Economy
Sikkim's nominal state gross domestic product (GDP) was estimated at $730 million in 2010, constituting the fourth-smallest GDP among India's 28 states. The state's economy is largely agrarian, based on the terraced farming of rice and the cultivation of crops such as maize, millet, wheat, barley, oranges, tea and cardamom. Sikkim has the highest production of cardamom in India, as well as the largest cultivated area of cardamom. Because of its hilly terrain, and the lack of transport infrastructure, Sikkim lacks a large-scale industrial base. Brewing, distilling, tanning and watchmaking are the main industries, and are mainly located in the southern reaches of the state, primarily in the towns of Melli and Jorethang. Despite the state's minimal industrial infrastructure, Sikkim's economy has been among the fastest-growing in India since 2000, with the state's GDP expanding by over 13% in 2007 alone. Sikkim has announced plans to become the first state in India to transition its agriculture to entirely organic cultivation by 2015.
In recent years, the government of Sikkim has extensively promoted tourism. As a result, state revenue has increased 14 times since the mid-1990s. Sikkim has furthermore invested in a fledgling gambling industry, promoting both casinos and online gambling. The state's first casino, the Casino Sikkim, opened in March 2009, and seven further casino licences are being considered by the state government. The Playwin lottery has been a notable success in the state. In October 2009, the government of Sikkim announced plans to offer three online sports betting licences. Among the minerals mined in Sikkim are copper, dolomite, talc, graphite, quartzite, coal, zinc and lead.
The opening of the Nathula Pass on 6 July 2006, connecting Lhasa, Tibet to India, was billed as a boon for Sikkim's economy, though the expected financial benefits will be slow to arrive. The pass, closed since the 1962 Sino-Indian War, was an offshoot of the ancient Silk Road.
Read more about this topic: Sikkim
Famous quotes containing the word economy:
“Quidquid luce fuit tenebris agit: but also the other way around. What we experience in dreams, so long as we experience it frequently, is in the end just as much a part of the total economy of our soul as anything we “really” experience: because of it we are richer or poorer, are sensitive to one need more or less, and are eventually guided a little by our dream-habits in broad daylight and even in the most cheerful moments occupying our waking spirit.”
—Friedrich Nietzsche (1844–1900)
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)