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SHIMLA: Chief Minister Sukhvinder Singh Sukhu presented the Himachal Pradesh Economic Survey 2023-24 in the Assembly on Friday. According to the report, State’s Real GDP or GDP at Constant Prices will grow by over 19,428 crore during the current financial year (FY) 2023-24 as compared to the previous FY (2022-23) and this translates into growth in real GDP during 2023-24 at 7.1 per cent as compared to 6.9 per cent in 2022-23, according to first advance estimates of State Income.
According to advance estimates, the Per Capita Income at current prices for FY 2023- 24 is estimated at Rs 2,35,199 against Rs 2,18,788 in FY 2022-23 showing a growth rate of 7.5 per cent as against 11.7 per cent in 2022-23 (FR). Per Capita Income of Himachal Pradesh is more than the estimated National Per Capita Income for 2023-24 by Rs 49,345.
Sukhvinder Singh Sukhu said that despite the adverse situations arising out of the unprecedented rains and flash floods in the monsoon months of 2023, the State Government has strived to put untiring efforts and make strategic initiatives to ensure economic growth and overall development of the State. He said that government has made a strong attempt to keep up the economic well-being of the State and reach out to the vulnerable sections through various schemes and welfare measures.
The Gross State Domestic Product (GSDP) at current prices, is estimated at Rs 1,91,728 crore in FY 2022-23 (FR) as against Rs 1,72,162 crore in Second Revised (SR) estimate in FY 2021-22, showing an increase of 11.4 per cent during the year. GSDP at constant (2011-12) prices in FY 2022-23 (FR) is estimated at Rs 1,33,372 crore against Rs 1,24,770 crore in FY 2021-22 (SR) registering a growth of 6.9 per cent during the year.
The growth of 6.9 per cent in FY 2022-23 (FR) is mainly attributed to a 5.7 per cent growth in the primary sector, 5.1 per cent growth in the secondary sector, and 10.4 per cent growth in the tertiary sector of the economy. Food grain production, which was 15.79 lakh metric tonnes (MT) during FY 2021-22 decreased to 15.23 lakh MT in FY 2022-23 and is anticipated to be 16.52 lakh MT in FY 2023-24. Vegetable production increased to 18.67 lakh MT in FY 2022-23 as against 18.04 lakh MT in FY 2021-22.
The economy of the State has shown a shift from agriculture sector to industries and services as the percentage contribution of agriculture in total Gross State Domestic Product has declined from 57.9 per cent in 1950-51 to 55.5 per cent in 1967-68, 26.5 per cent in 1990-91 and 9.45 per cent in FY 2022-23.
The share of secondary and services sectors which were 1.1 and 5.9 per cent respectively in 1950-51 increased to 5.6 and 12.4 per cent in 1967-68, 9.4 and 19.8 per cent in 1990-91 and 41.97 and 44.08 per cent in FY 2022-23.
Report says that the declining share of the agriculture sector does not affect the importance of this sector in the State economy as the growth in the primary sector of the State economy is still determined by the trend in agriculture and horticulture production. It is one of the major contributors to the total domestic product and has an overall impact on other sectors via input linkages, employment, trade transportation etc. Due to lack of irrigation facilities, agricultural production to a large extent still depends on timely rainfall and weather conditions.
According to advance estimates, the Per Capita Income at current prices for FY 2023- 24 is estimated at Rs 2,35,199 against Rs 2,18,788 in FY 2022-23 showing a growth rate of 7.5 per cent as against 11.7 per cent in 2022-23 (FR). Per Capita Income of Himachal Pradesh is more than the estimated National Per Capita Income for 2023-24 by Rs 49,345.
Sukhvinder Singh Sukhu said that despite the adverse situations arising out of the unprecedented rains and flash floods in the monsoon months of 2023, the State Government has strived to put untiring efforts and make strategic initiatives to ensure economic growth and overall development of the State. He said that government has made a strong attempt to keep up the economic well-being of the State and reach out to the vulnerable sections through various schemes and welfare measures.
The Gross State Domestic Product (GSDP) at current prices, is estimated at Rs 1,91,728 crore in FY 2022-23 (FR) as against Rs 1,72,162 crore in Second Revised (SR) estimate in FY 2021-22, showing an increase of 11.4 per cent during the year. GSDP at constant (2011-12) prices in FY 2022-23 (FR) is estimated at Rs 1,33,372 crore against Rs 1,24,770 crore in FY 2021-22 (SR) registering a growth of 6.9 per cent during the year.
The growth of 6.9 per cent in FY 2022-23 (FR) is mainly attributed to a 5.7 per cent growth in the primary sector, 5.1 per cent growth in the secondary sector, and 10.4 per cent growth in the tertiary sector of the economy. Food grain production, which was 15.79 lakh metric tonnes (MT) during FY 2021-22 decreased to 15.23 lakh MT in FY 2022-23 and is anticipated to be 16.52 lakh MT in FY 2023-24. Vegetable production increased to 18.67 lakh MT in FY 2022-23 as against 18.04 lakh MT in FY 2021-22.
The economy of the State has shown a shift from agriculture sector to industries and services as the percentage contribution of agriculture in total Gross State Domestic Product has declined from 57.9 per cent in 1950-51 to 55.5 per cent in 1967-68, 26.5 per cent in 1990-91 and 9.45 per cent in FY 2022-23.
The share of secondary and services sectors which were 1.1 and 5.9 per cent respectively in 1950-51 increased to 5.6 and 12.4 per cent in 1967-68, 9.4 and 19.8 per cent in 1990-91 and 41.97 and 44.08 per cent in FY 2022-23.
Report says that the declining share of the agriculture sector does not affect the importance of this sector in the State economy as the growth in the primary sector of the State economy is still determined by the trend in agriculture and horticulture production. It is one of the major contributors to the total domestic product and has an overall impact on other sectors via input linkages, employment, trade transportation etc. Due to lack of irrigation facilities, agricultural production to a large extent still depends on timely rainfall and weather conditions.
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