Economic Survey 1980-81 (Punjab)

Abstract

Since the beginning of the Planning era, the States’s economy has witnessed substantial overall development. The pace of development particularly picked up in the late sixties in the wake of the “Green Revolution”, which ended an era of subsistence agriculture and paved the way for substantial agricultural surpluses. The total income of the State at 1970-71 prices increased from Rs. 1,382.00 crores in 1970-71 to Rs. 2,112.00 crores in 1979-80, indicating a compound annual growth of 4.8 percent per annum during this period. However, the rate of growth of 3.0 percent achieved in the year 1979-80 over 1978-79 was less than the average rate of growth during the past decade. The industries sector witnessed an annual growth rate of 8.4 percent, whereas in agriculture the rate of growth was 3.4 percent during the decade 1970-71 to 1979-80. As per the present indications, the rate of growth in agriculture in the year 1980-81 over the year 1979-80 is expected to be over 8 percent.