In a groundbreaking revelation, the Himachal Pradesh Economic Survey 2023-24 showcases a remarkable surge in the Gross State Domestic Product (GSDP) and Per Capita Income (PCI), positioning the state as an economic powerhouse.
According to the Advance Estimates (AE), the GSDP at current prices for the Financial Year (FY) 2023-24 is projected to reach an impressive ₹2,07,430 crore, demonstrating a substantial increase from ₹1,91,728 crore in the FY 2022-23. This signifies an impressive growth rate of 8.2 percent for the upcoming fiscal year, albeit slightly lower than the remarkable 11.4 percent recorded in the FY 2022-23 First Revised (FR).
Delving deeper into the economic landscape, the AE reveals that the GSDP at constant (2011-12) prices, or real GSDP, for the FY 2023-24 is estimated at ₹1,42,800 crore. This marks a commendable growth rate of 7.1 percent, compared to the 6.9 percent recorded in the FY 2022-23 (FR).
The Per Capita Income (PCI) of the State has also witnessed a notable increase, rising from ₹87,721 in the FY 2011-12 to a remarkable ₹2,35,199 in FY 2023-24. This impressive growth represents a Compound Annual Growth Rate (CAGR) of 7.9 percent for 2011-12. Comparatively, the PCI of all India increased from ₹63,462 in FY 2011-12 to ₹1,85,854 in FY 2023-24, registering a CAGR of 8.6 percent over the same period.
Regarding sectoral contributions, the primary sector, considered the backbone of the state’s economy, employs 58.71 percent of the population. However, it has seen constant price Gross Value Added (GVA) fluctuations, with growth rates of 4.6 percent, 5.7 percent, and -2.2 percent in FY 2021-22, FY 2022-23, and FY 2023-24, respectively.
As per AE, the secondary sector is poised for substantial growth in FY 2023-24, with an estimated GVA of ₹63,424 crore at constant (2011-12) prices. This indicates a commendable growth rate of 9.3 percent over the previous fiscal year.
The Services Sector, a significant contributor to the state’s GVA, is also on an upward trajectory. AE for the FY 2023-24 estimates the GVA at ₹54,253 crore, showcasing a growth rate of 7.4 percent over the previous fiscal year.
A noteworthy observation is the workforce distribution across sectors, with the secondary and tertiary sectors employing a combined 41.29 percent of the workforce but contributing to 86.06 percent of the GVA. This suggests a potential reallocation of the workforce from agriculture to the secondary sector, aiming to reduce disguised unemployment in the primary sector.
These revelations from the Himachal Pradesh Economic Survey 2023-24 paint a picture of a state not just breaking economic records but also strategically positioning itself for sustained and diversified growth in the years to come.
