First time, JK records negative growth in per capita income

First time in a decade, the per capital income in Jammu and Kashmir has sharply nosedived in 2014-15.
First time, JK records negative growth in per capita income
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First time in a decade, the per capital income in Jammu and Kashmir has sharply nosedived in 2014-15. 

Economic Survey 2014-15, an official document, reveals that during the year the per capital income in JK recorded (-) 2.66 per cent growth at constant prices and (-) 0.6 per cent at current prices.

"The per capita income in Jammu and Kashmir at current prices is worked out at Rs 58,888 in 2014-15 against Rs 59,279 in 2013-14 registering a negative growth of Rs 0.66 per cent," it states.

"At constant prices (2004-05 prices), it has fallen to Rs 30,612 in 2014-15 from Rs 31,448 in 2013-14 registering a negative growth of 2.66 per cent," the survey reads.

Per capita income, also known as income per person, is the mean income of the people in an economic unit such as a country or city. It is calculated by taking a measure of all sources of income in the aggregate and dividing it by the total population.

The survey attributes decline in per capita income to devastating floods of September 2014 which wreaked havoc in Kashmir causing an estimated loss of Rs 1 lakh crore.

At constant prices, the per capita income in 2005-06 was Rs 22,406 which was up 3.09 per cent from the previous year; in 2006-07 it was Rs 23,375 recording growth of 4.32 per cent; in 2007-08 the per capita income was Rs 24,470 showing a growth of 4.68 per cent; In 2008-09 it was Rs 25,641 with growth rate of 4.78 per cent.

Similarly, in 2009-10, the per capita income was Rs 26,518 recording 3.42 per cent growth, in 2010-11 it was Rs 27,666 with 4.33 per cent growth, in 2011-12 Rs 28790 at 4.06 per cent, in 2012-13 Rs 30,035 at 4.32 per cent, in 2013-14  Rs 31,448 with growth of 4.7 per cent.

It is for the first time in since 2005-06, the growth rate at constant prices has witnessed negative growth of 2.66 per cent in 2014-15.  Similarly, the per capita income at current prices has witnessed decline in the last fiscal year.

In 2005-06, the per capita income at current prices was Rs 23,240 with annual growth rate of 6.93 per cent. In 2006-07, it was Rs 25,059 at 7.83 per cent, in 2007-08  Rs 27,448 at 9.53 per cent, in 2008-09 Rs 30,212 at 10.07 per cent.

The per capita in 2009-10 was Rs 33,650 with 11.38 per cent growth, in 2010-11 Rs 40,089 at 19.13 per cent growth rate, in 2011-12 Rs 46,734 at 16.58 per cent, in 2012-13 the growth rate was 16.58 per cent with per capita income of Rs 46,734. In 2013-14, the per capita income was Rs 59,279 at 13.16 per cent and in 2014-15 it was Rs 58,888 showing a negative growth of 0.66 per cent.

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.

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