Himachal’s economy shrinks by 1.2 per cent in FY 2022-23

Himachal Pradesh’ state economy growth sequeezed by 1.2 per cent of the state , this was stated by the Chief Minister Sukhvinder Singh Sukhu in an economic survey tabled for the financial year 2022-23 laid in the assembly on Thursday. Mr Sukhu who also holds the portfolio of finance said that state GDP would grow by over Rs 81439 cr( with growth of 6.4 per cent) during the current financial years which is 1.2 percent less increase in GDP of 7.6 percent in year 2021-22. The state GDP is tune to Rs 1,34576 Cr compared to Rs 1,26433 Cr  under constant prices. The contribution from the manufacturing sectors of this secondary sector is 7.2 per cent, and 6.4 p c  from the service tertiary sector against constant prices. Per capita income of the state grew by Rs 2,22227 in the year 2022-23 against Rs 2,01,271 in 2021-22, showing growth in per capita income by 10.4 per cent. .State per capita is much higher than Rs 51,607 national per  capita. Agriculture is a major driver of state economy as 57.03 per cent or work force give direct employment and 13.47 in allied sector. Revealing the state major share of RS 51365 Crore ( 57 percent) state expenditure dedicated salary , pension interest of payments and subsidies in fy 2022-23. as composition of salary of wages is tune to Rs 15164Core (25.92 pc), Rs 7790 Cr (15.17 pc), Rs 5109 cr( 9.94 pc) on interest , state committed expenditure RS 28,059 Cr(54..63 Cr) which is 14.36 per cent of state economy. Mr Sukhu said that expenditure on the salary would increase by 14.25 pc in fy 2022-23 compared to increase in 9.23 pc of previous year. . The state expenditure on the pension is expected to be increased by 19.85 pc in fy 2022-23, ,the growth of major items in revenue expenditure in interest 6.24 pc and subsidy 2.44 pc. State is earning 18.62 per cent revenue receipt of the state GDP. Economic survey revealed that the state economy has witnessed a V shaped recovery after covid-19. Agriculture and allied sectors were the least impacted by the pandemic and registered growth rate 3.3 in fy 2020-21 and 3.5 pc in 2022-23. hospitality sectors recorded the highest contraction of  20.2 pc in trade , hotels and transport sector. The contraction in the state GDP due to  Covid is three per cent compared to 6.6 pc on the national level. The fruit production in the state likely to increased up to 7.93 Lakh metric ton and food production 15.94 lakh MT.