Economy
| Year | Gross State Domestic Product |
|---|---|
| 1980 | 7,940 |
| 1985 | 13,720 |
| 1990 | 28,150 |
| 1995 | 66,980 |
| 2000 | 135,900 |
| 2005 | 230,240 |
| 2007 | 254,350 |
The era of planning started in Himachal in 1948 along with the rest of India. The first five year plan allocated .5.27 crore to Himachal. More than 50% of this expenditure was incurred on road construction since it was felt that without proper transport facilities, the process of planning and development could not be carried to the people, who mostly lived an isolated existence in far away areas. Himachal now ranks fourth in respect of per capita income among the states of the Indian Union.
Agriculture contributes over 45% to the net state domestic product. It is the main source of income and employment in Himachal. Over 93% of the population in Himachal depend directly upon agriculture which provides direct employment to 71% of its people. The main cereals grown are wheat, maize, rice and barley.
Himachal has a rich heritage of handicrafts. These include woolen and pashmina shawls, carpets, silver and metal ware, embroidered chappals, grass shoes, Kangra and Gompa style paintings, wood work, horse-hair bangles, wooden and metal utensils and various other house hold items. These aesthetic and tasteful handicrafts declined under competition from machine made goods and also because of lack of marketing facilities. But now the demand for handicrafts has increased within and outside the country.
Himachal is extremely rich in hydro electric resources. The state has about 25% of the national potential in this respect. It has been estimated that about 20,300MW of hydro electric power can be generated in the State by constructing various major, medium, small and mini/micro hydel projects on the five river basins. The state is also the first state in India to achieve the goal of having a bank account for every family.
As per the current prices, the total GDP was estimated at 25,435 crore ( 254,350,000,000), as against 23,024 crore ( 230,240,000,000) in the year 2004–05, showing an increase of 10.5%.
Read more about this topic: Himachal Pradesh
Famous quotes containing the word economy:
“Quidquid luce fuit tenebris agit: but also the other way around. What we experience in dreams, so long as we experience it frequently, is in the end just as much a part of the total economy of our soul as anything we “really” experience: because of it we are richer or poorer, are sensitive to one need more or less, and are eventually guided a little by our dream-habits in broad daylight and even in the most cheerful moments occupying our waking spirit.”
—Friedrich Nietzsche (1844–1900)
“Cities need old buildings so badly it is probably impossible for vigorous streets and districts to grow without them.... for really new ideas of any kind—no matter how ultimately profitable or otherwise successful some of them might prove to be—there is no leeway for such chancy trial, error and experimentation in the high-overhead economy of new construction. Old ideas can sometimes use new buildings. New ideas must use old buildings.”
—Jane Jacobs (b. 1916)
“The basis of political economy is non-interference. The only safe rule is found in the self-adjusting meter of demand and supply. Do not legislate. Meddle, and you snap the sinews with your sumptuary laws.”
—Ralph Waldo Emerson (1803–1882)