1.57 pc in GSDP

Largely as a result of flood impact, Jammu and Kashmir has recorded an estimated 1.57 per cent in gross domestic product during 2014-15.
1.57 pc in GSDP
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Largely as a result of flood impact, Jammu and Kashmir has recorded an estimated 1.57 per cent drop in gross domestic product during 2014-15.

According to Economic Survey, the GDP of Jammu and Kashmir is estimated to come down by 1.57 per cent during financial year 2014-15 to Rs 45,126.30 crore from Rs 45,847.15 crore in 2013-14.

The GSDP for 2014-15 is estimated at Rs 45,126.30 crore as against Rs 45,847.15 crore in 2013-14 at constant prices registering a negative growth of 1.57 per cent as compared to previous year, the survey records.

It states that for the first time from 2004, the GSDP has recorded negative growth.

GSDP is defined as a measure, in monetary terms, of the volume of all goods and services produced within the boundaries of the State during a given period of time, accounted without duplication.

The official report attributes the cause of decline in GSDP to devastating floods of September last year.

"The lesser growth rate during 2014-15 is mainly attributable to floods of September 2014," it reads.

The survey reports: "The state's economy is expected to register growth of only 0.40 per cent at current prices during 2014-15 as compared to 13.85 per cent in 2013-14 and 12.81 in 2012-13," it states.

It is pertinent to mention that from 2004 the GSDP growth rate has constantly increased and never witnessed such a drastic decline which it went through during 2014-15. As per the report, in 2005-06 GSDP growth rate at constant prices was 5.78 per cent. In 2006-07, it was 5.95 per cent. In 2007-08 it was 6.40 per cent.

In 2008-09 the growth was 6.46 per cent, in 2009-19 4.50 per cent, in 2010-11 5.65 per cent, in 2011-12, 7.66 per cent, in 2012-13, 5.35 per cent, and in 2013-14 it was 5.63 per cent.

In 2014-15 growth at constant prices came down to minus 1.57 per cent.

The report also mentions that in terms of GSDP at current prices, JK is far behind other states in the country and even among its neighbouring states it is ranked 5th.

"JK ranked 5th among the neigbhouring states namely Punjab ( Rs 317054 crore), Uttarkhand ( Rs 122433 crore), Haryana (Rs 383911 crore) and Chattisgarh (Rs 185060 crore ) in 2013-14).

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