Economic Survey estimates 7.8% GSDP growth in FY 2022-23
The Jharkhand Economic Survey 2022-23, tabled by the government in the State Legislative Assembly estimated 7.8 per cent GSDP growth in the Financial Year 2022-23 over the GSDP of 2021-22, while it stated that the average annual growth rate of the State economy was 8.2 per cent in FY 2021-22 and in 2023-24 it is estimated to grow at 7.4 per cent.
The survey report prepared by the Centre for Fiscal Studies, Planning cum Finance department, Government of Jharkhand further stated that the GSDP of Jharkhand grew by only 1.1 per cent during the financial year 2019-20 and it contracted by 2020-21 due to the global economic slowdown owing to Covid 19 induced reasons.
The real GDP of the country had declined by 6.6 per cent during the Covid-19 pandemic, while that of the state had declined by only 5.5 per cent during this period. Despite the second and the third waves of COVID-19 19 pandemic, the economy of the state recovered in the year 2021-22.
The GSDP at constant (2011-12) prices of Jharkhand remained at 1.61 per cent of the GDP at constant prices of the country in the year 2021- 22 and the per capita income of the state is approximately 40 per cent less than that of the country. Except for a few years, the growth rate of Jharkhand has mostly been higher than that of the country. In the current financial year (2022-23) while the growth rate of the country has been estimated to grow by 7 per cent, that of Jharkhand by 7.8 per cent and in the coming financial year (2023-24) while the country is estimated to grow in the range of 6 to 6.8 per cent, Jharkhand is estimated to grow by 7.4 per cent. The share of the GSDP of the state in the GDP of the country is, thus, estimated to increase in the coming years.
Among the three major sectors of the state’s economy, the tertiary sector has grown at the fastest rate. Between 2011-12 and 2021-22, this sector grew at the average annual rate of 5.8 per cent while the primary and the secondary sectors grew at the average annual rate of 19 per cent and 4.3 per cent respectively. In the year 2019-20, while the value of the output of the tertiary sector grew at the rate of 6.7 per cent, that of the primary grew by 0.2 per cent. The same in the secondary sector contracted 5.3 per cent. In the year 2020-21, the output of the tertiary sector contracted by 8.7 per cen. that of the secondary sector by 2.3 per cent. The same of the primary sector contracted by 3.8 per cent. The tertiary sector has not only been the major contributor to the GSVA of the state but its shara inates also increased over the years. In the year 2011-12, its share in the GSVA of the state was 38.5 per cent which grew to 44.6 per cent in the year 2021-22. The share of the secondary sector has remained the same while that of the primary sector has decreased over the years.
The inflation rate remained within the rate stipulated in the ‘New Monetary Policy Framework’ throughout the year 2021 in Jharkhand but surpassed this level in the year 2022. The rate of inflation remained high throughout the year 2022 i.e. from January 2022 to October 2022 it remained above 6 per cent, the RBI’s stipulated upper limit, and has remained marginally below 6 per cent in the last two months of this year. In Jharkhand, the prices of fuel, light, clothing and footwear have increased very sharply in comparison to other commodity groups during the last one and half years i.e. from August, 2021 to December 2022. The inflation rate of the State has decreased in the last two months of the year 2022 (November and December).
The head count ratio of poverty in Jharkhand decreased by about 13 per cent (5.6 percentage points) between the years 2015-16 and 2019-21. In the year 2015-16 (NFHS-IV), 42.16 per cent of the people in the state were found to be ‘multidimensional poor’. About 50.93 per cent people in the rural areas and 15.26 per cent people in the urban areas were estimated to be ‘multidimensional poor’ in the state. The improvement in the indicators of health and education and in the standard of living of the people caused a fall in the incidence of poverty in Jharkhand. In the year 2019-21, the percentage of multidimensional poor decreased to 36.6 per cent i.e. to 42.2 per cent in the rural areas and 11.1 per cent in the urban areas.
UK grappling with vegetable shortages
Unusually cold temperatures in Spain and heavy rain and flooding in Morocco — two of the biggest tomato suppliers to the UK — have led to poor yields and are cited as the primary cause of the shortage.
In Spain, farmers blame recent freezing temperatures following record heat and dry conditions last year. Heat and drought in Europe last year also are affecting vegetable harvests in other countries, including Germany.
The shortages in Britain — and contrasting pictures of full vegetable shelves in supermarkets in mainland Europe — led to a degree of Brexit schadenfreude in some EU news outlets. Experts say extra bureaucracy and costs associated with Brexit have played a part, though they stress it’s not a main factor.
Farmers also have complained about the lack of government investment in the sector and funding to help them cope with painfully high energy bills.
World Wildlife Day 2023
March 3 is known as World Wildlife Day (WWD), marked annually to draw attention to issues of conservation of flora and fauna.
In 2013, the United Nations General Assembly (UNGA) proclaimed March 3 as the UN World Wildlife Day to celebrate and raise awareness of protecting the world’s wild animals and plants. This was as the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES) was signed in 1973 on this day.
March 3 marks the 50th anniversary of CITES’ establishment. CITES is considered a landmark agreement on conservation that focuses on ensuring the sustainability of endangered species.
Reliance Jio second-strongest telecom brand in world, says report
Reliance Jio has climbed up to number two rank — up from fifth place last year — in a list of the top 10 strongest telecom brands in the world. In this post we will explore the Top 150 most valuable and strongest telecoms operator brands according to Brand Finance 2023 rankings
Brand Finance have developed a comprehensive evaluation process to not only assess the value of brands, but also ascertain their relative strength. Utilizing best-practice ISO 20671 guidelines and up-to-date research collated from an expansive survey spanning 38 countries and 31 sectors with over 150,000 respondents – Brand Finance provide crucial insights for businesses looking to make informed decisions about brand performance.
49% of construction workers women: Study
With almost half the construction industry in India occupied by women workers, six of such Kolkata-based women said their work acts as a source of empowerment, enabling financial independence and a space for fostering camaraderie. They were speaking at a Women’s Day function at a construction site of a residential housing complex.
After agriculture, construction is the second largest industry in India, contributing significantly to the economy. Although perceived as a male-dominated industry, a recent ministry of labour and employment data shows that 49% of construction workers are women. While there is no sexual segregation of labour, women workers feel a sense of comfort and camaraderie working alongside other women.
Ensure fund for rare diseases, Centre told
Taking up the cudgel on behalf of the patients diagnosed with ultra-rare genetic conditions such as Lysosomal Storage Disorders, 24 Parliamentarians from across party lines have urged the Centre to ensure a sustainable fund to manage certain diseases under the National Policy for Rare Diseases, 2021.
This unending delay on the part of the Centres of Excellence (CoEs) has caused serious concern and anxiety to the patients and their families. Most of these patients are diagnosed with life-threatening rare genetic conditions, including Lysosomal Storage Disorders like Gaucher disease, Pompe disease.
Over 1 crore farmers benefitted with ongoing paddy procurement
Over 1 crore farmers have been benefitted with the paddy procurement for KMS 2022-23 (Kharif crop). Around 713 LMT of paddy up to 01.03.2023 procured and the MSP outflow of Rs.146960 crores has been transferred directly into farmers’ account.
All arrangements are in place for hassle-free procurement operations. Rice delivery against the procured paddy is also in progress and against the paddy procurement of 713 LMT, around 246 LMT rice has been received in the Central Pool upto 01.03.2023. Adequate rice stock is currently available in the Central Pool for meeting the requirements of the country.
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