Uttarakhand Economic updates
Gross State Domestic Product (GSDP)
The Gross State Domestic Product (GSDP) of Uttarakhand for 2019-20 at current prices is estimated to be Rs 2,63,233 crore, which is 11% higher than the revised estimate for 2018-19.
Total expenditure
Total expenditure for 2019-20 is estimated to be Rs 48,664 crore, a 12% increase over the revised estimate of 2018-19. In 2018-19, as per the revised figures, the expenditure is estimated to decrease by Rs 2,124 crore (4.7%) over the budgeted estimate.
Total receipts
Total receipts (excluding borrowings) for 2019-20 are estimated to be Rs 38,989 crore, an increase of 12.1% as compared to the revised estimate of 2018-19. In 2018-19, total receipts (excluding borrowings) are estimated to fall short of the budgeted estimate by Rs 906 crore (2.5%).
Revenue surplus
Revenue surplus for the next financial year is targeted at Rs 23 crore, or 0.01% of the GSDP. Fiscal Deficit is targeted at Rs 6,798 crore (2.58% of GSDP).
Interest-free loans
Poor and marginal farmers will be provided with interest-free loans for agro-processing and agricultural activities.
This will be applicable for loans taken by farmers for an amount up to one lakh rupees. Loans taken by self-help groups up to five lakh rupees for agriculture related activities will also be eligible for the scheme. Rs 50 crore has been allocated for the scheme in 2019-20.
Improvement of children’s Nutrition
Mukhyamantri Aanchal Amrit Yojana will be launched under which children between the age of three to six years will be provided milk twice in a week at anganwadi centres. Further, the Mukhyamantri Bal Poshan Yojana, which is provided to children suffering from severe malnourishment, will be extended to include other malnourished children as well.
Sankalp scheme will be launched for strengthening the skill development programmes and increasing the participation of Women and weaker sections in these programmes. The scheme has been allocated Rs 4 crore in 2019-20. Strive scheme will be launched for strengthening the training institutes.
Growth in different Sectors
In 2017-18, the sectors of Agriculture, Manufacturing, and Services contributed to 11%, 49%, and 40% of the State Gross Value Added (GSVA). GSVA by a sector denotes the contribution of that sector to the state’s economy. In the same year, these sectors grew by 7.1%, 9.4%, and 13%, respectively.
Per capita GSDP
The per capita GSDP of Uttarakhand in 2017-18 (at current prices) was Rs 1,94,293. This is 10.1% higher than the figure for 2016-17 (Rs 1,76,544).
Capital expenditure for 2019-20 is proposed to be Rs 9,731 crore, which is an increase of 11.4% over the revised estimate of 2018-19. Capital expenditure includes expenditure affecting the assets and liabilities of the state, such as: (i) capital outlay, i.e. expenditure which leads to creation of assets (such as bridges and hospitals), and (ii) repayment and grant of loans by the State Government.
The state government provides compensation and assignments to local bodies and Panchayati Raj institutions. In 2019-20, this amount is estimated to be Rs 2,183 crore (4.5% of the expenditure), a 18.8% increase over the revised estimate of 2018-19. Of this, Rs 1,157 crore has been allocated to Urban Local Bodies, and Rs 1,026 crore to Panchayati Raj bodies.
Revenue expenditure for 2019-20 is proposed to be Rs 38,933 crore, which is 12.1% higher than the revised estimate of 2018-19. This expenditure includes payment of salaries, pensions, and interests, among others. Revenue expenditure forms 80% of the total expenditure proposed in 2019-20.
The total Revenue Receipts
Total revenue receipts for 2019-20 are estimated to be Rs 38,955 crore, an increase of 12.1% over the revised estimate of 2018-19. Of this, Rs 18,992 crore (49% of the revenue receipts) will be raised by the state through its own Resources. Rs 19,964 crore (51% of the revenue receipts) will be devolved from the centre in the form of grants and the state’s share in central taxes. In 2019-20, own revenue and central transfers are expected to be 2.6% and 22.9% higher than the revised estimates of 2018-19, respectively.
Central transfers
In 2019-20, revenue from the state’s share in central taxes is estimated to increase by 10.9% over the revised estimate of 2018-19. Revenue in the form of grants-in-aid is estimated to increase by 34.6% (2,846 crore) in 2019-20 over the revised estimate of 2018-19. In 2018-19, grants-in-aid revenue is estimated to decrease by Rs 702 crore as per the revised figures (7.9% less than the budgeted estimate).
Non-tax revenue
Uttarakhand has estimated to generate Rs 4,255 crore (11% of the revenue receipts) through non-tax sources in 2019-20. Non-tax sources include interest receipts, dividends, and royalties, among others. This is an increase of 13.6% over the revised estimate of 2018-19. In 2018-19, non-tax revenue is estimated to increase by Rs 276 crore at the revised stage (8% more than the budgeted estimate).
It is the excess of revenue expenditure over revenue receipts. A revenue deficit implies that the government needs to borrow in order to finance its expenses which do not create capital assets. The budget estimates a revenue surplus of Rs 23 crore (or 0.01% of GSDP) in 2019-20. This implies that revenue receipts are expected to be higher than the revenue expenditure, resulting in a surplus. The estimate indicates that the state is within the target of eliminating revenue deficit, prescribed by the 14th Finance Commission. The state has estimated a revenue surplus for the period 2018-19 to 2021-22.
Fiscal deficit
It is the excess of total expenditure over total receipts. This gap is filled by borrowings by the state government, and leads to an increase in total liabilities. In 2019-20, fiscal deficit is estimated to be Rs 6,798 crore, which is 2.58% of the GSDP. The estimate is under the 3% limit prescribed by the 14th Finance Commission. Fiscal deficit in 2017-18 at 3.58% of GSDP was higher than this 3% limit.
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Uttarakhand is a state in India that is located in the Himalayas. It is the 20th largest state in India by area and the 8th most populous state. The capital of Uttarakhand is Dehradun.
The economy of Uttarakhand is based on agriculture, tourism, and manufacturing. Agriculture is the largest sector of the economy, accounting for about 25% of the state’s GDP. The main crops grown in Uttarakhand are rice, wheat, sugarcane, and maize. Livestock is also an important part of the economy, with the state having a large Population of cattle, buffalo, and goats.
Tourism is another important sector of the economy, with Uttarakhand being a popular destination for domestic and international tourists. The state is home to several popular tourist destinations, including the Himalayas, the Ganges River, and the Kedarnath Temple.
Manufacturing is also an important sector of the economy, with the state having a number of factories that produce a variety of goods, including textiles, electronics, and machinery.
The economy of Uttarakhand has been growing at a healthy rate in recent years. The state’s GDP grew at an Average rate of 7.5% per year between 2010 and 2017. This growth has been driven by the expansion of the agriculture, tourism, and manufacturing sectors.
The state government has taken a number of steps to promote economic growth, including investing in Infrastructure-2/”>INFRASTRUCTURE, providing subsidies to businesses, and simplifying the regulatory Environment. These measures have helped to attract Investment and create jobs in the state.
The economy of Uttarakhand faces a number of challenges, including the lack of skilled labor, the poor infrastructure, and the high level of Corruption. The state government is working to address these challenges, but it will take time to see results.
Despite the challenges, the economy of Uttarakhand has a bright future. The state has a number of strengths, including its natural beauty, its skilled workforce, and its strategic location. With the right policies in place, Uttarakhand can become a major economic power in India.
Here are some additional details about the economy of Uttarakhand:
- The GDP of Uttarakhand was â¹6.4 trillion in 2017-18.
- The per capita income of Uttarakhand was â¹1.2 lakh in 2017-18.
- The Inflation rate in Uttarakhand was 3.5% in 2017-18.
- The Unemployment rate in Uttarakhand was 6.5% in 2017-18.
- The POVERTY rate in Uttarakhand was 19.9% in 2011-12.
The challenges facing the economy of Uttarakhand include:
- The lack of skilled labor: The state has a large number of young people, but many of them do not have the skills that are needed by employers.
- The poor infrastructure: The state’s infrastructure is in need of repair and upgrade. This includes roads, bridges, Airports, and power Plants.
- The high level of corruption: Corruption is a major problem in Uttarakhand. It makes it difficult for businesses to operate and for the government to deliver services.
The prospects for the economy of Uttarakhand are positive. The state has a number of strengths, including its natural beauty, its skilled workforce, and its strategic location. With the right policies in place, Uttarakhand can become a major economic power in India.
Uttarakhand is a state in India that was formed in 2000. It is located in the Himalayas and is known for its natural beauty. The state has a population of over 10 million people and its capital is Dehradun.
The economy of Uttarakhand is based on agriculture, tourism, and manufacturing. The state is a major producer of rice, wheat, and sugar. It is also home to several important tourist destinations, such as the Himalayas, the Ganges River, and the Kedarnath Temple.
The manufacturing sector in Uttarakhand is growing rapidly. The state is home to several factories that produce electronics, textiles, and pharmaceuticals.
The government of Uttarakhand is working to improve the state’s economy. It is investing in infrastructure, Education, and healthcare. The government is also working to attract foreign investment.
Here are some frequently asked questions about the economy of Uttarakhand:
- What is the main Source Of Income in Uttarakhand?
The main source of income in Uttarakhand is agriculture. The state is a major producer of rice, wheat, and sugar.
- What are the major industries in Uttarakhand?
The major industries in Uttarakhand are tourism, manufacturing, and agriculture.
- What are the major challenges facing the economy of Uttarakhand?
The major challenges facing the economy of Uttarakhand are poverty, unemployment, and Infrastructure Development.
- What is the government of Uttarakhand doing to improve the economy?
The government of Uttarakhand is working to improve the state’s economy by investing in infrastructure, education, and healthcare. The government is also working to attract foreign investment.
- What is the future of the economy of Uttarakhand?
The future of the economy of Uttarakhand is bright. The state has a young population, a growing middle class, and a strong tourism Industry. The government is also working to improve the state’s infrastructure and education system.
Which of the following is not a major industry in Uttarakhand?
(A) Agriculture
(B) Tourism
(C) IT
(D) MiningWhich of the following is the largest district in Uttarakhand by area?
(A) Chamoli
(B) Pithoragarh
(C) Almora
(D) UttarkashiWhich of the following is the largest district in Uttarakhand by population?
(A) Dehradun
(B) Haridwar
(C) Moradabad
(D) MeerutWhich of the following is the capital of Uttarakhand?
(A) Dehradun
(B) Haridwar
(C) Moradabad
(D) MeerutWhich of the following is the highest peak in Uttarakhand?
(A) Nanda Devi
(B) Kedarnath
(C) Badrinath
(D) GangotriWhich of the following is the largest river in Uttarakhand?
(A) Ganga
(B) Yamuna
(C) Chambal
(D) SonWhich of the following is the main language spoken in Uttarakhand?
(A) Hindi
(B) Garhwali
(C) Kumaoni
(D) PahariWhich of the following is the main religion in Uttarakhand?
(A) Hinduism-2/”>Hinduism
(B) Islam
(C) Christianity
(D) SikhismWhich of the following is the main crop grown in Uttarakhand?
(A) Rice
(B) Wheat
(C) Maize
(D) SugarcaneWhich of the following is the main tourist attraction in Uttarakhand?
(A) The Himalayas
(B) The temples of Haridwar and Rishikesh
(C) The wildlife sanctuaries of Corbett and Rajaji
(D) The hill stations of Mussoorie and Nainital