Nagaland Aims to become a $10 Billion Economy by 2029-30, Says Economic Survey 2024-25
A recent report by the Nagaland Economic Survey 2024-25 has projected that the state is on track to become a $10 billion economy by 2029-30, with a compound annual growth rate (CAGR) of 12.55%. The current estimated value of the state’s economy, based on the Advance Estimates of Gross State Domestic Product (GSDP), is $5.30 billion, equivalent to Rs 45,989.21 crore.
The survey notes that the state’s economy has been growing steadily, with an average annual growth rate (AAGR) of 11.25% over the last 13 years. However, the growth has been inconsistent, with a significant dip during the COVID-19 pandemic. The state’s GSDP fell to 5.06% in 2020-21, and even though the growth rate has recovered slightly, it still lags behind the targeted level.
To achieve the ambitious goal of becoming a $10 billion economy, the state government will need to maintain a high growth rate of 12.55%, which is a challenging task. The survey highlights the need for sustained high growth, which will require optimal allocation of resources, including untapped natural resources and demographic dividend.
The state’s economy is currently driven by the tertiary sector, which accounts for 65.75% of the total, followed by the primary and secondary sectors, which contribute 23.55% and 10.68%, respectively. The per capita income is also expected to grow by 11.62% from Rs 1,59,737 in 2023-24 to Rs 1,78,304 in 2024-25.
The survey emphasizes the importance of infrastructure development and creation of a growth-conducive environment to achieve economic growth. The state government is working on various human resource development measures to harness the demographic dividend and contribute to social progress and economic development.
While achieving the target of becoming a $10 billion economy by 2029-30 will require significant efforts, the Nagaland Economic Survey 2024-25 provides a roadmap for the state’s economic growth, highlighting the potential for growth and the need for sustained high growth to achieve development. With a CAGR of 12.55%, the state is poised to join the league of developed economies, making it a significant milestone for the region.
Original Source: https://www.morungexpress.com/10000000000-the-magic-number-for-viksit-nagaland
Category : Morung Exclusive , Nagaland
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Publish Date: 2025-03-09 23:02:00
