Uttarakhand has emerged as the top state in the country in terms of growth in the industry and service sectors

U’khand emerges numero uno clocking highest growth in industry & services sectors across India

Question: According to which of the following institution Uttarakhand has emerged as the top state in the country in terms of growth in the industry and service sectors in the last ten years?
(a) Assocham
(b) FICCI
(c) CII
(d) None of the above
Ans: (a)
Related facts:

  • On 5 August 2016 according to Assocham study Uttarakhand has emerged as the top state in the country in terms of growth in the industry and service sectors during the decadal period between 2004-05 and 2014-15 among states across India.
  • Uttarakhand growth in the industry and service sectors much better than national average growth of about seven per cent.
    • Uttarakhand has emerged on top by clocking highest compounded annual growth rate (CAGR) of 16.5 per cent and 12.3 per cent in industry and services sectors respectively.
  • Uttarakhand has registered remarkable economic growth and industrial development as the state has recorded CAGR of over 12 per cent during the aforementioned period.
  • This is highest among major states in India.
  • The ASSOCHAM study titled as ‘Uttarakhand on expressway to growth.’
  • Uttarakhand’s contribution to India’s economy has also marginally increased from just about 0.8 per cent in 2004-05 to 1.2 per cent 2013-14.
  • Service sector accounted for 51 per cent share in gross state domestic product (GSDP) in 2014-15 thereby increasing from 49.5 per cent in 2004-05.
  • Services sector includes hospitality & tourism, hotels & restaurants, transport, storage, communication, banking and finance and other such activities.
  • While industrial sector accounted for about 39 per cent share in the GSDP in 2014-15 thereby increasing from 27 per cent a decade ago.
  • However it is noted that Uttarakhand’s performance on agriculture and allied activities decreased.
  • As its share in the GSDP has declined sharply from over 22 per cent in 2004-05 to just over nine per cent in 2014-15.

Reference:
http://www.assocham.org/newsdetail.php?id=5847
http://www.business-standard.com/article/news-cm/u-khand-emerges-numero-uno-clocking-highest-growth-in-industry-services-sectors-across-india-assocham-study-116080800152_1.html