Himachal Pradesh has attracted investments in the pharmaceuticals, IT and engineering industries. Agriculture also plays a significant role in the state’s economy. The state has a robust food processing sector.
In 2007-08, Himachal Pradesh’s Gross State Domestic Product (GSDP) was US$ 8.01 billion. It grew at a CAGR of 12.9 per cent between 1999-2000 and 2007-08. The secondary sector has been the fastest growing; largely driven by growth in construction and manufacturing. The Net State Domestic Product (NSDP) of Himachal Pradesh was about US$ 6.85 billion in 2007-08. The average NSDP growth rate between 2000-01and 2007-08, was about 12.47 per cent.
The secondary sector’s share in the state economy has increased from 32.8 per cent in 1999-2000 to 41.7 per cent in 2007-08. It grew significantly, between 2006-07 and 2007-08 at the cost of the primary and tertiary sectors. It was driven by high growth of manufacturing (8.2 per cent) and construction (10.1 per cent) sectors. Community and personal services are the primary constituents of the state’s tertiary sector. In terms of share within the primary sector, agriculture still continues to be a significant contributor to the state economy.
The rich natural resources of the state are favourably suited for investments in major sectors such as procurement of agricultural produce, hydro-electric power, cement and tourism. The districts of Solan, Sirmour, Kangraand Unalead in terms of investments attracted.State Presentation (April 2010)
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