Agriculture gave 18.2 per cent of Jharkhand's GSDP while employing 50.4 per cent of its working population
Background
A government factsheet issued around the GST rate changes records agriculture's place in the Jharkhand economy.
The sector contributed 18.2 per cent to the state's Gross State Domestic Product in 2021-22, a figure credited to NCAER and NITI Aayog.
About 50.4 per cent of the working population is engaged in agriculture and allied activities.
Ranchi, Hazaribagh, Palamu and Latehar are named as the agricultural heartland districts.
Under the rate changes, GST on tractors below 1800cc came down from 12 per cent to 5 per cent, and on tractor parts from 18 or 12 per cent to 5 per cent.
GST on processed foodgrains came down from 12 per cent to 5 per cent, which the factsheet says reduces input costs by 3 to 8 per cent.
In plain words
GSDP Gross State Domestic Product — The total value of goods and services produced within a state in a year.
NCAER National Council of Applied Economic Research — An independent economic research institute whose estimates governments often cite.