Dip estimated in industry, agri growth to double: Economic Survey of Haryana

Bhartesh Singh Thakur

Chandigarh, February 23

The Economic Survey of Haryana 2023-24 today revealed that growth in Gross State Value Added (GSVA) at constant prices is estimated to remain stagnant at 7.6 per cent in 2023-24, the same as it was in 2022-23. The survey was released along with the Budget.

The GSVA is the value of goods and services produced in the state. The share of the services sector in GSVA is 50.7%, while the industry and agriculture and allied sectors contribute 33.1% and 16.2%, respectively. The growth of 7.2% in the industry and 9% in the service sectors led to overall growth of 7.6% in 2023-24.

The GSVA growth rate for agriculture and allied services for 2022-23 was 2.2%, but the advance estimates for 2023-24 estimated double growth at 4.4%. The crops and livestock are estimated to record a growth of 3.9% in 2023-24 compared to 2% in 2022-23. The growth in forestry and logging is estimated to be 4% compared to 5% in 2022-22.

However, the fishing component sees a massive rise as a growth rate of 27.6% is estimated in the current financial year. It was 2.8% in 2022-23.

The GSVA from industry is estimated to see 7.2% growth rate in the current financial year, with a value of Rs 1.85 lakh crore compared to 7.7% growth rate in 2022-23. The manufacturing growth is estimated to come down to 6.6% from 7.5 per cent in the previous financial year.

In construction, the growth is expected to be 9.1% while in the previous financial year, it was 7.8%. Mining and quarrying are estimated to have a growth rate of 8.4%.

As per the Advance Estimates for 2023-24, the GSVA from services has been estimated at Rs 2.84 lakh crore, with a growth of 9%. The growth rate was 9.5% in 2022-23.

There is a dip in financial, real estate and professional services as just 6.9% growth is estimated in 2023-24, with a value of Rs 1.32 lakh crore, while the growth rate was 11.6% in 2022-23. There is a dip in public administration, defence and other services component, too, as just 3.8% growth is estimated. It was 6.6% in 2022-23. However, there is growth in trade, repair, hotels and restaurants component as 14.9% growth is expected against 10% in 2022-23. Similarly, 9.9% growth is expected in transport, storage, communication and services related to broadcasting.

The Gross State Domestic Product (GSDP) at constant prices is estimated to be Rs 6.34 lakh crore, with a growth of 8% in 2023-24 as compared to 7.9% in 2022-23.