The Hon’ble Chief Minister Himachal Pradesh, Thakur Sukhvinder Singh Sukhu presented the Himachal Pradesh Economic Survey 2022-23 in the Vidhan Sabha today. This document has been prepared by Economic & Statistics Department, Government of Himachal Pradesh.
The Key Highlights of the Economic Survey 2022-23 are as follows:
Himachal’s Economic Performance in 2022-23
The State’s Real GDP or GDP at Constant Prices will grow by over Rs 8,143 crore during the current Financial Year 2022-23 as compared to the previous FY 2021-22 This translates into growth in real GDP during Financial Year 2022-23 at 6,4 per cent as compared to 7.6 per cent in Financial Year 2021-22, according to first advance estimates of State Income.
The State’s Real Gross Domestic Product (GDP) or GDP at Constant Prices (2011-12) in Financial Year 2022-23 is estimated to attain a level of Rs. 1,34,576 crore, as against the provisional estimate of GDP for Financial Year 2021-22 of ₹1,26,433 crore.
Nominal GDP or GDP at Current Prices in Financial Year 2022-23 is estimated to attain a level of Rs. 1,95,404 crore, as against the provisional estimate of GDP for Financial Year 2021-22 of Rs. 1,76,269 crore showing an absolute increase of Rs. 19,135 crore. The growth in Nominal GDP during Financial Year 2022-23 is estimated at 10.9 per cent as compared to 13.5 per cent in Financial Year 2021-22.
As per advance estimates for Financial Year 2022-23, the Gross Value Added (GVA) from Primary Sector is likely to grow at a pace of 2.0 per cent at constant prices. During FY2022-23(AE) the GVA of Primary sector moved up to Rs. 16,717 crore as against Rs. 16,395 crore in Financial Year 2021-22 (FR) at constant prices.
As per advance estimates for Financial Year 2022-23 the GVA of the secondary sector is estimated at Rs. 60,444 crore against Rs. 56,408 crore for Financial Year 2021-22(FR) at constant (2011-12) prices, expected to register a growth rate of 7.2 per cent over the previous year.
The Services sector has a significant and fast growing share in the State’s GVA. The advance estimates for the Financial Year 2022-23 at Constant (2011-12) prices for Services Sector is estimated at Rs. 49,527 crore as against Rs. 46,350 crore in Financial Year 2021-22(FR) showing a growth rate of 6.9 per cent over last year.
Per Capita Income (PCI)
According to advance estimates, the Per Capita Income at current prices for Financial Year 2022-23 is estimated at Rs. 2,22,227 against Rs. 2.01,271 in 2021-22 showing a growth rate of 10.4 per cent as against 13.1 per cent in 2021-22(FR).
Per Capita Income of Himachal Pradesh is more than the estimated National Per Capita Income for 2022-23 by Rs. 51,607.
The GDP 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 State’s GVA, followed by the Secondary and Primary sectors.
Based on the advance estimates of GVA for Financial Year 2022-23, the Tertiary Sector accounted for 43.6 per cent of State’s GVA at current prices, followed by the Secondary Sector 42.7 per cent and the Primary Sector 13.7 per cent.
Agriculture and Allied Sectors
The contribution of the Agriculture Sector to Gross State Value Added (GSVA) at Current Prices has increased 40 per cent from Rs. 17,767 crore in 2018-19 to Rs. 24,847 crore in 2022-23 (Advance Estimates (AE)). There is a marked improvement in GSVA of crops at current prices between 2018-19 to 2022-23 (from Rs. 10,286 crore in 2018-19 to Rs. 15,561 crore in 2022-23).
As per the advance estimate, agriculture and allied sector GSVA is estimated at 2.0 per cent at constant prices in Financial Year 2022-23 against a growth rate of 4.9 per cent realised in 2021-22.
Livestock rearing is an important sub-sector under agriculture and allied activities. It contributes 1.61 per cent of total Gross State Value Added (GSVA) and 12 per cent of agriculture and allied sector’s GSVA in Financial Year 2022-23.
Trends in Industri