Himachal Pradesh Economic Survey 2023-24 - Photo : Diary Times
- Cm Sukhvinder Sukhu Laid The Himachal Pradesh Economic Survey 2023-24 In The Assembly House, Per Capita Income.
According to the analyzed estimates, the per capita income in Himachal Pradesh is estimated to be 2,22,227 in the financial year 2022-23 as against 2,18,788 in 2022-23. This has increased by Rs 16,411 from the last financial year. Income has increased by 7.5 percent compared to 11.7 percent in the financial year 2022-23. Himachal Pradesh’s per capita income exceeds the projected national per capita income by Rs 49,345 for 2023-24. The state’s real gross domestic product (GDP) is estimated to grow by more than Rs 9,428 crore during the current financial year 2023-24 compared to the previous financial year 2022-23. According to the first advance estimates of state income, real GDP growth is set to be 7.1 percent during the financial year 2023-24, while it was recorded at 6.9 percent in the financial year 2022-23.
The state’s real GDP or GDP at constant prices (2011-12) is estimated to reach Rs 1,42,800 crore in the financial year 2023-24. Whereas the final estimate of GDP for the financial year 2022-23 was made at Rs 1,33,372 crore. Chief Minister Sukhvinder Singh Sukhu presented the Himachal Pradesh Economic Survey 2023-24 in the Assembly House on Friday. This document has been prepared by the Economic and Statistics Department of Himachal Pradesh.
The state’s GDP will be Rs 2,07430 crore in the financial year 2024-25 –
GDP at all prevailing prices is estimated to reach the level of Rs 2,07,430 crore in the financial year 2023-24, while the final estimate of GDP for the financial year 2022-23 is Rs 1,91,728 crore, which is an increase of Rs 15,702 crore. Showing full growth. GDP growth during financial year 2023-24 is estimated at 8.2 per cent compared to 114 per cent in financial year 2022-23. As per the advance estimates for the financial year 2023-24, the gross value added (GVA) from the primary sector at constant prices is expected to be Rs 17,036 crore as against Rs 17.417 crore in the financial year 2022-23 (First Revised Estimate).
Lowest unemployment rate recorded in Himachal Pradesh –
According to the Periodic Labor Force Survey 2022-23, the labor force participation rate for Himachal Pradesh stood at 61.3 percent for all age groups. This is higher than Uttarakhand (42.5), Punjab (42.3), Haryana (36.3) and All India (42.4) levels. The labor population ratio for all age groups for Himachal Pradesh in 2022-23 has been 58.6 percent, which is better than the ratio for Uttarakhand, Punjab, Haryana and all India. 54.8 percent women in Himachal Pradesh are participating more actively in economic activities compared to neighboring states and at all India level. Unemployment under normal conditions for persons of all ages in neighboring states shows that Himachal Pradesh has the lowest unemployment rate at 4.4 per cent, while Uttarakhand has recorded the unemployment rate at 4.5 per cent, Punjab and Haryana have recorded the unemployment rate at 6.1 per cent.
Himachal’s 4.67 lakh population is free from poverty –
The multidimensional poverty rate in Himachal Pradesh has declined from 10.14 per cent in 2013-14 to 3.88 per cent in 2022-23 and about 4.67 lakh people have moved out of poverty during this period. The recently released report on National Multidimensional Poverty Index (MPI) is based on National Family Health Survey-4 (2015-16) and 5 (2019-21).
According to the current financial year, the inflation rate in Himachal Pradesh was recorded as moderate –
Inflation State level wholesale price inflation has fallen from 11.6 per cent to -1.1 per cent from April to December of the financial year 2022-23. The fluctuations in consumer price indices have ranged between 1.9 and 5.1 per cent. The inflation rate in Himachal Pradesh has remained moderate during the current financial year. The combined consumer price index for December 2023 (final) is 5.1 per cent and is within the tolerance range of the RBI.
Himachal Pradesh’s manufacturing sector is expected to grow by 8.9 percent –
The industrial sector continues to be important in boosting the economy of the state and creating numerous employment opportunities in Himachal. According to advance estimates for the financial year 2023-24, the industry sector (including mining and quarrying) is estimated at Rs 82,658 crore. The contribution of the industry sector to the gross state value added has been 42.80 per cent in 2023-24, with 29.25 per cent coming from the manufacturing sector, 7.44 per cent from construction, 5.76 per cent from power, water supply and other utility services, 0.36 per cent from mining and quarrying. The manufacturing sector is expected to grow by 8.9 percent during the financial year 2023-24, which is the second highest growth rate in the industry sector. The highest attrition rate is estimated in the construction sector during the financial year 2023-24, which is 120 percent higher.
- Join With Us For Daily Himachal News Bulletin:Â Click to join.
The contribution of agriculture and allied sectors in the gross state value addition in the state increased by 49 percent –
According to the Economic Survey, the contribution of agriculture and allied sector in Gross State Value Added (GSVA) has increased by 49 percent from Rs 17,767 crore in 2018-19 to Rs 26,458 crore in 2023-24. A significant improvement has been recorded in the GSVA of crops at current prices between 2018-19 to 2023-24. Gross State Value Added (GSVA) to increase from Rs 10,286 crore in 2018-19 to Rs 16,410 crore in 2023-24.
Livestock rearing is an important sub-sector within agriculture and allied activities. It is contributing 1.31 percent to the total gross state value added and 9.6 percent to the GSVA of agriculture as well as allied sectors in the financial year 2023-24.
The state’s service sector is expected to grow at the rate of 7.4 percent –
The share of services sector in Himachal Pradesh was 42.02 percent in 2018-19 and 42.07 percent in 2020-21. Now the share of service sector is going to increase to 43.50 percent in 2023-24. Some sub-regions of Himachal Pradesh have registered strong recovery after the COVID-19 pandemic. The share of trade, repair, hotels and restaurants in the state which was 6.2 per cent in 2020-21 has increased to 7.0 per cent in 2023-24. According to estimates, the service sector is expected to grow at the rate of 7.4 percent in 2023-24.
There was also a boom in tourism and energy of the state –
Tourist arrivals are one of the main indicators of tourism demand in a particular destination. After the Covid-19 pandemic, domestic tourist arrivals in the state have increased from 32.13 lakh in 2020 to 56.37 lakh in 2021, 151 lakh in 2022 and completely to 160.05 in 2023. Due to which it is being estimated that the arrival of tourists has reached the level before the pandemic. At the same time, many hydropower projects are going on in the state. Which harnesses the energy of the state’s rivers and contributes significantly to the power supply of the region. Himachal Pradesh has large hydropower resources, which is about 25 percent of the national potential. About 24,000 MW of hydroelectric energy can be generated in the state by construction of various hydroelectric projects on five perennial river basins. Out of the total hydropower potential of the state, 11209 MW has been exploited so far, out of which only 7.6 percent is under the Himachal Government. The industrial sector is the largest consumer of electricity in Himachal Pradesh. After this, domestic consumption is 23.45 percent. Government irrigation and water supply schemes account for 6.36 percent of the total consumption.
According to advance estimates for the financial year 2023-24, the gross value added of the secondary sector is estimated to be Rs 63,424 crore as against Rs 58,039 crore for the financial year 2022-23. It is estimated that a growth rate of 9.3 percent will be recorded compared to the previous year. The secondary sector broadly includes manufacturing (organized and unorganized), power, gas and water supply and construction. The service sector has a significant and rapidly growing share in the state’s gross value added. The service sector includes trade, hotels and restaurants, transportation by other means and warehousing, railways, communications and banking as well as insurance, real estate, ownership of accommodation and business services, public administration and other sectors. According to overall estimates, the revenue for the services sector is estimated to be Rs 54,253 crore for the financial year 2023-24, while it was Rs 50,520 crore in the financial year 2022-23. This represents a growth rate of 74 percent compared to the previous year.
Read More: Mandi: SPU Mandi Vice Chancellor Professor Anupama Singh will be BJP’s Candidate From Mandi Parliamentary Seat
We’re now on WhatsApp –Click to join.
Continuing the achievement of the journey of effectiveness and credibility of more than 10 years in the career of journalism, as a woman journalist, I am Serving as the founder, promoter and editor of DiaryTimes with the trust and support of all. My credible coverage may not have given a big shape to the numbers, but my journey presents articles that make you aware of the exact and meaningful situations of Himachal’s politics, ground issues related to the public, business, tourism and the difficult geographical conditions of the state and financial awareness. DiaryTimes, full of the experience of my precise editorial expertise, is awakening the flame of credible journalism among all of you, so that the eternal flame of meaningful change can be lit in the life of the people of the state and the atrocities being committed against the people can be brought to the fore, I am motivated for that. If even a small change comes with the power of my journalism and the whole world becomes a witness to that issues, then I will consider myself fortunate.
