Should Bihar Election Prioritize Economic Growth?
Click to start listening
Synopsis
As the Bihar Assembly elections approach, former Finance Commission Chairman N. K. Singh urges the focus to shift towards the state's economic future. Highlighting recent growth in GDP and per capita income, Singh emphasizes the importance of sustainable development and collaboration between state and central governments for infrastructure support.
Key Takeaways
- Bihar's GDP grew by 22% this fiscal year.
- Per capita income has increased by around 20%.
- Strong fiscal management has driven recent growth.
- Central government support is crucial for infrastructure projects.
- Both manifestos are financially achievable.
Patna, Oct 31 (NationPress) Following the unveiling of the National Democratic Alliance (NDA)'s 24-point manifesto for the Bihar Assembly elections, former MP and Chairman of the 15th Finance Commission N. K. Singh emphasized that the spotlight of this election should be on Bihar’s economic prospects and ongoing development.
Addressing Bihar’s growth trajectory, Singh stated to IANS that although the state is frequently labeled as one of India's most underdeveloped regions, it is essential to recognize the significant advancements it has achieved in recent years.
“Bihar is often categorized among the most disadvantaged states in the nation. While it ranks low on various indicators such as education, health, infrastructure, and manufacturing, many overlook two crucial facts — there has been considerable progress in recent years,” Singh remarked.
He pointed out that Bihar’s nominal Gross Domestic Product (GDP) surged by 22 percent in the ongoing fiscal year, and the population growth rate has been stabilized at 1.4 percent, contributing to an approximate 20 percent increase in per capita income.
“Previously, per capita income growth was limited to only 1-2 percent annually. Now, it has escalated to around 20 percent - which is extraordinary,” Singh noted.
Discussing the reasons behind this growth, Singh attributed it to enhanced fiscal management by the state government.
He remarked that the commitments made in both the NDA’s manifesto and that of the Grand Alliance are financially sound and attainable.
“Whichever party wins will be capable of fulfilling the promises outlined in the manifestos,” he stated.
Highlighting the necessity of consistency and investment, Singh asserted that sustaining the current growth momentum over the next five years and attracting investors who trust the state’s business climate is vital.
He also underscored the importance of strong collaboration between the state and central governments, especially for Bihar, which still needs considerable central support for infrastructure development.
“Bihar requires assistance from the Centre for transportation projects, including road, rail, and air connectivity. The financial burden of these initiatives cannot be borne solely by the state. A responsible government at both levels can propel Bihar’s growth,” Singh concluded.
Point of View
It is imperative to highlight that Bihar's growth story is a testament to resilience and potential. The emphasis on economic development is crucial, as it reflects the ongoing changes in the state's landscape. It is essential for all stakeholders, including voters, to critically assess how these growth metrics can be sustained and expanded upon in the future.
NationPress
01/11/2025
Frequently Asked Questions
What are the key points of the NDA's manifesto for Bihar?
The NDA's 24-point manifesto emphasizes economic development, infrastructure improvement, and job creation, aiming to build a prosperous future for Bihar.
How has Bihar's GDP growth been in recent years?
Bihar's nominal GDP has seen a remarkable growth of 22% in the current financial year, indicating strong economic progress.
What is the current per capita income growth rate in Bihar?
Per capita income growth in Bihar has surged to approximately 20%, a significant increase compared to previous years.
Why is central government support crucial for Bihar?
Bihar requires substantial central assistance for developing essential infrastructure such as roads, railways, and air connectivity to sustain its growth.
What role does fiscal management play in Bihar's growth?
Improved fiscal management by the state government has been a key factor in facilitating Bihar's economic growth and stability.
