Himachal Pradesh
Himachal Pradesh (HP) has transformed from a predominantly agrarian economy into one of India’s fastest-growing industrial hubs. The state is bordered by Jammu and Kashmir to the north, Punjab to the west and southwest, Haryana to the south, Uttar Pradesh to the southeast, and China to the east. Known as the “Fruit Bowl of India” and “Dev Bhoomi” (Land of the Gods), Himachal Pradesh is renowned for its breathtaking natural beauty and scenic landscapes. The state recorded 10.1 per cent nominal GSDP growth and 6.4 per cent real growth in FY2024-25. The State’s Gross State Domestic Product (GSDP) at current prices for FY2024-25 (First Revised) is estimated at ?2,30,587 crore, up from ?2,09,385 crore in FY2023-24. At constant (2011– 12) prices, the GSDP stands at ?1,44,656 crore for FY2024-25. Himachal Pradesh’s economy has undergone a significant structural transformation, with the secondary and tertiary sectors now contributing over 86 per cent of the Gross State Domestic Product (GSDP). The state has also emerged as a leader in horticulture, particularly in apple production, while diversifying into floriculture, mushroom cultivation, and sub-tropical fruits. Additionally, steady progress in renewable energy and hydropower has further strengthened revenue generation and enhanced energy security. Himachal Pradesh has one of the largest Drug Manufacturing Hubs in terms of volume of finished products and the 1 st Medical Devices Park in North India has been sanctioned in Nalagarh. The Baddi-Barotiwala- Nalagarh (BBN) industrial belt has emerged as a key manufacturing hub for various sectors, especially pharmaceuticals. Through the Himachal Pradesh Tourism Policy, 2019 the state is offering attractive incentives to promote tourism investment with a focus on theme-based tourism opportunities such as eco-tourism, adventure tourism and spiritual tourism. Exports in Himachal Pradesh grew from 1.3 Billion dollars in 2019-20 to 2.3 billion in 2023-24 indicating a CAGR of 13 per cent. According to NITI Ayog’s Export Preparedness Index 2022, HP ranked 15 th amongst all States and UT’s and 2 nd amongst Himalayan states receiving a score of 52.25. Himachal Pradesh has consistently strived towards a sustainable and inclusive development model, prioritizing green industries and providing robust support for MSMEs. The industrial Policy of 2013 clearly states this vision and the Sustainable Development Goals India Index 2023-24 ranks Himachal Pradesh at number five amongst all Indian states by aggregating its performance across goals. As per the Business Reforms Action Plan Survey 2022 conducted by the Department for Promotion of Industry and Internal Trade, in both categories of reforms – business centric and citizen centric, Himachal Pradesh comes under the category of Aspirers based on the State’s compliance to the action plan. The government has a single window clearance policy in place. It improved its ease of doing business ranking from 17 in 2015 to 7 in 2019 showing a clear direction towards improvement.
Himachal Pradesh (HP) has transformed from a predominantly agrarian economy into one of India’s fastest-growing industrial hubs. The state is bordered by Jammu and Kashmir to the north, Punjab to the west and southwest, Haryana to the south, Uttar Pradesh to the southeast, and China to the east. Known as the “Fruit Bowl of India” and “Dev Bhoomi” (Land of the Gods), Himachal Pradesh is renowned for its breathtaking natural beauty and scenic landscapes. The state recorded 10.1 per cent nominal GSDP growth and 6.4 per cent real growth in FY2024-25. The State’s Gross State Domestic Product ...