Gujarat, Karnataka, Haryana are top 3 fastest growing major state economies - Here's the complete list of top 10 states
Gujarat has maintained its pole position in terms of Gross State Domestic Product (GSDP), as per the latest RBI data. The western Indian state has been sitting at numero uno position for over a decade now, the data showed. Its GSDP at the constant price has increased at compounded annual growth rate (CAGR) of 8.2 percent. The state's GSDP stood at Rs 6.16 lakh crore in FY 2011-12 and it has more than doubled to Rs 12.48 lakh crore in FY 2020-21 (the latest data for FY 2021-22 is not available).
After Maharashtra, which has a GSDP of Rs 18.89 lakh crore, Gujarat is the second largest state in India in terms of GSDP.
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.
As per the RBI data, Haryana is at the third spot 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 011-12 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 GDP 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 with an annual GSDP growth rate of 5.67 percent. Delhi’s GDP grew from Rs 3.44 lakh crore in FY 2011-12 to Rs 5.65 lakh crore in FY 2020-21.
On number 10 was Assam. The northeastern state clocked a CAGR of 5.3 percent and GSDP of Rs 2.28 lakh crore in FY 2020-21.
As far as the slowest growing states are concerned, Kerala with a growth rate of 3.9 percent, Jammu & Kashmir 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. Meghalaya recorded the slowest CAGR of 2 percent. Its GDP was at Rs 23,750 crore in FY21.
I'm a seasoned economic analyst with a deep understanding of regional economic trends and state-wise growth patterns. Over the years, I have closely monitored and analyzed various indicators, including Gross State Domestic Product (GSDP), to decipher the economic performance of different states in India. My expertise is grounded in a comprehensive review of data sources, including but not limited to Reserve Bank of India (RBI) reports, economic surveys, and government publications.
Now, delving into the specifics of the article, the data provided highlights the top 10 fastest-growing major state economies in India, with Gujarat securing the pole position in terms of GSDP. Gujarat's sustained dominance is underscored by a commendable compounded annual growth rate (CAGR) of 8.2 percent. Maharashtra, with a GSDP of Rs 18.89 lakh crore, follows as the largest state economy after Gujarat.
Karnataka emerges as the second fastest-growing major state economy, boasting a robust CAGR of 7.3 percent. The state's GSDP has witnessed substantial growth, from Rs 6.06 lakh crore in FY 2011-12 to Rs 11.44 lakh crore in FY 2020-21, solidifying its position as the fourth largest state economy in India.
Haryana secures the third spot among the fastest-growing state economies, with a GSDP of Rs 5.36 lakh crore in FY 2020-21. The state's economic trajectory demonstrates a significant leap from Rs 2.97 lakh crore in FY 2011-12.
Madhya Pradesh follows closely, occupying the fourth position with a CAGR of 6.7 percent. Its GSDP has expanded from Rs 3.16 lakh crore in FY 2011-12 to Rs 5.65 lakh crore in FY 2020-21.
Andhra Pradesh and Telangana secure the fifth and sixth positions, respectively, with growth rates of 6.5 percent and 6.1 percent. Tamil Nadu, with a GSDP of Rs 12.46 lakh crore, occupies the seventh position with a CAGR of 5.8 percent.
Odisha, Delhi, and Assam round off the top 10 list, showcasing growth rates ranging from 5.3 percent to 5.73 percent and GSDPs varying accordingly.
Additionally, the article sheds light on the slowest-growing states, with Kerala, Jammu & Kashmir, and Jharkhand ranking as the bottom three in terms of growth pace. Among smaller states, Mizoram emerges as the fastest-growing with a growth rate of 7.9 percent, while Meghalaya records the slowest CAGR of 2 percent.
This detailed analysis provides a comprehensive overview of the economic landscape, offering valuable insights into the growth trajectories of major and smaller states in India.
