Aizawl, Mar 6: Mizoram's economy is set to achieve a notable growth, with projections indicating an 11.6 percent rise in the Gross State Domestic Product (GSDP) and an overall annual economic growth rate of 9.89 percent for the fiscal year 2023-24, according to the Economic Survey of Mizoram 2024-25.

The survey, presented by Chief Minister Lalduhoma, who also holds the finance portfolio, in the State Legislative Assembly on Wednesday, highlights the State's robust recovery and strong economic fundamentals.

The survey emphasises the transformation of Mizoram's economy over the past decade, which has moved away from an agriculture-heavy base to a more diversified economic structure, increasingly driven by industry and the services sector. It attributes this shift to strategic policy initiatives, fiscal discipline, infrastructure development, and economic reforms aimed at ensuring sustainable growth and resilience.

The State's GSDP at constant (2011-12) prices is estimated to be 22,518.29 crore in 2023-24, marking an increase from Rs 20,173.18 crore in the previous year. This growth trajectory reflects the state’s diversified economic base, with consistent performance across key sectors. Meanwhile, the State's GDP at current prices is projected to hit Rs 35,575.54 crore, a significant rise of 15.92 percent from Rs 30,690.33 crore in 2022-23.

Despite these positive figures, the report cautions that the state's economy still faces challenges, particularly in the primary sector, which involves the majority of the population. Although the primary sector continues to show steady growth through advancements in agricultural practices and rural development, its contribution to the Gross State Value Added (GSVA) at current prices is expected to reach 20.55 percent in 2023-24, a modest increase from 20.45 percent in 2022-23.

The secondary sector, which includes industrialisation, construction, and utility improvements, has experienced significant expansion, with its contribution to the GSVA forecast to rise to 34.21 percent from 32.68 percent in the previous fiscal year.

The services sector remains the backbone of the state's economy despite a slight decline in its share of the GSVA to 45.24 percent in 2023-24, down from 46.87 percent in the previous year. The sector continues to be a major contributor, driven by growth in trade, tourism, financial services, and public administration. Notably, trade, hotels, and restaurants experienced a robust 14.78 percent growth, while public administration expanded significantly from Rs 360,685 lakh to Rs 393,273 lakh.

The Economic Survey underscores the state's ongoing efforts to maintain growth while balancing inclusive development and sustainability.

By

Zodin Sanga