Economy shifting from farm to manufacturing sector

CHANDIGARH: If the composition of Haryana’s Gross State Domestic Product (GSDP) is any indication, state’s economy is shifting from agriculture to manufacturing and services sectors.
Haryana’s Gross State Domestic Product (GSDP) at constant (1993-94) prices has recorded a growth of 5.2 per cent, i.e. from Rs 35,062 crore in 2001-02 to Rs 36,876 crore in 2002-03.Saying this, state’s economic survey (2003-04) points out that at current prices, GSDP is estimated at Rs 65,837 crore in 2002-03 as against Rs 60,212 crore in 2001-02, registering an increase of 9.3 per cent.
The sectoral analysis revealed that in 2002-03, while the contribution of primary sector in GSDP fell marginally by 0.8 per cent, contribution by secondary and tertiary sectors rose by 5.8 per cent and 9.2 per cent, respectively.
The structural composition of the state’s economy reveals that primary sector, including agriculture, continued to be the dominant sector, despite the fact that its contribution had declined to 29.4 per cent in 2002-03 from 42 per cent in 1993-94. The contribution of secondary and tertiary sectors increased to 28 per cent and 42.6 per cent, respectively, in 2002-03 from 26.2 per cent and 31.3 per cent in 1993-94. This is a good indicator of the growth of state’s economy.
Manufacturing sector, which occupied the second important place in the state’s economy after agriculture and allied sectors, witnessed a considerable improvement in its share. Its contribution has increased from 18.7 per cent in 1993-94 to 20.9 per cent in 2002-03, reflecting a healthy sign of industrialisation in the state.
Tertiary sector, a combination of different services like trade, transport, banking, public administration, education, health and the like, also witnessed a significant increase in its share.
The survey points out that the state had been focussing on the development of infrastructure in both urban and rural areas out of its own resources. The revenue deficit has fallen from the peak of Rs 1,540 crore in 1998-99 to Rs 685.11 crore in 2002-03.
In terms of GSDP, the revenue deficit reduced from 3.5 per cent in 1998-99 to 1.04 per cent in 2002-03.