HP Economic Survey: GDP growth to be 6.4 pc in FY23 against 7.6 pc in 2021-22

NewsDrum Desk
New Update

Shimla, March 16 (PTI) The Gross Domestic Product (GDP) of Himachal Pradesh at constant prices will grow by Rs 8,143 crore year-on-year in 2022-23, while growth in real GDP terms will be 6.4 per cent in the current fiscal against 7.6 per cent in 2021-22.

The Economic Survey presented in the Vidhan Sabha by Chief Minister Sukhvinder Sukhu on Thursday pegged the GDP at constant prices (2011-12) in Financial Year 2022-23 at Rs 1,34,576 crore against a provisional GDP estimate of Rs 1,26,433 crore for 2021-22.

The GDP at current prices is estimated at Rs 1,95,404 crore in 2022-23 compared to 1,76,269 crore in the previous year, reflecting an absolute increase of Rs 19,135 crore, and the nominal GDP growth is estimated at 10.9 per cent in 2022-23 against 13.5 per cent in 2021-22.

As per the advance estimates for 2022-23, the gross value added (GVA) from the primary sector is likely to grow at 2 per cent at constant prices, and the GVA of the primary sector would move up from Rs 16,395 crore during 2021-22 to Rs 16,717 crore in 2022-23. The GVA of the secondary sector is also marginally up at Rs 60,444 crore during the current year against Rs 56,408 in 2021-22.

The services sector has shown a significant and fast-growing share in the GVA in 2022-23 at Constant prices and is estimated at Rs 49,527 crore against Rs 46,350 crore in 2021-22.

The tertiary sector accounted for 43.6 per cent of the state's GVA at current prices, followed by the secondary Sector at 42.7 per cent and Primary Sector at 13.7 per cent.

The per capita income (PCI) is also estimated to increase to Rs 2,22,227 at current prices for Financial Year 2022-23 from Rs 2,01,271 in 2021-22, showing a growth of 10.4 per cent against 13.1 per cent in the previous year.

The contribution of the agriculture sector to gross state value added (GSVA) at current prices increased by 40 per cent to Rs 24,847 crore in 2022-23 (Advance Estimates) from Rs 17,767 crore in 2018-19.

The GSVA of crops at current prices increased from Rs 10,286 crore in 2018-19 to Rs 15,561 crore in 2022-23.

The contribution of the industry sector (including Mining and Quarrying) at current prices to GSVA is estimated at Rs 79,284 crore in 2022-23 (42.97 per cent).

In 2022-23, the manufacturing sector is expected to grow at 6.7 per cent, which is the third-highest growth rate in the industry sector.

The domestic tourist arrivals increased from 32.13 lakh in 2020 to 56.37 lakh in 2021 and further to 150.99 lakh in 2022 in absolute terms, reaching the pre-pandemic levels.

Himachal Pradesh ranked second in India in terms of sustainable development goals (SDGs) after Kerala in 2020-21 and ranked fifth among the northeastern and hill states in India Innovation Index 2021.

The unemployment rate of the state is lowest at 4.0 per cent against all India rates of 4.1 per cent, Uttarakhand at 7.8 per cent, Punjab at 6.4 per cent, and Haryana at 9.0 per cent. PTI BPL BAL BAL