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Meghalaya has recorded a Gross State Domestic Product (GSDP) growth of 8.2 per cent for FY2021-22 backed by an increase in government expenditure.
While the growth rate for Meghalaya’s GSDP during 2011-12 to 2017-18 was the slowest among all the States and Union Territories of India (ranked 33rd), it grew at a faster rate during 2018-19 to 2020-21.
From the slowest-growing State, it is now the 19th fastest-growing State in the country, said an official statement from the Meghalaya government.
“The strong growth of Meghalaya can be attributed to the increase in government expenditure. Since 2018, the State government expenditure has doubled from ₹9,858 crore in 2017-18 to ₹18,881 in 2022-23. An exponential increase in expenditure by almost 50 per cent and large-scale investments taking place have led the State to record impressive growth and put the State on the national development pedestal,” the statement said.
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RBI data
As per the data released by the Reserve Bank of India on the GSDP of States, the compounded annual growth rate (CAGR) for Meghalaya’s GSDP during 2011-12 to 2017-18 was two per cent.
Despite Covid-19 induced pandemic, the economy of Meghalaya has recovered at a very fast pace, it said.
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