Economy

 

Faqs on Economy of Haryana

How does the economy of Haryana rank among Indian states?

Haryana has the 14th largest state economy in India with a GDP of ₹12.17 lakh crore (US$150 billion) in the fiscal year 2024-25. It ranks 5th in terms of per capita GDP, standing at US$2900 (₹240,000), indicating a relatively high standard of living. Haryana has shown consistent growth in recent years, driven by industry, services, and agriculture.

What are the main sectors driving the economy of Haryana?

Haryana’s economy is diversified with contributions from various sectors:

  • Agriculture: Haryana is a major agricultural producer, contributing significantly to India’s wheat, rice, sugarcane, cotton, and oilseeds production.
  • Industry: The state boasts a strong industrial base with prominent sectors like manufacturing, automotive, textiles, and pharmaceuticals. Gurgaon, a major city in Haryana, is a hub for IT and automobile industries.
  • Services: The services sector is the largest contributor to Haryana’s GDP, encompassing trade, transport, communication, real estate, and financial services.

What are the key strengths of the Haryana economy?

Haryana’s economic strengths include:

  • Strategic Location: Its proximity to Delhi, a major economic and political center, offers advantages in trade and commerce.
  • Industrial Infrastructure: Well-developed industrial areas, including several industrial parks and special economic zones, attract investments.
  • Skilled Workforce: A large pool of skilled and semi-skilled labor makes Haryana attractive for manufacturing and service industries.
  • Agricultural Productivity: The state is known for its high agricultural productivity due to irrigation facilities and modern farming techniques.

What are the challenges facing the Haryana economy?

Despite its strengths, Haryana faces certain economic challenges:

  • Dependence on Agriculture: The economy is still heavily reliant on agriculture, making it vulnerable to weather fluctuations and market volatility.
  • Water Scarcity: Declining groundwater levels and water pollution pose challenges for both agriculture and industry.
  • Regional Disparities: There are significant economic differences between different regions within the state.
  • Environmental Concerns: Rapid industrialization and urbanization have led to environmental degradation, including air and water pollution.

What initiatives has the government taken to boost the economy?

The Haryana government has implemented various policies and schemes to boost the economy, such as:

  • Haryana Enterprise Promotion Policy: Aims to attract investments and promote industrial growth.
  • Skill Development Mission: Focuses on skill training for youth to enhance employability.
  • Mera Pani Meri Virasat Scheme: Encourages crop diversification to conserve water resources.
  • Haryana Solar Power Policy: Promotes solar power projects for renewable energy generation.