Despite facing adverse conditions stemming from unprecedented rains and flash floods, the state has steadfastly pursued initiatives to foster economic growth and development, he claimed.
The survey paints a promising picture of Himachal Pradesh's economy, with a robust growth rate of 7.1% projected for the fiscal year 2023-24.
Nominal GDP is estimated to soar to ₹2,07,430 crore, while the per capita income is expected to reach ₹2,35,199, showcasing the state's economic vitality.
Sectoral Performance
- The tertiary sector remains the highest contributor to the state's Gross Value Added (GVA), followed by the secondary and primary sectors.
- Agriculture and allied sectors have shown significant growth, with the contribution to Gross State Value Added (GSVA) increasing by 49% between 2018-19 and 2023-24.
- The industry sector, including manufacturing, construction, electricity, water supply, and mining, contributes 42.80% to GSVA in 2023-24.
- The services sector continues to be a key driver of the economy, with a 7.4% growth rate expected in 2023-24.
3. Tourism: Domestic tourist arrivals have been steadily increasing, reaching pre-pandemic levels in 2023.
4. Power Sector: Himachal Pradesh's hydroelectric power potential is significant, with about 25% of the national potential. However, only a portion of this potential has been harnessed so far, with 11,209 MW of hydroelectric power currently utilized.
5. Inflation: The state has experienced moderate inflation, with Wholesale Price Inflation (WPI) falling to -1.1% and Consumer Price Index (CPI) ranging between 1.9% and 5.1% during April-December 2022-23.
6. Employment: Himachal Pradesh exhibits favorable labor force participation rates and worker population ratios compared to neighboring states and the national average.
Employment Scenario As per the Periodic Labour Force Survey (PLFS) 2022-23, Labour Force Participation Rate (LFPR) of all ages for Himachal Pradesh (613 per cent) is higher tran Uttarakhand (42.5 per cent), Punjab (42.3 per cent), Haryana (36.3 per cent) and All India (42.4 per cent).
Worker Population Ratio (WPR) for all ages for Himachal Pradesh in 2022-23 (626 per cent) is better than Uttarakhand (40.6 per cent), Punjab (39.7 per cent), Haryana (34.1 per cent) and all India (41.1 per cent).
In Himachal Pradesh, more women (54.8 per cent) are actively participating in the economic activities than neighbouring states and at all India level (27.0 per cent).
Unemployment under usual status (principal status+ subsidiary status) for persons of all ages in neighboring states shows that Himachal has lowest unemployment rate of 4.4 per cent as against Uttarakhand 4.5 per cent, Punjab and Haryana 6.1 per cent, stated the survey.
Additionally, more women in Himachal Pradesh are actively participating in economic activities.
7. Poverty Reduction: Multidimensional poverty in Himachal Pradesh has declined significantly, from 10.14% in 2013-14 to 3.88% in 2022-23, indicating substantial progress in poverty alleviation efforts.
Overall, the Economic Survey highlights the state's efforts to maintain economic growth, address challenges, and promote inclusive development through various sectors and policies, CM said.
