Last updated: Oct, 2023
Introduction
Haryana is among the northern most state in India and adjacent to Delhi, the national capital of India. It is surrounded by Uttar Pradesh in the east, Punjab in the west, Himachal Pradesh in the north, and Rajasthan in the south. The state surrounds the national capital city, New Delhi, from three sides. Historically an agrarian state, Haryana today is a well-developed industrial state.
The state is one of India's largest automobile hubs and accounts for two-thirds passenger cars, 50% tractors and 60% motorcycles manufactured in the country. The state has also emerged as a base for the knowledge industry, including IT and biotechnology. Haryana is the third-largest exporter of software and one of the preferred destinations for IT/ITeS facilities.
As per the advance estimates for 2022-23, the state’s GSDP at current prices has been estimated at Rs. 994,195 crore (US$ 120.44 billion). The state’s GSDP (in Rs.) expanded at a CAGR of 10.46% between 2015-16 and 2022-23.
The State Government of Haryana has been committed to creating a progressive business environment. The state offers a wide range of fiscal and policy incentives for businesses under the Industrial and Investment Policy, 2011. Haryana ranked the third best state in the country under ease of doing business in the Business Reforms Action Plan 2017. As of October 2020, the state had seven exporting Special Economic Zones (SEZs).
Recent Developments
- Merchandise exports from Haryana reached US$ 12.06 billion in FY20, US$ 11.60 billion in FY21 and US$ 15.55 billion in FY22.
- According to the Department for Promotion of Industry and Internal Trade (DPIIT), cumulative Foreign Direct Investment (FDI) inflows in Haryana stood at US$ 2.6 billion in FY23 and was US$ 7.82 billion between October 2019-March 2023.
Key Sectors
- Krishi Kiosk online service for farmers was launched in June 2019 to provide information about Government’s current and upcoming schemes, and also help them to file claim under Pradhan Mantri Fasal Yojana.
- Haryana is a preferred destination for auto majors and auto component manufacturers. The state is host to many large automotive players. Automobiles and auto component exports from Haryana were ~US$ 1.070.3 million in FY20 and reached US$ 618.7 million in FY21.
- Gurgaon has emerged as a preferred destination for the IT industry in north India with more than 400 IT and ITeS companies.
- Haryana aggressively promotes organic farming; financial assistance is provided to farmers for production and use of vermicompost. Agriculture is one of the biggest employment generators in rural Haryana, with strong potential in value addition & exports. The state exported major agricultural product (basmati rice) worth US$ 2,290.71 million in FY20 and US$ 1,527.49 million in FY21.
- Districts such as Panipat, Gurugram, Faridabad, Hisar, and Sonepat have developed into robust textiles center in Haryana. Readymade cotton garments are one of the major exports from Haryana. Readymade cotton garments are one of the major exports from Haryana. Exports reached US$ 834.87 million in FY20 and US$ 385.08 million in FY21.
- Maruti Suzuki India (MSI), the country's largest carmaker, plans to invest over Rs. 18,000 crore (US$ 2.42 billion) on a new manufacturing site in Haryana by 2021.
- According to Haryana’s Deputy Chief Minister, Mr. Dushyant Chautala’s address in June 2021, the state would outline a strategy to produce electric vehicles and convert petrol-diesel vehicles to electric vehicles and subsequently, invite proposals after consultations with vehicle makers and industry experts.
