Gujarat government's advance estimates peg the GSDP for 2017-18 at Rs 13.20 lakh crore at current prices, a growth of 14% over the previous year when the GSDP was estimated at Rs 11.58 crore
There is reason to cheer as Gujarat seems to be coming back on the growth track. Gujarat's Gross State Domestic Product (GSDP) is estimated to have grown at close to 9% in the current year, the fastest in the last five years.
Gujarat government's advance estimates peg the GSDP for 2017-18 at Rs 13.20 lakh crore at current prices, a growth of 14% over the previous year when the GSDP was estimated at Rs 11.58 crore.
"With a reasonable growth rate and consistent interest rates in the national economy, the Advance Estimates for FY 2017-18 indicate that the state is poised to register a growth rate of 14.00% over 2016-17," the state government said in the budget documents.
The state government does not share the GSDP figures in terms of constant prices. However, assuming an average inflation rate of 5% for the year, the GSDP has grown at 9% or thereabouts for 2017-18, the fastest rate since 2013-14. Last year, the GSDP had expanded by about 8%. Official statistics show that Gujarat's GSDP grew by 11.5% in 2013-14, 14.1% in 2014-15, and 11.2% in 2015-16. The average rate of inflation in each of these years was about 5 or 6%, which means real GSDP growth was anywhere from 6-7%.
"Gujarat has consistently grown at a rate that has been higher than the national average. The State economy at current prices has recorded annualized growth rate of 16.99% for six years (2004-05 to 2010-11) as per the base year 2004-05, and at an annualized growth rate of 13.56% for last seven years (2011-12 to 2017-18) as per base year 2011-12," a senior official said.
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