The Government of Himachal Pradesh has initiated several measures for the speedy progress for the better life of the people of the State through efficient policies and cooperation with Central Government. Himachal has a vibrant economy due to the steady efforts of the simple and hardworking people of the State and by the implementation of progressive policies and programs of the Central and State Government. Himachal has become one of the more prosperous and faster-growing economy in the country.
As per advance estimate the rate of growth during 2019-2020 is likely to be about 5.6percent as the total GSDP at constant prices is estimated at ₹ 1,24,403 crore against₹ 1,17,851 crore in 2018-19. At current prices the GSDP is likely to be around₹1,65,472 crore approximately against ₹ 1,53,845 crore during 2018-19.
The growth of 5.6 percent during 2019-2020 is mainly attributed to the Primary sector9.3 percent and Community & Personal Services sector 7.7 percent. The Secondary sector showed a growth of 3.9 percent. Due to the increase in horticulture production
by 42.82 percent the overall Primary sector registered a growth of 9.3 percent which ultimately shows an overall growth of 5.6 percent.
The Per Capita Income at current prices which as per First revised estimates for 2018-19 was ₹ 1,83,108 is likely to increase upto ₹ 1,95,255 during 2019-2020 showing an increase of about 6.6 percent.
Agriculture and Allied Sectors:
The share of agriculture and allied sectors in the Gross Value Added (GVA) of the State current prices has declined from 15.35 per cent in 2014-15 to 12.73 per cent in 2019-20. Share of crops, Share of forestry & logging has also declined from 2014-15 to 2019-20, however Share of livestock and Share of fishing marginally increased. The share of agriculture and allied sectors in the total GVA of the State has been declining on account of relatively higher growth performance of non-agricultural sectors. This is a natural outcome of development process that leads to faster growth of non-agricultural sectors owing to structural changes taking place in the economy.
The State of Himachal Pradesh has an estimated Hydro Potential of 27,436 MW out of which 24,000 MW has been assessed as harness able while the Government of Himachal Pradesh has decided to forgo balance potential in lieu of safeguarding the environment and to maintain ecological as well as protect various social concerns. Out of the total harnessable potential of about 24,000 MW, the potential to the tune of 20,912MW already stands allotted under various sectors. The State has been accelerating the pace of Hydropower development through the active involvement of both the public and private sectors. A potential of about 10,596.27 MW has already been harnessed so far
under various sectors
Trends in the Industrial Sector:
Industrial sector performance in terms of its contribution in Gross State Value Added(GVA) has slightly decreased in 2018-19 over 2017-18. The contribution of Manufacturing Sector in Gross State Value Addition (GSVA) at Current Prices is increasing every year, as it has increased from 26.69 percent in the year 2014-15 to29.79 percent in the year 2018-19, due to State Government’s initiatives such as Proactive Industrial policy, Incentives to investors, enabling Ease of Doing Business toattract Investment etc. The contribution of Mining & Quarrying Sector in Gross State
value addition (GSVA) at Current Prices has increased marginally, as it has increased from 0.33 percent in the year 2014-15 to 0.53 percent in the year 2018-19, due to the reason that other sectors of the economy have been contributing more and also due to
stringent action to check illegal mining by the State Govt.
courtesy: CMO Himachal Pradesh