Gujarat Holds On To Top Rungs On Ladder Of Fastest...

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Gujarat Holds On To Top Rungs On Ladder Of Fastest Growing Economies

| Updated: April 9, 2023 16:58

The latest RBI data released by the RBI shows Gujarat is still strongly poised on the top rungs in terms of Gross State Domestic Product (GSDP). It also occupies the numero uno position, for over a decade now, where concerns the compounded annual growth rate (CAGR) of 8.2 percent. 

While the state’s GSDP stood at Rs 6.16 lakh crore in FY 2011-12, it has more than doubled to Rs 12.48 lakh crore in FY 2020-21. The state is second only to Maharashtra, which has a GSDP of Rs 18.89 lakh crore.

After Gujarat, Karnataka is the second fastest-growing major state economy, having clocked a CAGR of 7.3 percent. The southern state’s GSDP was Rs 6.06 lakh crore in FY 2011-12 and expanded to Rs 11.44 lakh crore in FY 2020-21. Karnataka is also the fourth largest state economy in the country.

The RBI data also points at Haryana being the third in terms of fastest growing state economy with a GSDP of Rs 5.36 lakh crore in FY 2020-21. The state had a GSDP of Rs 2.97 lakh crore in FY 2011-12.

With a CAGR of 6.7 percent, Madhya Pradesh stood at fourth position on the list of fastest-growing states. Its GSDP expanded from Rs 3.16 lakh crore in FY2 2011-12 to Rs 5.65 lakh crore in FY 2020-21. Madhya Pradesh is followed by Andhra Pradesh which has registered an annual GSDP growth rate of 6.5 percent at Rs 6.70 lakh crore in FY 2020-21 from Rs 3.79 lakh crore in FY 2011-12.

Telangana featured sixth on the list with a CAGR of 6.1 percent. The state’s GSDP rose from Rs 3.59 lakh crore (FY12) to Rs 6.10 lakh crore over the next nine years till FY 2020-21.

Tamil Nadu with a GSDP of Rs 12.46 lakh crore in FY21 clocked a CAGR of 5.8 percent during the same period.

Odisha is ranked eighth with a CAGR of 5.73 percent and a GSDP of Rs 3.81 lakh crore. Delhi stood at 9th place on this list while on the number 10 spot is Assam. 

Among the slowest growing states, Kerala with a growth rate of 3.9 percent, Jammu & Kashmir with 4.1 percent CAGR, and Jharkhand with a CAGR of 4.2 percent emerged as bottom three state economies in terms of pace of growth.

Among the smaller states, Mizoram emerged as the fastest growing state with a growth rate of 7.9 percent with an economy of Rs 14,400 crore in FY 2020-21. 

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