Over the year we have been inured by the despicable stereotyping of Bihar as the land of crime and despair. None can beat the most disparaging annotation of “BIMARU” by the ilk’s of Ashish bose to marginalize and vilify few states. Thanks to the negative hyper activism of our few friends in media, Bihar always symbolized the damned.
It’s refreshing to see now Bihar is getting associated with progress, peace and prosperity. The 3 P’s were always seen as a mirage few years back but thanks to the changing times, its old glory is under revival.
India today has an article titled “Patna : P for prosperity” where the recent developments in prosperity (development) index of the state is showcased. A growing middle class, increase in disposable income (which was always there, just that the savings were getting siphoned to other states) which is leading to booming retail and improved infrastructure.
The mega trend of consumerism is revamping Patna’s economic structure, besides fuelling business growth in the city. Similarly, the retail industry here is also developing fast with improving business environment and rising income levels.
Bihar’s latest Economic Survey for 2007-08 says as much: Patna’s capita gross district domestic product is Rs 31,441. Patna also has the highest per capita saving in the state at Rs 675, highest per-capita fuel consumption and the highest per capita income at Rs 6,958. Patna has also witnessed a huge influx of business organisations coming to the city, while the existing ones have been on an expansion mode thus generating hundreds of jobs in the private sector.
No wonder, corporate tax growth in Bihar and Jharkhand is the second highest (75.45 per cent) in the country, and is second only to North-East (Guwahati) where it is pegged at 254.30 per cent.
So growing retail, insurance, telecom and agri sector means greater investment, job creation and higher disposable income which is further fueling the banking services, consumer durable and demand for recreational services.
Its interesting to note that in 2008 when automobile sales were down by 20-25 % in the country, Bihar showed 45 per cent to 1,33,000 in the last 11 months of the current year, against 92,147 sold in the same corresponding period.
Clearly signs of an upcoming and growing state where still untapped potential exists.