Sunil Chadha
Shimla: The Himachal Pradesh Economic Survey 2024-25 has provided a comprehensive analysis of the state’s economic progress, outlining key challenges, opportunities and sectoral performances. The survey indicates a strong economic trajectory with notable growth in various sectors.
According to Advance Estimates (AE), the gross state domestic product (GSDP) at current prices for the financial year 2024-25 is projected at ₹2,32,185 crore, reflecting a growth rate of 10.2% compared to 9.9% in 2023-24.
The real GSDP at constant (2011-12) prices is estimated at ₹1,46,553 crore, marking a 6.7% increase from the previous year’s ₹1,37,320 crore.
Tertiary sector remains highest contributor
Sector-wise, the tertiary sector remains the highest contributor to Gross State Value Added (GSVA) at 45.3%, followed by the secondary sector at 39.5% and the primary sector at 15.2%. The secondary sector, which includes manufacturing and construction, witnessed an 8.1% growth, while the services sector expanded by 5.9%.
The per capita income (PCI) of Himachal Pradesh has seen a significant rise, with the figure estimated at ₹2,57,212 for 2024-25, up from ₹2,34,782 in the previous fiscal, marking a 9.6% growth. The state’s PCI has grown at a Compound Annual Growth Rate (CAGR) of 8.6% since 2011-12, reflecting sustained economic development.
Agriculture, allied sectors register growth
The agriculture and allied sectors have shown steady progress, with their contribution to GSVA increasing by 53% from ₹20,838 crore in 2020-21 to ₹31,879 crore in 2024-25. Crop production has seen a notable 78% surge during this period, rising from ₹12,341 crore to ₹21,912 crore.
The sector is projected to grow by 3.07% in 2024-25 at constant prices, recovering from a negative growth of -2.63% in 2023-24.
Additionally, the livestock subsector, which accounts for 1.36% of the total GSVA and 9.24% of the agriculture and allied sector GSVA, is expected to grow at a rate of 5.2% in 2024-25.
Positive outlook for Himachal’s economy
The Economic Survey highlights Himachal Pradesh’s resilience in the face of economic challenges, with key policy initiatives driving growth.
The government’s focus on infrastructure, industry, and rural development continues to contribute to the state’s robust economic outlook for 2024-25.
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