Latest update: March, 2020
Himachal Pradesh is one of the fastest-growing states in India. Being a sub-Himalayan state, Himachal Pradesh has a varied climate that changes with altitude.
Known as the Land of Gods is famous for its topographic diversity and pristine natural beauty. Domestic tourist inflows in the state reached 16.09 Lakh in 2018 while foreign tourist arrivals reached 356,000.
Between 2011-12 and 2020-21, the Gross State Domestic Product (GSDP) grew at a Compound Annual Growth Rate (CAGR) of 10.73 per cent to Rs 1.8 trillion (US$ 26.04 billion). Total merchandise exports from Himachal Pradesh were US$ 1,323.43 million in FY19. Between April-December 2019, merchandise exports from the state stood at US$ 1,027.51 million.
According to the Department for Promotion of Industry & Internal Trade (DPIIT), during April 2000 to September 2019, FDI inflows in the state^ totalled to US$ 2.39 billion. During 2019, 15 investment intentions were filed in Himachal Pradesh with a proposed investment of Rs 345 crore (US$ 49.39 million).
With a hydro power potential of 27,436 MW (of which 24,000 MW has been harnessed), Himachal Pradesh accounts for 25.9 per cent of the country’s total hydro power potential. As per State Economic Survey 2018-19, 20,912 MW of this is already allocated under various sectors. As of February 2020, Himachal Pradesh had a total installed power generation capacity of 4,007.17 MW. Hydro power accounted for 2,812.88 MW of total installed power generation capacity, followed by renewable power (951.64 MW) and thermal power (213.70 MW).
Himachal Pradesh has made significant achievements in the field of industrialisation in the past few years. The rich natural resources of the state are favourably suited for investments in major sectors such as procurement of agricultural produce, hydroelectric power, cement and tourism. Himachal Pradesh has made significant achievements in the field of industrialisation in the past few years.
The four agro-climatic conditions in the state support cultivation of multiple crops, vegetables and fruits around the year. The state government is focusing on increasing productivity levels besides diversification towards high-value crops. Production of food grains is targeted at 1.67 million metric tonnes in 2018-19. Horticulture production in the state reached 2,374.57 thousand metric tonnes in 2018-19, as per third advance estimates.
In an effort to provide infrastructure support to entrepreneurs, the Himachal Pradesh government has developed 41 industrial areas and 15 industrial estates. Solan, Sirmour, Kangra and Una districts lead in terms of investments attracted.
Under Swadesh Darshan Scheme, 14 tourism development projects have been sanctioned for the state for which Rs 99.76 crore (US$ 1.43 billion) have been sanctioned as project Integrated Development of Himalayan Circuit in Himachal Pradesh.
Note: ^ - including Chandigarh, Punjab and Haryana
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