Uttarakhand’s growth rate is below zero …
Uttarakhand’s growth rate has been greatly affected during the Covid era. The planning department estimates that it has reached at least -20 below zero. Like the country, the decline in agriculture is not much but this sector is already performing poorly.
According to officials, the trend of the past few years is showing that the state’s growth rate has been almost two percent higher than the growth rate of the country. However, in 2019-20, the growth rate of the state was more affected.
Now the country’s growth rate has come down to minus-23 percent. In such a situation, the growth rate of the state is also expected to be minus -20 percent. Statistics department says that annual growth rate is released for the state only. In such a situation, only this time can be estimated.
The growth rate was handled by industry and service sector
In the state prior to Covid-19, the industry and service sector handled the growth rate of the state. During the Covid period, these two made the most difference. The fall has not yet been assessed. On the other hand, the growth rate in the initial area was handled by mining. It also recorded a steady decline.
First strike, then Covid kills
The state’s economy had begun to be affected even before the Covid transition. The lockdown started in March and in January February, due to employees’ displeasure, the strike etc. was affected.
State growth rate
2016-17 9.83
2017-18 7.84
2018-19 6.87
Estimates of 2019-20 growth rate were not released.
GDP 1.9 lakh crore in 2018-19
There was a sharp rise in hotels, business and refreshments
There was a growth rate of 11.30 in trade, hotels, refreshments etc. before the Corona period and as per the base year of 2012. In this, the increase in value was estimated to be around 24 thousand crores. This sector was the most affected during the Corona period. Therefore, it also had an impact on the growth rate of the state.
Now there are also signs of the economy coming back on track
In Unlock-4, the state government is now getting a refund of about 700 crores in taxes. There are also signs of the economy coming back on track. In the future, the speed of industry, construction etc. will depend on where the growth rate will reach.
