Assam’s Financial Boom: Significant Rise in Bank Deposits and Credit Extension from 2021-2024

Guwahati, August 04, 2024: Assam’s economy is on an upward trajectory, showcasing robust financial activities and signaling increased prosperity. Recent data highlights significant growth in both bank deposits and credit extended within the state.

According to the latest financial statistics, Assam has seen a 30% rise in bank deposits, escalating from ₹1.73 lakh crore in 2021 to ₹2.24 lakh crore in 2024. This surge is paralleled by an impressive 58% increase in credit extended, jumping from ₹80,871 crore in 2021 to ₹1.27 lakh crore in 2024. This growth signifies enhanced earnings, savings, and spending among the people of Assam.

The heightened financial activities can be attributed to three primary factors:

1. Enhanced Labour Force Participation: The labour force participation rate in Assam has climbed to 40.9% in 2023-24, up from 36.5% in 2022-23. This increase reflects a more engaged and active workforce contributing to the state’s economic growth.

2. Decrease in Unemployment: The dip in unemployment has led to a stable and all-around income for the people, further fueling economic activities and consumer confidence.

3. Rise in Per Capita Income: Assam’s per capita income has surged to ₹1,35,787, marking a 123% increase over the last five years. This substantial growth underscores the state’s economic resilience and upward mobility.

These financial milestones underscore Assam’s dynamic economic environment, driven by a robust workforce and enhanced financial transactions. The state’s economic outlook remains positive as these trends continue to foster growth and prosperity.

Also read: Government Launches Cashless Treatment Scheme for Road Accident Victims in Assam