Himachal Pradesh is expected to grow at a slower pace of 5.6 per cent in 2019-20 as compared to 7.1 per cent in the previous fiscal, according to the Economic Survey presented in the State Assembly on Thursday.
The per capita income of the state increased by Rs 12,147 to Rs 1,95,255 in 2019-20, the survey tabled by Chief Minister Jai Ram Thakur showed.
The per capita income of the state showed an increase of about 6.6 per cent. The per capita income is estimated at Rs 1,95,255 in 2019-20 compared to 1,83,108 in the previous fiscal.
The state Budget for 2020-21 will be presented on Friday.
The survey pegged the economic growth rate for 2019-20 at 5.6 per cent, the lowest in four years. The growth rate for 2018-19 was 7.1 per cent, for 2017-18 was 6.8 per cent and for 2016-17 was 7 per cent.
Also Read
The gross state domestic product (GSDP) in 2019-20 is projected at Rs 1,65,472 crore. The GSDP at current prices in 2018-19 was Rs 1,53,845 crore. Earlier, the GSDP at current prices in 2017-18 increased to Rs 1,36,542 crore from Rs 1,25,122 crore in 2016-17.
Agriculture is the main occupation of the people and has an important place in the economy of the state. HP is the only state in the country whose 89.96 percent population as per Census 2011 lives in rural areas. Agriculture and horticulture provide direct employment to about 69 percent of total workers of the state.
So, the agriculture and its allied sectors account for about 12.73 per cent of the total GSDP, the survey said.
Total revenue receipts are estimated at Rs 33,747 crore in 2019-20 compared to Rs 31,189 crore in 2018-19, showing an increase of 8.20 per cent, it added.
The state's own taxes rose to 15.69 per cent in 2019-20 which is estimated at Rs 7,921 crore compared to Rs 6,847 crore in 2019-19 and Rs 7,108 crore in 2017-18.
The inflation fell from 4.7 per cent in 2018-19 to 1.5 per cent during 2019-20, it added.
Agriculture is an important source of state income. However, the share of agriculture and allied sectors in the Gross Value Added (GVA) declined from 15.35 per cent to 12.73 in 2019-20, it stated.
The 2018-19 remained an average year as food grain production was 16.92 lakh tonnes as compared to 15.81 lakh tonnes in the previous fiscal, the survey stated.
The production of potato was 1.87 lakh tonnes in 2018-19 as against 1.99 lakh tonnes in 2017-18. The production of vegetables was 17.22 lakh tonnes as compared to 16.92 lakh tonnes in the previous fiscal, it added.
The 187-page Economic Survey prepared by the economics and statistics department was tabled on the ninth day of the ongoing Budget session.
Disclaimer: No Business Standard Journalist was involved in creation of this content