Guwahati, 8th February: Assam witnesses a historic surge in capital expenditure, as announced by Chief Minister Himanta Biswa Sarma on February 8. With an astonishing 450 per cent increase over the past decade, Sarma hails this leap as a pivotal moment heralding accelerated growth and an expanded economy for the northeastern state.
“Assam’s economy is on a trajectory of resilience, resurgence, and robustness,” proclaims Sarma, underscoring the state’s remarkable financial ascent. He attributes the surge in capital expenditure to a strategic blend of internal revenue, augmented central support, and structured borrowings, propelling Assam into the echelons of rapid economic development.
At the heart of this economic resurgence lies Assam’s bold vision for growth, epitomized by the anticipated Gross State Domestic Product (GSDP) of Rs 6.39 lakh crore in the fiscal year 2024-25. With a commendable GSDP growth rate of 14.7 per cent, the state emerges as a formidable growth center in the region.
Emphasizing the tangible impact of increased capital expenditure, Sarma cites the exponential rise from Rs 4,543 crore in 2014-15 to Rs 16,338 crore in 2022-23. This substantial investment drives a multitude of infrastructure projects aimed at enhancing connectivity, healthcare, education, and other critical sectors across Assam.
Despite ambitious expansion, Sarma assures fiscal prudence, with Assam’s Debt-GSDP ratio standing at 23.47 per cent as of 2022-23, well below the statutory ceiling of 32 per cent mandated under the Fiscal Responsibility and Budget Management Act. This favorable debt profile positions Assam to avail additional loans for sustaining developmental initiatives.
Chief Minister Sarma expresses unwavering confidence in Assam’s trajectory, envisioning a future marked by prosperity and progress. With a steadfast commitment to solid fundamentals and a conducive policy framework, Assam marches resolutely towards realizing its vision of a ‘Viksit Assam’ – a state synonymous with growth, opportunity, and prosperity.
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