HP Economic Survey -State Income and Macro-economy

Key Highlights 

• According to the Advance Estimates (AE), the Gross State Domestic Product (GSDP) at current prices for the Financial Year (FY) 2023-24 is estimated to be ₹2,07,430 crore, as against ₹1,91,728 crore in the FY 2022-23, with growth rate of 8.2 per cent for the FY 2023-24 as against 11.4 per cent for FY 2022-23 First Revised(FR). 
• As per the AE, the GSDP at constant (2011-12) prices or real GSDP for   FY 2023-24 is estimated at ₹1,42,800 crore, as against ₹1,33,372 crore in FY 2022-23, showing growth rate of 7.1 per cent for the FY 2023-24  as against 6.9 per cent of FY 2022-23 First Revised (FR). 
• There is a rise in the Per Capita Income (PCI) of the State from ₹87,721 in the FY 2011-12 to ₹2,35,199 in FY2023-24, registering a Compound Annual Growth Rate (CAGR) of 7.9 per cent over 2011-12. The PCI of all India was ₹63,462 in FY 2011-12 which has increased to ₹1,85,854 in FY 2023-24, registering a CAGR of 8.6 per cent compared to 201112.  
• The primary Sector which is the backbone of the State economy, employs 58.71 per cent of the population of the State and registered a growth in constant price Gross Value Added (GVA), of 4.6 per cent, 5.7 per cent and -2.2 per cent in FY 2021-22, FY 2022-23 and FY 2023-24, respectively. 
• As per AE, for FY 2023-24 the GVA of the secondary sector is estimated at ₹63,424 crore against ₹58,039 crore for FY 2022-23(FR) at constant (2011-12) prices, registering a growth rate of 9.3 per cent over the previous year. 
• The AE for the FY 2023-24 at Constant (2011-12) prices for the Services Sector is estimated at ₹54,253 crore as against ₹50,520 crore in FY2022-23(FR) with a growth rate of 7.4 per cent over last year.
• The share of the workforce employed in the secondary and tertiary sectors (16.94 and 24.35 per cent respectively) is less than the share of GVA (41.98 and 44.08) which means fewer workers are contributing more to the GVA indicating possibility of workforce reallocation from agriculture to secondary sector so that disguised unemployment in primary sector is reduced.