Himachal Pradesh's economic growth expected to improve slightly in 2024-25

The growth rate for Himachal Pradesh in the financial year 2024-25 is expected to see a marginal improvement, rising from 6.6 per cent to 6.7 per cent, according to the Economic Survey Report presented in the Assembly on Thursday.

Chief Minister Sukhvinder Singh Sukhu, who also holds the Finance portfolio, presented the report for 2024-25 in the Assembly.

According to advance estimates, the Gross State Domestic Product (GSDP) at current prices for 2024-25 is projected to be Rs 2,32,185 crore, up from Rs 2,10,662 crore in the previous year.

The state’s Per Capita Income (PCI) for 2024-25 is expected to reach Rs 2.57 lakh, reflecting a growth of 9.6 per cent over the previous year.

The PCI for 2023-24 was Rs 2,34,782, compared to Rs 2,57,212 in the current year at current prices. The PCI has risen significantly from Rs 87,721 in 2011-12.

Inflation in Himachal Pradesh has remained relatively stable, decreasing from 5 per cent in 2023-24 to 4.2 per cent in the current financial year.

As per advance estimates, the Agriculture and Allied sectors are expected to grow by 3.07 per cent, a notable improvement from the negative growth of -2.63 per cent in 2023-24.

The tertiary sector accounted for 45.3 per cent of the state’s Gross Value Added (GVA) at current prices, followed by the secondary sector at 39.5 per cent and the primary sector at 15.2 per cent.

The industrial sector is expected to grow at a rate of 8.1 per cent in 2024-25, compared to 6.5 percent at the national level.

The tourism industry, which contributes 7.78 per cent to the GSDP, is also showing positive signs, with tourist arrivals approaching pre-pandemic levels. In 2024, tourist arrivals touched 181.24 lakh, compared to 150.99 lakh in 2023.