Assam Chief Minister Himanta Biswa Sarma declared on Monday that the state’s economy, which has registered a healthy 14.7 per cent growth for 2013-24, is projected to reach Rs 5.65 lakh crore.

Speaking on the state’s economic trajectory on the first day of 2024, Sarma said early estimates for the current year suggested a rise to Rs 6.38 lakh crore.

Sarma envisioned Assam’s economy nearing Rs 10 lakh crore by 2026, highlighting the state’s substantial economic progress.”During 2023-24, our GDP soared to an unprecedented Rs 5.65 lakh crore, marking a remarkable 14.7 per cent growth. Assam is swiftly emerging as an economic powerhouse. Initial estimates indicate a GDP of Rs 6.38 lakh crore this year.”

He further said, “I firmly believe that before 2026, our economy will approach Rs 10 lakh crore. As of now, we stand at Rs 5.6 lakh crore. Projections for 2024-25 suggest Rs 6.5 lakh crore. Our steady advancement indicates that by the end of this government’s term, we’ll reach a remarkable 9 to 10 lakh crore economy.”

Sarma highlighted remarkable 18 per cent tax buoyancy underscoring the peaceful environment in Assam, contributing to internal revenue growth. “Our 18 per cent tax buoyancy underscores the prevailing peace in the state. Going by tax revenues from various departments this year’s collection stands at Rs 19,568 crore till November as opposed to Rs 16,631 crore in the same period of 2022-23. Typically, tax collection accelerates in the later months, indicating substantial early-phase growth, reflecting the peaceful environment fostering trade and other activities.”

He further mentioned the significant influx of external aided projects, totaling Rs 58,000 crore from organizations like the World Bank and ADB over the past three years. “In the last three years, external aided projects worth Rs 58,000 crore have been approved and are in progress. These projects include bridges on Guwahati-North Guwahati, the Palasbari-Sualkuchi bridge a Rs 4,000 crore road connectivity project in Dima Hasao, and the Guwahati water supply initiative. This substantial investment showcases the confidence in Assam’s development.”