Business News | Himachal Pradesh CM Sukhu Presents State Economic Survey 2023-24 in the Vidhan Sabha Today
Get latest articles and stories on Business at LatestLY. Himachal Pradesh Chief Minister, Sukhvinder Singh Sukhu presented the Himachal Pradesh Economic Survey 2023-24 in the Vidhan Sabha on Friday.
Shimla (Himachal Pradesh) [India], February 16 (ANI): Himachal Pradesh Chief Minister, Sukhvinder Singh Sukhu presented the Himachal Pradesh Economic Survey 2023-24 in the Vidhan Sabha on Friday.
The tertiary sector has been the highest contributor to Himachal Pradesh's GVA, followed by the Secondary and Primary sectors. The share of the services sector in GSVA stood at 43.50 per cent in 2023-24 (AE) in Himachal Pradesh at current prices.
According to the state economic survey, the state's growth is pegged at 7.1 per cent. Nominal GDP or GDP at Current Prices is estimated at 2,07,430 crore. Per Capita Income is estimated at Rs 2,35,199. Real Gross Domestic Product (GDP) or GDP at Constant Prices (2011-12) in FY 2023-24 is estimated to attain a level of Rs1,42,800 crore, as against the provisional estimate of GDP for FY 2022-23 of Rs1,33,372 crore.
The nominal GDP or GDP of Himachal Pradesh at Current Prices in FY 2023-24 is estimated to attain a level of 2,07,430 crore, as against the provisional estimate of GDP for FY 2022-23 of 1,91,728 crore showing an absolute increase of Rs15,702 crore. The growth in Nominal GDP during FY 2023-24 is estimated at 8.2 per cent as compared to 11.4 per cent in FY 2022-23, stated the economic survey.
As per advance estimates for FY 2023-24, the Gross Value Added (GVA) from the Primary Sector is expected to be 17,036 crore as against 17,417 crore in FY 2022-23 (FR) at constant prices, said the press release from Himachal Pradesh government. As per advance estimates for FY 2023-24 the GVA of the secondary sector is estimated at 63,424 crore against 258,039 crore for FY 2022-23(FR) at constant (2011-12) prices, expected to register a growth rate of 9.3 per cent over the previous year.
The Services sector has a significant and fast-growing share in the State GVA (Gross Value addition). The service sector comprises Trade, Hotels and Restaurants, Transport by Other Means and Storage, Supra Regional sectors (Railways, Communications and Banking and Insurance), Real Estate, Ownership of Dwellings & Professional Services, Public Administration and Other Services sectors. The advance estimates for the FY 2023-24 at Constant (2011-12) prices for the Services Sector are estimated at 154,253 crore as against Rs50,520 crore in FY 2022-23 showing a growth rate of 7.4 per cent over last year.
Industry Sector (including Mining and Quarrying) at current prices as per Advance Estimates for the Financial Year 2023-24 is estimated at Rs 182,658 crore.
The contribution of the industry sector (including Mining and Quarrying) at current prices to Gross State Value Added (GSVA) is 42.80 per cent in 2023-24 of which 29.25 per cent comes from the manufacturing sector, 7.44 per cent from construction, 5.76 per cent in electricity, water supply and other utility services and 0.36 per cent from mining and quarrying. During FY 2023-24, the manufacturing sector is expected to grow at 8.9 per cent which is the second-highest growth rate in the industry sector. The construction sector anticipated the highest growth rate during FY 2023-24 which was 12.9 per cent, according to the Economic Survey of Himachal Pradesh.
The state economic survey was prepared by the Economics and Statistics Department, Government of Himachal Pradesh. Economic Survey, 2023-24 provides a comprehensive picture of the State's Economy with its challenges, opportunities, strategies and a broad analysis of sectoral performances. It offers a comprehensive assessment of all sectors of the economy with challenges faced and responses thereto of the Government in terms of new policy initiatives as well as implementation of development schemes and programmes. The report embodies the macro view of the economy, fiscal performance and progress across major sectors of the State's economy. (ANI)
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