rs 1,39,713 in 2023-24. This figure validates the earlier reports that the state’s GSDP and per capita income would exceed these thresholds.
Sector wise economic performance
The Economic Survey also highlighted shifts in the economic structure of the state. While the primary (agriculture and forestry) and secondary (manufacturing, electricity, and construction) sectors saw a decline in contribution to the economy, the tertiary (services) sector showed significant growth. The primary sector’s contribution dropped slightly from 44.55% to 44.36%, with negative growth in crops and forestry, although livestock, fisheries, and mining showed stable growth. The secondary sector’s contribution shrank from 19.36% to 19.03%, but the service sector, particularly trade, hotels, restaurants, and financial services, contributed a larger share, increasing from 36.09% to 36.61%.
Growth in milk, egg and meat production; Decline in food grain output
The state has seen consistent growth in the production of milk, eggs, and meat. Milk production has risen by 4%, with per capita availability reaching 653 grams per day. Egg and meat production saw increases of 9.65% and 9.57%, respectively. However, food grain production has seen a decline of 1.15%.
Employment boost from MSME and Startups
The survey also highlighted a promising job creation outlook, with 4.57 lakh MSME units registering in 2023-24, providing employment to 22.77 lakh people. The state saw a 114% growth in startups, with women-led startups rising by an impressive 136%.
Madhya Pradesh’s economic growth showcases an optimistic future for the state as it moves towards greater economic prosperity and job creation.
