Assam advancing towards becoming a contributing State to India's growth narrative: Himanta Biswa Sarma

Assam is advancing towards becoming a contributing State to India's growth narrative by augmenting its own revenue base.

Taking to its official X handle, the CMO Assam wrote, "Assam is closer in its quest to become a contributory State in India’s growth story by increasing its own revenue base."

Further speaking on the numbers, total internal revenue collected for the Financial Year 2023-24 (April-Novermber) went up by 14 per cent (22,104) as compared to Financial Year 2022-23 (April-Novermber) which stood at 19,446.

Assam is closer in its quest to become a contributory State in India’s growth story by increasing its own revenue base. #AssamBudget2024 @himantabiswa @AjantaNeog @AssamFinDept pic.twitter.com/00dhjGA1Pt

— Chief Minister Assam (@CMOfficeAssam) February 20, 2024

Earlier in January, Assam Chief Minister Himanta Biswa Sarma said that Assam's GDP for the 2023-24 period is reflecting 14.7 per cent growth. He said that this shows that Assam is almost an economic powerhouse. 

Speaking to the media on the first day of 2024, CM Sarma said that the GDP growth is projected to touch Rs 5 lakh 65 crore during the 2023-24 period. He further said that early projections for this year are Rs 6 lakh 38 thousand crore. The Assam CM further exuded confidence that before 2026, Assam's economy will be close to Rs 10 lakh crore. 

Also Read: Himanta Biswa Sarma: Assam sees 450 per cent surge in capital expenditure

"In terms of GDP during the 2023-24 period, we could touch Rs 5 lakh 65 crore. This is unprecedented because it is reflecting 14.7 per cent growth. Today Assam is becoming almost an economic powerhouse. Early projections for this year are showing that Assam's GDP will be Rs 6 lakh 38 thousand crore. So I believe that before 2026, Assam's economy will be close to Rs 10 lakh crore. The way we are progressing right now, we can assume that Assam's economy will be somewhere close to Rs 10 lakh core. Today we are already at Rs 5.6s lakh crore. The projection for 2024-25 is Rs 6.5 lakh crore. And if we add 2025-26 and 2026-27 over that, by the end of this government we will be almost 9 to 10 lakh crore economy. We are progressing in a huge manner if we keep going like this," said CM Sarma. 

In terms of internal revenue buoyancy, CM Sarma said that Assam has achieved 18 per cent tax buoyancy, which is indicative of the peaceful conditions in the state.

"The internal revenue buoyancy indicates the peace that is prevalent in the state. If we look at the taxation revenue from all departments, then we have achieved 18 per cent tax buoyancy, which is again unprecedented. In 2022-23 upto November, the tax revenue was Rs 16,631 crore. In the same time period, this time the tax collection in Assam is Rs 19,568 crore. If we go upto March, usually tax collection gathers speed in the later four months. So even in the initial phase upto November, we are showing 18 per cent growth in our tax collection, which also shows the peaceful situation where people are engaged in trade and other activities," said CM Sarma.