ASSOCHAM study on economic growth in last 10 years
By Our Staff Reporter
Guwahati, July 16: Assam could not keep pace with the other Northeastern states in economic growth n the last ten years, a study by the Associated Chambers of Commerce and Industries of India (ASSOCHAM) has said.
"India has been growing rapidly in the last decade and has emerged as the third largest economy (in PPP Gross Domestic Product terms) in the world after USA and Chi. Unfortutely, the benefits arising out of this high growth have not percolated to the entire country equally. There have been few pockets in the country that have remained backward - the eight states of the North Eastern (NE) Region belong to this backward segment," the study released to the media on Thursday stated.
The slow pace of infrastructural development and intertiol border connectivity are the major challenges in the region. Along with these challenges, the region has been facing lack of investment, the report said. According to the study, the economic growth performance of the region is recorded at 5.9 per cent in the period from 2004-05 to 2013-14. Sikkim has recorded the highest economic growth rate of 13.5 per cent in this period, followed by Tripura and Mizoram with growth rates of 7.7 per cent each. Meghalaya and galand have recorded a compound annual growth rate of 7.4 per cent and 6.9 per cent respectively.
Aruchal Pradesh, Assam and Manipur however recorded growth rates lower than the average growth rate of the NE region as a whole. Aruchal Pradesh recorded a growth rate of 5.4 per cent; Assam and Manipur recorded growth rates of 5 per cent each.
Tripura recorded the highest compound annual growth rate during 2004-05 to 2013-14 in the Agriculture & Allied sector, followed by that of Sikkim, Mizoram, Aruchal Pradesh and galand. Assam (2.8) was just above Manipur (2.6) in this sector.
On the other hand, Aruchal Pradesh, Assam and Manipur have recorded 5 per cent, 4.5 per cent and 1.3 per cent respectively in the Industry sector, which are all lower than the NE region's average industrial growth rate as a whole. At 7 per cent, Assam was at the bottom of the list in compound annual growth rate in the Service sector.