At 8.1%,Haryana slowdown lowest in 7 yrs

According to growth estimates compiled by the Ministry of Statistics and Programme Implementation for 2011-12,the four fastest growing states are Bihar,Chhattisgarh,Uttrakhand and Tripura. In per capita income,Haryana now ranks below Goa,Delhi and Puducherry at Rs 1,09,227.

Sectors such as real estate,construction,banking and manufacturing,which drove Haryana’s growth in the latter half of the last decade,have been slowing over the last two years. Manufacturing,which grew at 10.5 per cent in 2009-10,is down to 4.8 per cent in 2011-12. Construction,which grew at 10.7 per cent two years ago,is now at 8.3 per cent,and power is down from 16 per cent growth in 2009-10 to 10.6 per cent in 2011-12.

Real estate,which posted 20.2 per cent growth in 2005-06 grew only 6.5 per cent in 2010-11. For 2011-12,the sector is expected to show an improved growth of 9 per cent.

Banking and insurance,which grew at a robust 24 per cent in 2005-06 is pegged at 16 per cent for 2011-12. Trade,hotels and restaurants are likely to grow at only 8.3 per cent,compared to the 20.7 per cent two years ago.

The finance department blames the overall economic situation. “The low growth rate is a countrywide trend and not exclusive to Haryana. Haryana’s performance should be seen in the context of comparable states such as Punjab and Rajasthan,and we are doing much better than them,” said Sanjeev Kaushal,principal secretary,finance.