Economy
The chart below displays the trend of the gross state domestic product of Arunachal Pradesh at market prices estimated by the Ministry of Statistics and Programme Implementation with figures in millions of Indian Rupees.
| Year | Gross Domestic Product |
|---|---|
| 1980 | 1,070 |
| 1985 | 2,690 |
| 1990 | 5,080 |
| 1995 | 11,840 |
| 2000 | 17,830 |
Arunachal Pradesh's gross state domestic product for 2004 was estimated at $706 million in current prices. Agriculture primarily drives the economy. Jhum, the local word for a shifting cultivation widely practiced among the tribal groups, is now less practiced. Arunachal Pradesh has close to 61,000 square kilometers of forests, and forest products are the next most significant sector of the economy. Among the crops grown here are rice, maize, millet, wheat, pulses, sugarcane, ginger, and oilseeds. Arunachal is also ideal for horticulture and fruit orchards. Its major industries are rice mills, fruit preservation units, and handloom handicrafts. Sawmills and plywood trades are prohibited under law.
Arunachal Pradesh accounts for a large percentage of India's untapped hydroelectric power production potential. In 2008, the state government of Arunachal Pradesh signed deals with various Indian companies planning some 42 hydroelectric schemes that will produce electricity in excess of 27,000 MW. Construction of the Upper Siang Hydroelectric Project, which is expected to generate between 10,000 to 12,000 MW, began in April 2009.
Read more about this topic: Arunachal Pradesh
Famous quotes containing the word economy:
“Unaware of the absurdity of it, we introduce our own petty household rules into the economy of the universe for which the life of generations, peoples, of entire planets, has no importance in relation to the general development.”
—Alexander Herzen (1812–1870)
“The counting-room maxims liberally expounded are laws of the Universe. The merchant’s economy is a coarse symbol of the soul’s economy. It is, to spend for power, and not for pleasure.”
—Ralph Waldo Emerson (1803–1882)
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)