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Nitish Kumar Gets Over Modi in Growth

Despite worldwide economic holdup and drooping domestic demand, Bihar has succeeded to record 11.95% yearly development rate, the highest amongst all the states, throughout the 11th Plan period.

As per the Economic Survey 2012-13 arrayed by deputy CM and finance minister Sushil Kumar Modi in the state legislative assembly on Tuesday, Bihar just about stayed untouched by the total global slowdown but for few side effects in 2012-13.

But the state's per capital financial gain of Rs 25,653 at current prices is yet far behind the national average of Rs 60,972 in 2011-12. "Our gross state domestic product (GSDP) at 2004-05 prices is Rs 1.52 lakh crore which is approximated to ascending to Rs 2.53 lakh crore at recent prices in 2011-12," Modi said.

The difficulty of low income in Bihar is emphasized by respectable inequality across the districts in terms of their per capita income. In 2009-10, Patna, with per capita source of income of Rs 55,539, Munger with Rs 18,669 and Bhagalpur with Rs14,396 have been the most well-heeled districts whereas Sheohar has Rs 5,552, Madhepura (Rs 7.161) and Supaul (Rs 7,213) stayed at the bottom.

Modi said the state government had a conspicuous debt of Rs 44,475 crore in 2007-08, which is 39% of its GSDP. By 2011-12, it decreased considerably to 24% even though the striking debt augmented to Rs 60,551 crore. By the way, it was 53% in 2001-02.

Bihar's gross fiscal deficit (GFD) was just Rs 3,971 crore in 2010-11 but it aggressively augmented to Rs 5,915 crore in the future year. In 2012-13, it is planned to outgrowth further to Rs 7,569 crore owed to higher capital investment.

The study claimed growth in the state's personal tax revenue, exploding from Rs 5,086 crore in 2007-08 to Rs 12,612 crore in 2011-12. The non-tax revenue has leaped from Rs 526 crore to Rs 890 crore throughout the same period. "The state's personal tax revenue has enhanced to 4.99% of the GSDP," said principal finance chief Rameshwar Singh.

"The image of Bihar has undergone a modification in recent years, thanks to high growth rate of its economic system and accompanying developments in social spheres. This was made accomplishable mainly through the efforts of the state government which used its limited resources in a discreet manner," said Modi.

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