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:
“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)
“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 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)