Mizoram: Service sector drives economic growth with 50% contribution to GSVA, reports Economic Survey 2022-2023

Mizoram's economy has been experiencing continuous growth at an impressive rate, with the tertiary or service sector leading the charge. According to the recently released Economic Survey of Mizoram 2022-2023, the service sector contributed the lion's share of 50.08% to the Gross State Value Added (GSVA), followed by the industry sector at 25.09% and the primary sector, which comprises agriculture and allied activities, at 24.83%.

The economic survey was presented by chief minister Zoramthanga in the assembly on February 21. It revealed that the GSDP (Gross Domestic Product) of the state has been steadily growing over the years at a rate of 12.18% over the previous year, with the GSDP at constant prices (2011-12) expected to attain an amount of Rs. 19,036.83 crore in 2021-22 against the estimate of Rs. 16,969.85 crore for the year 2020-21.

The GSDP at its current price registered an increase of 15.25% over the previous year, with an estimated value of Rs. 28,480.10 crore in 2021-22, as opposed to Rs. 24,712.26 crore in 2020-21.

The economic survey also showed that the GSVA at constant (2011-12) prices has recorded an average annual growth rate of 9.43% during financial years 2011-2012 to 2021-22.

The remarkable contribution of the service sector, which constitutes a share of about 50.08% of the total GSVA, clearly indicates that this sector drives the economy of Mizoram, the Economic Survey said.

However, with more than half of the state's population deriving the greater part of their income from agriculture, faster growth in this sector is necessary to increase their income, it added. The share of agriculture, forestry, and fishing has steadily increased over the years from 20.12% in 2011-12 to 24.83% in 2021-22.

It is noteworthy that the primary sector contributed 25.93%, the industry sector (26%), and the tertiary sector (48%) to the GSVA in 2020-21.

The new economic survey also projected that the per capita income of the state for fiscal 2021-22 is Rs 1,75,896, compared to the previous year's estimate of Rs 1,79,503.

In conclusion, the Economic Survey of Mizoram 2022-2023 highlights the significant contribution of the service sector to the state's economy and underscores the need for more extensive growth in the agriculture sector to boost the income of the majority of the population.