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Himachal Pradesh economy to shrink 6.2%, tourism 81%

Shimla, March 5 Himachal Pradesh is likely to register a negative growth of 6.2 per cent in the current financial year (2020-21) due to the adverse impact of Covid-19 pandemic, with the tourism sector contracting by over 81 per cent....
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Shimla, March 5

Himachal Pradesh is likely to register a negative growth of 6.2 per cent in the current financial year (2020-21) due to the adverse impact of Covid-19 pandemic, with the tourism sector contracting by over 81 per cent.

Chief Minister Jai Ram Thakur, who also holds the Finance portfolio, tabled the Economic Survey for 2020-21 in the Vidhan Sahba today. The growth rate this year is expected to plummet from 8.9 per cent in 2019-20 to minus 6.2 per cent. The per capita income at the current price is estimated to drop by 3.7 per cent to Rs 1,83,286 from previous year’s Rs 1,90,407.

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While almost all revenue-generating sectors have witnessed a sharp decline, tourism sector is the worst-hit with a contraction of 81.33 per cent. The hotels and restaurants sector is likely to register a contraction of 9.2 per cent in 2020-21. The other badly hit sectors include transport, mining and quarrying, forestry and construction. The agriculture sector is set to register a contraction of 3.1 per cent due to a decrease of 43 per cent in horticulture production. Fiscal deficit is estimated to be 4.65 per cent of the GSDP in 2020-21. — TNS

Covid impact

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3.7% drop expected in per capita income

9.2% contraction likely in hotel/ restaurant sector

3.1% decrease expected in agriculture sector

4.65% of the GSDP will be the state’s fiscal deficit

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