Gujarat: Growth Engine of India Roars Ahead with 15% CAGR

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Gujarat: Growth Engine of India Roars Ahead, Outpacing Nation with 15% CAGR

| Updated: January 6, 2024 11:09

Gujarat, one of the fastest-growing states in India, has maintained its growth trajectory with a Compound Annual Growth Rate (CAGR) of 15% from 2002-03 to 2022-23, surpassing the national average. This robust economic performance has solidified Gujarat’s reputation as the ‘growth engine of India’, according to the state government.

The Vibrant Gujarat Summit, initiated two decades ago when Prime Minister Narendra Modi was the Chief Minister of Gujarat, aimed to position the state as the driving force behind the country’s progress. Despite accounting for only 6% of India’s land mass and 5% of its population, Gujarat has emerged as one of the most industrially developed states.

Contributing approximately 8% to India’s Gross Domestic Product (GDP) with a total of Rs 22.61 lakh crore, Gujarat’s economic fundamentals remain strong. Hemant Shah, a Gujarat-based economist, noted that the state’s GDP growth rate consistently outpaced that of India and other states, making it an attractive destination for business investments.

Sector-wise, the manufacturing sector leads in Gujarat’s Gross State Domestic Product (GSDP), contributing around 36.7% in the financial year 2021-22.

As per the annual report of the Periodic Labour Force Survey (PLFS) for the year 2020-21, Gujarat reported a Labour Force Participation Rate of 44.3%, a Worker Population Ratio (WPR) of 43.3% for all age groups, and an unemployment rate of 2.2%, the lowest among the major industrialised states.

In the healthcare sector, Primary Health Centres (PHCs) and Community Health Centres (CHCs) in Gujarat have seen a growth of 41% and 37%, respectively, from 2001-02 to 2021-22. As of November 2022, the state boasts 319 CHCs, 1463 PHCs, and 6575 sub-centres. The number of medical colleges has also increased significantly, with over 30 currently operational compared to just nine in 2001.

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