Economy of Himachal Pradesh 2020

The economy of Himachal Pradesh 2020:

The economy of any state can be estimated/calculated on the basis of the Sectoral composition of Gross State Domestic Product (GSDP). It gives an idea of the relative position of different sectors in the economy over a period of time, which not only indicates structural changes taking place in the economy but also facilitates the formulation of plans for overall economic development.

The GSDP of Himachal Pradesh for the year 2018-19 (First Revised Estimates) is estimated at ₹ 1,17,851 crore as against ₹ 1,10,034 crore for 2017-18 (Second Revised Estimates) indicating a growth of 7.1 percent in comparison with the All India GDP growth rate of 6.1 percent for 2018-19.

The increase in total State Domestic Product is mainly attributed to:

13.3 percent in Community & Personal Services sectors,
7.3 percent in Finance & Real Estate,
4.6 percent increase in Transport and Trade,
8.2 percent in the Manufacturing sector,
8.0 percent in Construction and
7.3 percent increase in Electricity, Gas & Water Supply.

ALSO READ: ABBREVIATION USED IN HIMACHAL ECONOMY

Classification of Economy of Himachal Pradesh in Three major sectors

The primary sector comprises of Agriculture, Horticulture, Livestock, Forestry & Logging, Fishing, mining, and quarrying sub-sectors.
Secondary or Industry Sector Industry sector broadly comprises of Manufacturing (Organised & Un-Organised), Electricity, Gas & Water Supply, and Construction.
Tertiary or Services Sector Services sector, as before has a surging share in the State GVA. The Services sector comprising of Trade, Hotels & Restaurants, Transport by other means & Storage Communications, Banking & Insurance, Real Estate & Professional Services and Community, Social & Personal services.

PRIMARY SECTOR

In the Primary Sector The Agriculture & Allied Sectors as a key sector supporting about 60 percent of the population, registered a negative growth of 1.7 percent in 2018-19 (FRE).
In Himachal Pradesh, Horticulture is no longer a sub-sector of the agriculture sector, it has crossed agriculture in terms of value addition.
The livestock sector has emerged as an alternative and dependable source of income generation.
In 2018-19, the production of Milk Increased by 4.88 percent, Meat by 2.42 percent and eggs by 2.61 percent resulting in the growth of 9.7 percent in the Livestock Sector, the Fisheries sector registered a growth rate of 6.6%.
Forestry & Logging Sector registered a growth rate of 1.4 percent, Mining & Quarrying saw -9.7 percent growth in 2018-19 (FRE).

SECONDARY SECTOR

As per the (First Revised Estimates) for 2018-19 at Constant (2011-12) prices, the GVA(GROSS VALUE ADDED) of Industrial sector is estimated at ₹ 52,693 crores against ₹ 48,787 crores, for 2017-18 (Second Revised Estimates) registering a growth rate of 8.0 percent in 2018-19 over the previous year.

TERTIARY SECTOR

This sector has registered a growth rate of 8.6 percent in 2018-19 (FRE) over the previous year. The GVA of the service sector as per FRE for the year 2018-19 is estimated at ₹ 45,083 crores as against ₹ 41,516 crores in 2017-18 (SRE).

ALSO READ: New and Existing Initiatives under Information and Science Technology in Himachal Pradesh 2020

PER CAPITA INCOME OF HIMACHAL PRADESH
According to the First revised estimates for 2018-19 the Per Capita Income of Himachal Pradesh at current prices increased to ₹ 1,83,108 from ₹1,65,025 in 2017-18 (SRE), registering a growth of 11.0 percent.

PUBLIC FINANCES AND TAXATION

The State’s own taxes increased to 15.69 percent in 2019-20 (BE) which is estimated at ₹ 7,921 crores as against ₹ 6,847 crores in 2018-19 (RE) and ₹ 7,108 crores in 2017-18(A).
The State’s non-tax revenue (comprising mainly of interest receipts, power receipts, road transport receipts, and other administrative services, etc.) are estimated at ₹ 2,443 crores in 2019-20(BE), which is 7.24 percent of total revenue receipts of 2019-20.
In 2018-19 Excise and Taxation Department collected worth ₹ 6,422 crores of taxes under different heads against the target of ₹ 5,861 crore which is 9.57 percent more than the target.

INPUTS ARE TAKEN FROM GOVERNMENT OF HIMACHAL PRADESH, ECONOMICS AND STATISTICS DEPARTMENT