A GLIMPSE OF THE NEW ECONOMIC FACE OF BIHAR
The land of Buddha dotted with a thousand monasteries has been ranked by the World Bank as the second-best city in India to start a business in 2009, just after the national capital Delhi. The southern half of the state including its capital city, Patna, had marked a per capita income greater than some of the tier-I cities like Bangalore and Hyderabad in the year 2008. As per recent reports presented by the state, the Gross State Domestic Product (GSDP) of Bihar grew at a CAGR of 11.99 per cent in 2017-18 and its per capita GSDP has also marked an increase at CAGR of 10.25 per cent for the same period. Bihar has also witnessed commendable growth in per capita net state domestic product (NSDP).
These numbers scream aloud that gone are the days when Bihar was crippled by high fertility, low literacy, declining economy and rotting corruption. Bihar’s economy soared at 11.3 per cent in 2017-18, which is the highest growth rate of any state in the country. Bihar enjoys a favourable geographic location marking its proximity to the markets and ports of eastern and northern India. The state further poses a huge opportunity for industrial development, particularly after the recent investments made by the government to support business development in the state. Bihar’s high population of cost-effective skilled industrial labour makes it an ideal destination for industrial development.
BIHAR WITNESSES CHANGING CONSUMER BEHAVIOUR
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