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J&K Eonomic Survey pegs growth at 7-7.5%
KT NEWS SERVICE
JAMMU, Mar 5: Claiming that the “downturn is more or less over”, the pre-budget Economic Survey of Jammu and Kashmir today projected as optimistic 7 to 8 percent growth during the first year of current five-year plan and calls for focusing on development goals identified at the national level for achieving an accelerated, inclusive and sustainable growth in the state.

While pegging the Gross State Domestic Product (GSDP) at 7 percent in the first year of 12th five-year plan (2012-17) for the current fiscal, the Survey tabled in the J&K legislature by Finance Minister A R Rather said that the overall economy is expected to grow in the range of 7 to 8 percent as the economy is looking despite slowdown all over the world.

The J&K Survey pointed out that the state has not only maintained the increasing growth trajectory since 2009-10 but accelerated it further to new heights especially during 2011-12 and 2012-13 when the growth rate clocked to over 6 percent better than the national level. It said that as per the advanced estimates of GSDP at current prices (2004-05) the state economy is expected to grow at 7.01 percent during 2012-13 as compared to 6.22 percent in 2011-12 (Quick estimates) and 5.96 percent in 2010-11 (Quick estimates).

The Survey said that the expected higher rate of growth during the current fiscal was in line with the projections made for the 12th five-year plan which envisages growth rate to move up over the years starting with 7 percent in the first year and achieving 8 percent in the fifth and terminal years thereby achieving average growth rate of 7.5 percent during the entire plan period.

It said that at the disaggregated level, the trend growth of current fiscal comprises 3.84 percent growth in agriculture and allied activities, 3.17 percent in industry and 10.10 percent in services as compared to growth of 3.69 percent, 2.1 percent and 9.38 percent respectively during 2011-12 (Quick estimates). It estimated that the GSDP at current prices is estimated at Rs 76115.29 crores in 2012-13 as per the advance estimates as against Rs 65978.70 crores in the years 2011-12 thereby expected to growth at 15.36 percent.

The Survey also pointed out that the plan would focus sharply on potentially higher growth-oriented and productive sectors of the economy by concentrating on rainfed farming, preservation of environment, checking soil erosion and degradation land, agriculture research, creation of additional and utilization of existing irrigation potential, reduction of post harvest wastages with access to market through appropriate inventions for getting better money for the producers, which will add to the GSDP of J&K.

Besides these measures, the Survey also aims at improving the road connectivity and providing potable drinking water facility in all the left out habitations, generation of more hydel power and reduction of transmission and distribution losses in the next five years. It said that education and health will continue to be the priority sectors for the state government during the 12th five-year plan period.
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News Updated at : Wednesday, March 6, 2013
 
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