Neighbouring Haryana had crossed it last year. Now in 2012-13, the per capita income of Punjab too is estimated near the Rs 1 lakh mark.
According to the advance estimates compiled by the Economic and Statistical Wing of the state finance department, Punjab’s per capita income is pegged at Rs 99,379 at current prices — growing by nearly 13 per cent over last year’s Rs 87,973.
At constant prices (base year 2004-05), state’s per capita income is estimated at Rs 56,625 against Rs 53,667 in 2011-12.
The good news, however, ends here.
The state’s growth rate is estimated to touch a three-year low of 6.3 per cent in 2012-13, mainly owing to negative growth of minus 1.7 per cent in the primary sector comprising agriculture, allied activities and mining and quarrying.
It negates the marginal jump in growth rate of both secondary and services sectors, which are pegged to grow at 6.8 and 9.8 per cent, respectively.
It is a steep fall of nearly four per cent in the primary sector from last year, when it grew at 2.24 per cent (quick estimates). The sector had recovered and posted growth rate of 1.7 per cent in 2010-11 (provisional estimates) after slipping to negative growth in 2009-10.
Like Haryana, where the contribution of service sector to state’s income has crossed the halfway mark, the makeup of Punjab’s Gross State Domestic Product (GSDP) too now shows encouraging trend.
The sector is pegged to contribute 48 per cent to the state’s income (GSDP) in 2012-13, up from 46.5 per cent last year. Interestingly, at 21 per cent, the contribution of trade, hotels, restaurants and banking and insurance is at par with contribution of both agriculture and manufacturing sectors.
Posting highest growth, the sub-category of banking and insurance posted 16 per cent growth while trade, hotels and restaurants grew at 10.46 per cent — the second highest. While the latter alone contributed 12 per cent to the GSDP, the contribution of banking and insurance was nine per cent. In terms of percentage growth, transport (railway) growth rate doubled to 8 per cent.
After peaking to 10.18 per cent in 2006-07, Punjab’s growth rate marginally fell to 9 per cent in 2007-08. During economic slowdown, it plummeted to 5.85 per cent. It made a gradual recovery in 2009-10 to 6.29 per cent and 7.2 per cent in 2010-11. It is 6.7 per cent as