State’s GSDP growth to slow to 7.6% in FY25: Economic Survey
Haryana’s Gross State Domestic Product (GSDP) growth is projected to slow down to 7.6% in 2024-25, compared to 7.8% in 2023-24, marking a slight 0.2% decline, according to the Economic Survey presented in the Vidhan Sabha yesterday.
GSDP growth at constant prices
Year Growth (%)
2021-22 12.1
2022-23 4.3
2023-24 7.8
2024-25 7.6
*For 2023-24, Quick Estimates have been taken and for 2024-25, Advance Estimates
While the Industry (8.1%) and Services (8.4%) sectors expected to drive growth, the Agriculture and Allied Sectors are set to witness a steep fall to 4.1%, compared to 7.2% last year.
The Survey, prepared by the Department of Economic and Statistical Affairs, Haryana, highlighted that high growth without strong agricultural performance may lead to inflation.
"Recent experience suggests that high GSVA growth without sustained and rapid agricultural growth is likely to accelerate inflation in the state, jeopardising the larger growth process. Therefore, the growth of Agriculture and Allied Sectors continues to be a critical factor in the overall performance of the state’s economy," the report stated.
At constant prices, Haryana’s GSDP is projected to reach Rs 6.77 lakh crore in 2024-25, up from Rs 6.29 lakh crore in 2023-24 and Rs 5.84 lakh crore in 2022-23.
The Agriculture and Allied Sectors’ share in Gross State Value Added (GSVA) is expected to shrink to 15.9%, while the Services sector will strengthen to 51.2%. The Industry sector’s contribution stands at 32.9% in 2024-25.
In the Agriculture sector, crops, animal husbandry and dairy farming — comprising 92.4% of the sector’s GSVA — are set to grow at just 3.9%, compared to 7.3% last year. However, Forestry and Logging (6.3%) and Fishing (7.2%) are expected to show better growth.
The Industry sector is forecast to expand from 7.4% in 2023-24 to 8.1% in 2024-25, driven by growth in Mining, Quarrying, Manufacturing, and Utility Services, though Construction is expected to slow down.
The Services sector will also improve, rising from 7.8% in 2023-24 to 8.4% in 2024-25, aided by real estate, transport, and public services, though the Trade, Repair, Hotels, and Restaurants component is expected to dip.
Haryana’s per capita income at constant prices is estimated at Rs 1.94 lakh per annum in 2024-25, growing at 6.3%, slightly lower than the 6.5% recorded in 2023-24. However, the state continues to have a higher per capita income than the national average of Rs 1.15 lakh per annum.
