Service sector

Good monsoon, service sector aid growth story | Ranchi News

Ranchi: Jharkhand’s economic recovery from the downturn caused by the Covid-19 pandemic was due to a steady monsoon for two consecutive years which led to a good harvest and a fast growing service sector, which had become stagnant in the during the 2020-21 fiscal year, economists said.
The Jharkhand economic survey of 2021-22 indicates that between the financial year 2020-21, the tertiary sector contracted by 10%. “Within the tertiary sector, those of trade, repair, hotels and restaurants and transport, storage and communication were the most affected as their production contracted by 18%,” the report said. . Economist Harishwar Dayal, who contributed to the report, said, “Due to consecutive years of regular monsoon rains, the state’s agriculture and its allied sectors have performed well. After the first wave of Covid-19, administrations and healthcare providers were better prepared to deal with the second wave. The containment was not as strict as the first and therefore the three sectors remained functional. In particular, the service sector, which remained stagnant in the first year, grew rapidly. »
Jharkhand’s GSDP at constant prices was Rs 1.50 lakh crore in FY 2011-12 and became Rs 2.29 lakh crore in FY 2018-19. The GSDP is estimated to have risen to Rs 2.38 lakh crore in the financial year 2019-2020.
However, in the financial year 2020-21, the state’s GSDP contracted by around Rs 11,000 crore to Rs 2.27 lakh crore. In the next financial year, the state’s GSDP is expected to be Rs 2.62 lakh crore in constant prices with a projected growth of 6.15% and Rs 4.02 lakh crore in current prices with a growth of 10, 72%.
“The 6.15% growth rate is a realistic projection as we do not know if a fourth wave of Covid-19 is imminent. But it’s safe to say that the state’s GSDP will revert to its pre-pandemic numbers,” Dayal said.