Economy of Uttarakhand

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Economy of Uttarakhand
Terraced farming, paddy cultivation in Kumaon, Uttarakhand - 1.jpeg
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]
Increase2.svg
GDP rank 20th
GDP growth
6.9% (2018-19 est.) [2]
GDP per capita
295,751 (US$3,500) (2023-24) [3]
GDP per capita rank
6
GDP by sector
Agriculture 10%
Industry 52%
Services 38% (2019-20) [2]
UnemploymentSteady2.svg 1.5% (Nov 2020) [4]
Public finances
24.4% of GSDP (2020-21 est.) [2]
−7,550 crore (US$−900 million) (2.57% of GSDP) (2020-21 est.)
Revenues42,474 crore (US$5.1 billion) (2020-21 est.) [2]
Expenses53,527 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.

Contents

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

Expenditure

Deficit

See also

Related Research Articles

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Uttar Pradesh is a state in northern India. With over 241 million inhabitants, it is the most populated state in India as well as the most populous country subdivision in the world – more populous than all but four other countries outside of India – and accounting for 16.5 per cent of the population of India or around 3 per cent of the total world population. The state is bordered by Rajasthan to the west, Haryana, Himachal Pradesh and Delhi to the northwest, Uttarakhand and Nepal to the north, Bihar to the east, Madhya Pradesh, Chhattisgarh and Jharkhand to the south. It is the fourth-largest Indian state by area covering 243,286 km2 (93,933 sq mi), equal to 7.3 per cent of the total area of India. Lucknow serves as the state capital, with Prayagraj being the judicial capital. It is divided into 18 divisions and 75 districts. On 9 November 2000, a new state, Uttaranchal, was created from Uttar Pradesh's western Himalayan hill region. The two major rivers of the state, the Ganges and its tributary Yamuna, meet at the Triveni Sangam in Prayagraj, a Hindu pilgrimage site. Other notable rivers are Gomti and Saryu. The forest cover in the state is 6.1 per cent of the state's geographical area. The cultivable area is 82 per cent of the total geographical area, and the net area sown is 68.5 per cent of the cultivable area.

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<span class="mw-page-title-main">Uttarakhand</span> State in northern India

Uttarakhand, formerly known as Uttaranchal, is a state in northern India. The state is bordered by Himachal Pradesh to the northwest, Tibet to the north, Nepal to the east, Uttar Pradesh to the south and southeast, with a small part touching Haryana in the west. Uttarakhand has a total area of 53,566 km2 (20,682 sq mi), equal to 1.6 per cent of the total area of India. Dehradun serves as the state capital, with Nainital being the judicial capital. The state is divided into two divisions, Garhwal and Kumaon, with a total of 13 districts. The forest cover in the state is 45.4 per cent of the state's geographical area. The cultivable area is 16 per cent of the total geographical area. The two major rivers of the state, the Ganges and its tributary Yamuna, originate from the Gangotri and Yamunotri glaciers respectively.

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References

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  2. 1 2 3 4 5 "Uttarakhand Budget Analysis 2020-21". PRS Legislative Research. Retrieved 19 March 2020.
  3. "Indian states by GDP per capita".
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  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. 1 2 "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)
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  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.