GDP rank 32nd | ||
GDP ₹11,458 crore (US$1.7 billion) (2014-15) GDP per capita ₹76,210 (US$1,100) (2014-15) | ||
Mizoram is one of the fastest growing economies among the states of India with a per capita income of Rs 50,021. Mizoram had the second highest GSDP growth during the 11th Five Year Plan (2007-2012) in Northeast India at 11 percent exceeding the target of 7.8 percent which is also much higher than the national average of 7.9 percent. During the 10th Five Year Plan (2002-2007), the Gross State Domestic Product (GSDP) was expected to grow at around 5.3 per cent but grew at 5.7 per cent. The biggest contributors to GSDP growth are Agriculture, Public Administration and Construction work. Tertiary sector of service sector continued to have the contribution to the GSDP with its share hovering between 58 per cent and 60 per cent during the past half a decade.
Contents
Agriculture
Around 60 per cent of the population of the state depended on agriculture, the sector's contribution to the GSDP was only 19.84 per cent during the same period and that of the industry was 20.20 per cent. The Economic Survey indicated that 32 per cent of the cultivated area was under jhum and only 20 per cent of the demand for rice could be met within the state while a total of 14,28,600 tonnes of rice was lifted by the state government from outside. More than 70% of the total population is engaged in some form of agriculture. The age-old practice of Jhum is being discouraged by the state government with schemes like the New Land Use Policy a Policy to help farmers move away from the traditional slash-and-burn method of cultivation. Recently, Mizoram Government has entered into a new venture wherein Oil Palm and Jatropha cultivation, for biofuels is being promoted.
Education
Education is an important industry for Mizoram. It boast of a large number of schools in the state which employ a number of people.
Tourism
Mizoram is yet to establish itself as a tourist destination for both Indians and non-Indians alike. Tourists mostly visit such attractions as the hill stations of Reiek and Hmuifang. National parks and wildlife sanctuaries such as Phawngpui National Park, Murlen National Park and Dampa Tiger Reserve.
Industry
Mizoram is facing a number of difficulties in the advancement of industries. Lack of means of dependable surface transport and poor accessibility is one of the major drawbacks. Other problems faced by the state were the poor mineral resources, non-availability of good infrastructure and communication facilities, shortage of capital and lack of modern skills. A Software Technology Park is however being established in Mizoram University campus. A Steel Plant is also being established in Mizoram.
Macro-economic trend
Below is not a chart of trends in gross state product of Mizoram at market prices estimated by Ministry of Statistics and Programme Implementation with figures in millions of Indian rupees.