HP records 10% growth in per capita income
Shimla: Even as Himachal Pradesh continue to reel under heavy debt of Rs 75,000 crore and liabilities to pay revised wages to the employees and pensions stand at Rs 11,000 crore, there is a piece of good news for the state coming a day before the Chief Minister Sukhwinder Singh Sukhu presents his first budget in the assembly on Friday.
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).
The per capita income of Himachal Pradesh is more than the estimated National Per Capita Income for 2022-23 by Rs 51,607.
The economic survey report of the year 2022-23 presented in the House on Thursday reveals that the state’s GDP at Constant Prices is expected to grow by over Rs 8,143 crore during the current Financial Year 2022-23 as compared to the previous 2021-22.
This translates into growth in real GDP during Financial Year 2022-23 at 6.4 per cent less than 7.6 per cent during the 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 Rs 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,” reads the survey report.
As per the 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. During 2022-23(AE) the GVA of the Primary sector moved slightly upwards to Rs 16,717 crore as against Rs 16,395 crore in Financial Year 2021-22 (FR) at constant prices.
As per the 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 growth rate of 7.2 per cent over the previous year.
The services sector has a significant and fast-growing share of the state’s GVA.
The advance estimates for the Financial Year 2022-23 at Constant (2011-12) prices for the services sector is estimated at Rs 49,527 crore as against Rs 46,350 crore in Financial Year 2021-22 showing a growth rate of 6.9 per cent over last year.
“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,” explained a senior official of the economics and statistics.
Based on the advance estimates of GVA for the Financial Year 2022-23, the Tertiary Sector accounted for 43.6 per cent of the state’s GVA at current prices, followed by the secondary sector at 42.7 per cent and the primary sector at 13.7 per cent.
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)).
Significantly, 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).