JAMMU, Jan 12: The economy of Jammu & Kashmir is projected to grow at 7.8% in the year 2017-18.
Experts told Cross Town News that In 2016-17 and 2017-18, the state is projected to grow at 7.6% and 7.8% respectively.
Agriculture in 2015-16 is estimated see a growth of 21.6% due to better harvest compared to 2014-15. The sector is estimated to grow at 9.6% and 7.6% in 2016-17 and 2017-18 respectively.
Experts told Cross Town News that the Industrial GSDP of the state in 2015-16 is expected to be Rs 23,710 crore. This is 0.4% greater than 2014-15. Mining industry is expected to grow at 14.5% in 2015-16 and is expected grow at 19.8% and 33.6% in 2016-17 and 2017-18 respectively. On the other hand, manufacturing is expected to decline at 1.5% (negative growth) in 2015-16, followed by growth of 3.9% and 4% in 2016-17 and 2017-18 respectively. While industry is expected to grow by 3.9% in 2016-17 to Rs 24,634 crore, it may be noted that, due to curfews and hartals in the year, the sector has seen a loss of Rs 13,291 crore.
Investments in industries have slowed down in 2015-16, when compared to the previous years. Between 2009-10 and 2014-15, investments in industries have amounted to Rs 4,866 crore (Rs 973 crore on an average). This has reduced to Rs 267 crore in 2015-16.
Experts told Cross Town News that the state is projected to grow at 8.3% in the year 2015-16. This is higher when compared to the growth rate of 2014-15 (1.4%). In 2016-17 and 2017-18, the state is projected to grow at 7.6% and 7.2% respectively.
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