Imphal, November 01 2017: Even as the State’s literacy rate is above the National average, the per capita income of the State is estimated to be far below the National average.
The per capita income of the State, which is full of potential and natural beauty, is estimated to be just 47,453 against the National average estimate of 1,03,007 in 2016-17 .
This says that the average monthly income per person of Manipur is just about Rs 3,954 .
Per capita income is measurement of the average income earned per person/living standard in a specific area .
Manipur’s literacy rate is put at 76.94 pc against the National average of 74.04 pc.
This is an indicator that the State has huge potential in human capital .
According to a source available with The Sangai Express, Manipur’s per capita income in the market price was put at Rs 45,384 for 2015-16.It saw 2.52 pc growth from the previous year (2014-15) which was Rs 44,269 .
In 2016-17, the per capita income of Manipur was expected to rise by 4.55 pc (Rs 47,453) from the previous year.
This means that the average monthly income per person of Manipur is just about Rs 3,954. The National average of per capita income for the same period is estimated to be Rs 1,03,007 .
According to data available with the Central Statistics Office, the National average per capita income in India was Rs 93,293 in 2015-16.It is expected to jump to Rs 1,03,007 in 2016-17.Per capita income is the measurement of standard of living of the people in a specified area .
On the Gross State Domestic Product (GSDP), the source said that the GSDP of the State in 2014-15 was Rs 18,15,465 lakh at market price.
It increased to Rs 19,16,314 lakh in 2015-16.It is estimated to reach Rs 21,40,071 lakh in 2016-17 depicting a growth of 11.68 pc over the previous year .
Although the State has enough potential for growth, it is constrained by low capital formation, inadequate infrastructure and communication bottleneck.
However, efforts in the recent past have led to creation of reasonable degree of industry-friendly environment in the State, the source said .
Pointing out that unemployment rate is very high population-wise, many experts are of the view that Manipur may lead others in terms of development and growth if these unemployed youth are given the opportunity in different trades, business and industries .
It was in this backdrop that the State Govt is making all efforts to implement the Industrial and Investment Policy of Manipur 2017.The source said that the draft copy of the Policy has been completed and comments have been invited from concerned persons for necessary modification of the contents.
The source further said that there are a total of 1,085 Micro, Small and Medium Industries (MSME) units in the State till March 31, 2015 ie the last date before introduction of Udyog Aadhaar Memorandum by Ministry of MSME .
The total investment in MSME is Rs 116.11 crore and the production value is Rs 408.51 crore.
This will provide direct employment to 11,906 workers, it said .
Since the economy of the State is largely based on agriculture, the new Industrial Policy will give priority to Agro and Horti based industries .
Thrust areas have also been given on Biotechnology and medicinal plant industries, information technology, bamboo products processing unit, setting up of mineral based industries, coffee and tea plantation, agro-horticulture, distillation of oils from aromatic plant, rubber processing, dairy and allied products, meat processing unit, mineral based industries, trade and commerce under Export-Import mechanism in the draft Industrial and Investment Policy .
Under the Policy, the State Govt should encourage innovator by providing financial assistance to a maximum of Rs 1 lakh incentive.
Subsidy for preparation of feasibility study and project report will also be given apart from exempting Micro and Small enterprises from payment earnest money and security deposit, it added.
Source: The Sangai Express