How Assam Performed in the Economic Survey and What Assam Got in the Budget

Guwahati: The Assam Chief Minister Dr. Himanta Biswa Sarma announced that Assam is now one of India's five fastest-growing states, with a GDP growth rate of 13.9 percent. Speaking at a press conference on Friday, Dr. Sarma also highlighted Assam's capital growth rate of 12.84 percent, emphasizing the state's economic strides.

Assam, India's fifth-fastest-growing state, has seen significant growth in its banking sector, with deposits increasing from Rs 1,73 lakh crores in 2021 to Rs 2,24 lakh crores by March 31, 2024. Loans disbursed by banks also grew from Rs 80,871 crores in 2021 to Rs 1.27 lakh crores in 2024, and the credit-deposit ratio improved from 32 percent to 58 percent.

The state has seen positive trends in employment and labor participation, with the unemployment rate decreasing from 8 percent in 2022-2023 to 6.1 percent currently and the labor participation rate increasing from 36.5 percent in 2022-2023 to 40.9 percent. The state has received Rs 4,800 crores in flood relief from the Asian Development Bank and the World Bank, and is set to receive more compared to Bihar, with the exact amount yet to be determined.

The budget includes significant increases for Assam, including devolution, grants to rural local bodies, urban local bodies, health sector allocations, State Disaster Response Fund (SDRF) and State Disaster Mitigation Fund (SDMF), the Jal Jeevan Mission, and Pradhan Mantri Awas Yojana. New initiatives for youth and tea tribes include Youth Internships, which provide internship facilities for one crore youth in 500 leading industrial spaces, and Pradhan Mantri Cha Shramik Siksha Yojana, Pradhan Mantri Cha Shramik Swasthya Yojana, and Pradhan Mantri Cha Shramik Ashroy Yojana, which allocate Rs 685.70 crores to Assam and West Bengal.

Upcoming projects in Assam include the satellite township near Guwahati, the Namrup Fertilizer Plant, the BVCL Project, the Defense Corridor, and the Bongaigaon Project. Dr. Sarma highlighted the increase in fiscal space for the state and reiterated his commitment to its overall development.

When asked about data on women's work participation by Business North East, he replied that it would be available soon. Regarding the satellite township development, he mentioned that the process is yet to start.