Himachal Pradesh (HP) Economic Survey 2024-25 Hindi/English Pdf

Himachal Pradesh (HP) Economic Survey 2024-25 Hindi/English Pdf : Department of Economics & Statistics, Himachal Pradesh released Economic Survey 2024-25. The Economic Survey for 2024-25 provides a thorough analysis of the State’s economy, development trends, new policy initiatives and emerging opportunities.

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Table of Contents

Himachal Pradesh Economy : Overview

The Gross State Domestic Product (GSDP) at current prices, is estimated at ₹2,10,662 crore in FY2023-24(FR) as against ₹1,91,659 crore in Second Revised (SR) estimate in FY2022-23, showing an increase of 9.9 per cent during the year.

GSDP at constant (2011-12) prices in FY2023-24 (FR) is estimated at ₹1,37,320 crore against ₹1,28,779 crore in FY2022-23 (SR) registering a growth of 6.6 per cent during the year.

Also the economy which was mainly dominated by the primary sector has been largely transformed into service and manufacturing in terms of contribution to the GSDP. Though, in terms of employment still 53.98 per cent of the State population is engaged in the primary sector.

The PCI at current prices as per the first revised estimates for the year FY2023-24 is ₹2,34,782 as compared to ₹2,14,489 in FY2022-23 which is an increase of 9.5 per cent.

The economy of the State has shown a shift from agriculture sector to industries and services as the percentage contribution of agriculture in total Gross State Domestic Product has declined from 70.37 per cent in 1950-51 to 35.06 per cent in 1990-91, 17.16 per cent in 2011-12 and 14.74 per cent in FY2023-24.

The share of secondary and tertiary sectors which were 7.41 and 22.22 per cent respectively in 1950-51 increased to 26.50 and 38.44 per cent in 1990-91, 43.81 and 39.03 per cent in 2011-12 and 39.98 and 45.28 per cent in FY2023-24.

Per Capita Income (PCI)

The PCI is obtained by dividing the Net State Domestic Product by the midyear population of the State in the respective year. According to AE, the PCI at current prices for FY2024-25 is estimated at ₹2,57,212 against ₹2,34,782 in FY2023-24 showing a growth of 9.6 per cent in FY2024-25.

Sectoral Growth Trajectory :

Primary Sector :

As per the AE, for FY2024-25, the Gross Value Added (GVA) from the primary sector is expected to grow at the pace of 3.2 per cent at constant prices. During FY2024-25(AE), the GVA of the primary sector is expected to be ₹16,625 crore as against ₹16,116 crore in FY2023-24 (FR) at constant prices (Figure 2.5).

Secondary Sector :

As per AE, for FY2024-25 the GVA of the secondary sector is estimated at ₹65,134 crore against ₹60,238 crore for FY2023-24(FR) at constant (2011-12) prices, expected to register a growth rate of 8.1 per cent over the previous year

Tertiary or Services Sector :

The services sector in the State is the highest contributor to GSVA. The AE for the FY2024-25 at constant (2011-12) prices for the services sector is estimated at ₹56,654 crore as against ₹53,481 crore in FY2023-24(FR) with a growth rate of 5.9 per cent over last year

All the key sub-sectors within the services sector depicted buoyant growth rates in FY2024-25(AE) in Himachal Pradesh. During FY2024-25, Trade, Repair, Hotel & Restaurants sector GVA grew at 8.1 per cent, Transport, Storage, Communication and Services relating to broadcasting registered a growth rate of 9.4 per cent and Real estate, Ownership of dwelling and Professional Services grew at 5.4 per cent. Table 2.3 depicts the growth of various sub-sectors within the services sector from 2020-21 to 2024-25.

Read Also : History of Himachal Pradesh

Sectoral Contribution :

The GSDP of any State is measured in terms of the economic contributions made by three key sectors- Primary, Secondary and Tertiary. The tertiary sector has been the highest contributor to the State’s GVA, followed by the secondary and primary sectors. Based on the AE of GVA for FY2024-25, the tertiary sector accounted for 45.3 per cent of the State’s GVA at current prices, followed by the secondary sector at 39.5 per cent and the primary sector at 15.2 per cent.