Economy of Uttarakhand

A lady winnowing rice, an important food crop in Uttarakhand.

Uttarakhand's gross state domestic product for 2004 is estimated at $6 billion in current prices. Born out of partition of Uttar Pradesh, the new state of Uttarakhand produces about 8% of the output of the old Uttar Pradesh state.

The Uttarakhand state is the second fastest growing state in India.^[2] It's gross state domestic product (GSDP) (at constant prices) more than doubled from ₹24,786 crore in FY2005 to ₹60,898 crore in FY2012. The real GSDP grew at 13.7% (CAGR) during the FY2005–FY2012 period. The contribution of the service sector to the GSDP of Uttarakhand was just over 50% during FY 2012. Per capita income in Uttarakhand is ₹1,03,000 (FY 2013) which is higher than the national average of ₹74,920 (FY2013).^[3][4] According to the Reserve Bank of India, the total foreign direct investment in the state from April 2000 to October 2009 amounted to US$46.7 million.^[5]

Like most of India, agriculture is one of the most significant sectors of the economy of Uttarakhand. Basmati rice, wheat, soybeans, groundnuts, coarse cereals, pulses, and oil seeds are the most widely grown crops. Fruits like apples, oranges, pears, peaches, litchis, and plums are widely grown and important to the large food processing industry. Agricultural export zones have been set up in the state for leechi, horticulture, herbs, medicinal plants, and basmati rice. During 2010, wheat production was 831 thousand tonnes and rice production was 610 thousand tonnes, while the main cash crop of the state, sugarcane, had a production of 5058 thousand tonnes. As 86% of the state consists of hills, the yield per hectare is not very high. 86% of all croplands are in the plains while the remaining is from the hills.^[6]

Other key industries include tourism and hydropower, and there is prospective development in IT, ITES, biotechnology, pharmaceuticals and automobile industries. The service sector of Uttarakhand mainly includes tourism, information technology, higher education, and banking.^[6]

During 2005–2006, the state successfully developed three Integrated Industrial Estates (IIEs) at Haridwar, Pantnagar, and Sitarganj; Pharma City at Selaqui; Information Technology Park at Sahastradhara (Dehradun); and a growth centre at Siggadi (Kotdwar). Also in 2006, 20 industrial sectors in public private partnership mode were developed in the state.^[7]

Uttarakhand Budget 2016-17: Main highlights

^{[8] [9]}

Uttarakhand Finance Minister Indira Hridayesh presented Uttarakhand Budget 2016-17 (UK Budget 2016-17)

1- Receipts

 Total revenue receipts of 2016-17 is estimated to be Rs. 32275.87 crore.
 Total receipts in financial year 2016-17 estimated to be Rs. 39912.00 crore.

2- Expenditure

 Total expenditure in financial year 2016-17 estimated to be Rs.40422.20 crore.
 Total expenditure in financial year 2016-17 estimated to be Rs. 32250.39 crore in revenue account and Rs. 8171.81 crore capital account .
 Rs 11015.62 crore provision is made towards expenditures on salaries and allowances of the employees, considering the recommendation of the Seventh pay commission.
 Plan expenditure is estimated to be Rs. 15931.60 crore approximately.

3- Deficit
Total fiscal deficit for year 2016-2017 Rs.510.20 crore.

See Also

• Economy of India
  
• Economy of Madhya Pradesh
  
• Economy of Bihar
  
• Economy of Uttar Pradesh
  

References