Himachal growth rate pegged at 7.1%, Per Capita Income increases by Rs 16.411 in 2023-24

SHIMLA: Weathering worst situations rising-out of the unprecedented rains, flash-floods and landslides during monsoon months, Himachal Pradesh continues to mark a steady rise in the growth ladder, and also notable increase in the Per Capita Income.

The latest Economic Survey Report, which Chief Minister Sukhwinder Singh Sukhu presented in the Assembly on Friday, a day before he presents the state’s Budget for the year 2024-25, is pegged at 7.1 per cent, which is marginally higher than 6.9 per cent in the 2022-23.

Yet, there is a rise of Rs 16.411 in the Per Capita Income. The PCI at current prices for the year 2023-24 is estimated to be Rs 2.18,788 against 1.95,795 during the previous year.

“The PCI has increased by 7.5 per cent in 2023-24 as compared to 11.7 per cent in the financial year of 2022-23. Nevertheless, the per capita income of Himachal Pradesh is Rs 49,345 more than the projected national per capita income for 2023-24,” said the Economic Survey Report claiming that the state’s economy was one of the best economies nationally.

The state’s real Gross Domestic Product (GDP) at constant prices is expected to grow by over Rs 9,428 crore during the current financial year 2023-24 compared to the 2022-23. This translates into growth in real GDP during the current year at 7.1 per cent.

State’s real GDP or GDP is estimated to reach Rs 1,42,800 crore in the financial year 2023-24. The provisional estimate of GDP for the financial year 2022-23 was Rs 1,33,372 crore.

The Economic Survey Report laid in the House says the government has strived to put untiring efforts to make strategic initiatives to ensure faster economic growth and overall development of the state, in the key sector.

It claims: “The government has made a strong effort to keep-up the economic well -being of the people and reach-out vulnerable sections through various schemes and welfare measures during the past year.”

The report also focuses on the inflation rate, which was moderate at 5.1 per cent in December 2023 and also within the Reserve Bank of India’s permissible limits.

The unemployment rate, however, rose from 4.0 per cent in 2021-22 to 4.4 per cent in 2022-23 with this figure being 3.3 per cent for men and 3.8 per cent for women in rural areas and 6.3 per cent for men and 30.6 per cent for women in urban areas.

It drew a comparison about the unemployment situation in neighbouring states asserting the point that Himachal Pradesh was still better than Uttrakhand (4.5 per cent), Punjab and Haryana (6.1 per cent).