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Economy of Uttarakhand

Economy of Uttarakhand
Paddy cultivation in Kumaon; Rice is an important food crop in Uttarakhand.
Statistics
GDP
  • ₹3.94 lakh crore (US$47 billion) (2024-25 est.) [1]
Increase
GDP rank20th
GDP growth
6.9% (2018-19 est.)[2]
GDP per capita
₹295,751 (US$3,500) (2023-24)[3]
GDP per capita rank
6
GDP by sector
Agriculture 10%
Industry 52%
Services 38% (2019-20)[2]
UnemploymentSteady 1.5% (Nov 2020)[4]
Public finances
24.4% of GSDP (2020-21 est.)[2]
₹−7,550 crore (US$−900 million) (2.57% of GSDP) (2020-21 est.)
Revenues₹42,474 crore (US$5.1 billion) (2020-21 est.)[2]
Expenses₹53,527 crore (US$6.4 billion) (2020-21 est.)[2]
All values, unless otherwise stated, are in US dollars.

Uttarakhand's gross state domestic product for 2024 is estimated at around $40 billion in current prices. Born out of partition of Uttar Pradesh, the new state of Uttarakhand is today around 13 percent of the GSDP of Uttar Pradesh state.

The Uttarakhand state is the second fastest growing state in India.[5] Its gross state domestic product (GSDP) (at constant prices)increased more than 13 times from ₹24,786 crore in FY 2005 to ₹3.33 lakh crore in FY23-24. The real GSDP grew at 13.7% (CAGR) during the FY 2005–FY2012 period. The contribution of the service sector to the GSDP of Uttarakhand was just over 50% during FY 2012. Per capita income in Uttarakhand is ₹2,61,173 (FY 2023) which is higher than the national average of ₹2.12 lakh (FY 2023).[6][7] According to the Reserve Bank of India, the total foreign direct investment in the state from April 2000 to October 2009 amounted to US$46.7 million.[8]

Like most of India, agriculture is one of the most significant sectors of the economy of Uttarakhand. Basmati rice, wheat, soybeans, groundnuts, coarse cereals, pulses, and oil seeds are the most widely grown crops. Fruits like apples, oranges, pears, peaches, litchis, and plums are widely grown and important to the large food processing industry. Agricultural export zones have been set up in the state for leechi, horticulture, herbs, medicinal plants, and basmati rice. During 2010, wheat production was 831 thousand tonnes and rice production was 610 thousand tonnes, while the main cash crop of the state, sugarcane, had a production of 5058 thousand tonnes. As 86% of the state consists of hills, the yield per hectare is not very high. 86% of all croplands are in the plains while the remaining is from the hills.[9]

Other key industries include tourism and hydropower, and there is prospective development in IT, ITES, biotechnology, pharmaceuticals and automobile industries. The service sector of Uttarakhand mainly includes tourism, information technology, higher education, and banking.[9]

The daily electricity demand in Uttarakhand is 2600 MW. Only 800-1200 MW are produced locally.[10]

During 2005–2006, the state successfully developed three Integrated Industrial Estates (IIEs) at Haridwar, Pantnagar, and Sitarganj; Pharma City at Selaqui; Information Technology Park at Sahastradhara (Dehradun); and a growth centre at Siggadi (Kotdwar). Also in 2006, 20 industrial sectors in public private partnership mode were developed in the state.[11]

Uttarakhand Budget 2016-17: Main highlights

Uttarakhand Finance Minister Indira Hridayesh presented Uttarakhand Budget 2016-17 (UK Budget 2016-17)[12][13]

Receipts

  • Total revenue receipts of 2016–17 is estimated to be ₹32,275.87 crore.
  • Total receipts in financial year 2016–17 estimated to be ₹39,912.00 crore.

Expenditure

  • Total expenditure in financial year 2016–17 estimated to be ₹40,422.20 crore.
  • Total expenditure in financial year 2016–17 estimated to be ₹32,250.39 crore in revenue account and ₹8,171.81 crore capital account.
  • ₹11,015.62 crore provision is made towards expenditures on salaries and allowances of the employees, considering the recommendation of the Seventh pay commission.
  • Plan expenditure is estimated to be ₹15,931.60 crore approximately.

Deficit

  • Total fiscal deficit for year 2016–17 ₹510.20 crore.

See also

References

  1. ^ "Uttarakhand budget analysis 2024-25". PRS Legislative Research.
  2. ^ a b c d e "Uttarakhand Budget Analysis 2020-21". PRS Legislative Research. Retrieved 19 March 2020.
  3. ^ "Indian states by GDP per capita".
  4. ^ "Unemployment Rate in India". Centre for Monitoring Indian Economy. Retrieved 3 November 2020.
  5. ^ "Madhya Pradesh now fastest growing state, Uttarakhand pips Bihar to reach second". The Indian Express. 8 September 2014. Retrieved 6 May 2015.
  6. ^ "Uttarakhand's per capita income up : State of the States - India Today". Retrieved 6 May 2015.
  7. ^ Shishir Prashant (11 July 2014). "Uttarakhand per capita income rises to Rs 1.03 lakh". Retrieved 6 May 2015.
  8. ^ "Uttarakhand" (PDF). India Brand Equity Foundation. Retrieved 17 July 2012.
  9. ^ a b "Uttarakhand: The State Profile" (PDF). PHD Chamber of Commerce and Industry. Archived from the original (PDF) on 21 October 2012. Retrieved 17 July 2012.
  10. ^ Apr 5, Kalyan Das / TNN / Updated. "Md: Upcl To Install New Age Electricity Metres In 6 Mnths | Dehradun News - Times of India". The Times of India. Retrieved 15 October 2022.{{cite web}}: CS1 maint: numeric names: authors list (link)
  11. ^ "Uttaranchal". Government of India. Archived from the original on 3 November 2011. Retrieved 29 July 2012.
  12. ^ "Budget 2016-17 At a Glance" (PDF). Department of Budget, Government Of Uttarakhand. Retrieved 13 February 2019.
  13. ^ "Uttarakhand Budget 2016-17 (UK Budget 2016-17): Main highlights". North Gazette. Archived from the original on 17 May 2017.
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