Friday, August 5, 2011

Haryana's growth higher than country's GDP: CII Report

Led by stupendous performance of services sector, Haryana has been able to post higher growth over the country's GDP growth during 2004-05 till 2009-10, a Confideration of Indian Industry (CII) report said.

Sharing the details of the report, Malvinder Mohan Singh, Deputy Chairman, CII Northern Region said that during the period 2004-05 to 2009-10, the state's economy grew at an annual rate of 9.7%, much higher than the rate of growth of Indian economy at 8.6%.

"This growth has been led by mainly the services sector, which grew at 13.5%," he said.

Contributing only 4.41% of the country's industrial output, the state's manufacturing potential is yet to be fully realized.

The new progressive Industrial Policy of the state coupled with its focus on infrastructure, is expected to help Haryana emerge as one of the leading investment destinations in the country, he added.

To commemorate 20 years of Economic Reforms in India, CII Northern Region came out with a report 'Investment Climate in Haryana'.

Haryana has a rich industrial base supported by robust infrastructure said Vijay Thadani, Chairman, CII Northern Region while talking about the report.

With one-third of Haryana falling under the National Capital Region, the state has been able to attract sizable investments from multinational companies, large business houses, foreign investors, NRIs and small scale entrepreneurs,
he added.On the social development front the state ranks 21st on the Human Development Index (HDI), 2006, highlighted Raj Bhatia, Chairman, CII Haryana State Council.

However, in terms of improvement in HDI over the decade 1996-2006, the state ranked 15th. The state needs to up its expenditure on health and education, he added.

The state has managed its finances fairly well with the 12th Finance Commission (TwFC) of India commending its performance on this front said Anmol Jain, Vice Chairman, CII Haryana State Council. VAT continues to be the most important tax revenue for the State amounting almost 70% of Own Tax Revenue (OTR) of the state, he added.

Elaborating on the importance of reforms, Pikender Pal Singh, Regional Director, CII Northern Region said the reforms have resulted in massive economic and social transformation in India setting the nation on a stable and sustainable path to inclusive development.


No comments:

Post a Comment