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Economy of Sikkim

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Economy of Sikkim
Sikkim - India's First 100% Organic State
Statistics
GDP₹0.47 trillion (US$6 billion) (2023–24; est)
GDP rank23rd
GDP per capita₹541,544 (US$6,489) (2021–22; est)
GDP per capita rank3rd
Human Development Index0.715 (6th)
All values, unless otherwise stated, are in US dollars.

The economy of Sikkim, a state in northeastern India, has a significantly agricultural economy. Although having mountainous terrain, Sikkim has managed to sustain its agricultural economy through organic farming. The state of Sikkim was declared as the only 100 per cent organic state in 2016. Sikkim's industrial sector is also mostly agriculture based. Besides agriculture, other large industries include pharmaceuticals, ecotourism, and carpet weaving.



Sikkim's Economy in 2023-24: A Brief Overview

Sikkim, a small Himalayan state in India, continues to thrive economically due to its unique blend of traditional sectors and emerging industries. The state's economy in 2023-24 is shaped by agriculture, hydropower, tourism, and pharmaceuticals, supported by infrastructure development and green policies.

Key Sectors:

1. Agriculture: Sikkim's organic farming continues to play a central role, being the world's first fully organic state since 2016. The cultivation of organic cardamom, ginger, and turmeric remains a key contributor to rural livelihoods, with expanding markets in India and abroad.

Economy

1. Agriculture: Total cropped area of Sikkim is averaged at 138,000 hectares.

In 2016, Sikkim became world's first Organic state. Also Sikkim was the first state in the world to implement 100% organic policy. Majority of Sikkim's population(around 62%) is employed Agriculture and Agriculture based sector and 80% of rural population is employed in this sector.

In 2003, Sikkim implemented 100% Organic farming and banned chemical fertilizers and pesticides. Sikkim became first Indian state to do so. In January 2016, Sikkim was awarded with prestigious Future Policy Gold Award by UN Food and Agriculture Organisation (FAO).

Sikkim is major producer of Black cardamom in India. Sikkim accounts 88% of cardamom produce of India.

Major crops of the state are, Paddy, Buck Wheat, Maize, Barley, potato.

Sikkim is known for its unique Temi Tea. Tea Board of India is considering GI tag for Sikkimese Tea.

2. Tourism: Tourism remains a pillar of Sikkim's economy. Adventure tourism, ecotourism, and cultural tourism have drawn both domestic and international visitors. In 2023-24, the state focuses on sustainable tourism to preserve its fragile ecology, while promoting its serene landscapes, Buddhist monasteries, and trekking routes.

3. Hydropower: Sikkim has abundant water resources, and hydropower projects continue to drive its economy. With significant potential for power generation, the state sells surplus electricity to other regions in India. These projects generate revenue, employment, and infrastructure development.

4.Pharmaceuticals: The pharmaceutical sector has emerged as a key player in Sikkim’s industrial growth. Global companies, attracted by the state's investor-friendly policies and tax incentives, have set up plants in the region. This sector contributes substantially to state GDP and provides employment opportunities.

Challenges and Outlook: Despite its positive growth trajectory, Sikkim faces challenges, including environmental degradation, climate change impacts, and limited infrastructural connectivity. However, with ongoing efforts to improve connectivity through road, rail, and air networks, and a strong focus on sustainable development, Sikkim’s economy in 2023-24 looks promising.

References

  1. ^ "Sikkim Budget Analysis 2023-24". PRSIndia Legislative Research.
  2. Sikkim per capita income
  3. "Sikkim declared 100 per cent organic by UN Food and Agriculture". The Times of India. ISSN 0971-8257. Retrieved 2023-02-20.
  4. Mukherjee, Writankar (2009-11-03). "Sikkim turns into a pharma hub". The Economic Times. ISSN 0013-0389. Retrieved 2023-02-20.
  5. "Sikkim Ecotourism". Sikkim Forest Department. Retrieved 2023-02-20.
  6. "DHH - Carpet weaving". sikkimcrafts.gov.in. Retrieved 2023-02-20.
  7. "Soil Resource". www.sikenvis.nic.in. Retrieved 2023-02-21.
  8. "Explained: How Sikkim Became World's First Organic State". Indiatimes. 2022-06-16. Retrieved 2023-02-20.
  9. "Sikkim Employment, Sikkim Employment Statistics, Employment level in Sikkim". www.thisismyindia.com. Retrieved 2023-02-20.
  10. "Agriculture". www.sikenvis.nic.in. Retrieved 2023-02-20.
  11. "Sikkim declared 100 per cent organic by UN Food and Agriculture". The Times of India. ISSN 0971-8257. Retrieved 2023-02-20.
  12. "Sikkim, India's first 'fully organic' state wins FAO'S Future Policy Gold Award | FAO in India | Food and Agriculture Organization of the United Nations". www.fao.org. Retrieved 2023-02-20.
  13. "Sikkim declared 100 per cent organic by UN Food and Agriculture". The Times of India. ISSN 0971-8257. Retrieved 2023-02-20.
  14. "Sikkim is 100% organic! Take a second look". www.downtoearth.org.in. Retrieved 2023-02-20.
  15. "Sikkim world's leading cardamom producer". The Print. Retrieved 2023-02-20.
  16. "Sikkim Agriculture". www.mapsofindia.com. Retrieved 2023-02-21.
  17. Rakshit, Avishek (2018-09-21). "After Darjeeling and Assam, Tea board plans GI for Sikkim tea". www.business-standard.com. Retrieved 2023-02-21.


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