Indian Economy at a Glance: According to the latest information provided by RBI, Gujarat has seen the highest growth over the past nine years (between FY12 and FY21).
Gujarat's Gross State Domestic Product (GSDP) has grown at a compound annual growth rate (CAGR) of 8.2% over the past year at constant prices. It increased from Rs. 6.16 trillion in the Financial Year (FY) 2012 to Rs. 12.48 trillion in the following year (the latest data for FY22 is not available). Gujarat is also the second-largest state in India, just after Maharastra, which has a Gross State Domestic Product (GSDP) of Rs. 18.89 lakh crore.
With a CAGR of 7.3%, Karnataka is the second-fastest expanding major state economy. From Rs 6.06 lakh crore in FY12 to Rs 11.44 lakh crore in FY21, the southern state saw growth. The fourth-largest state economy is in Karnataka. Haryana, with a GSDP of Rs. 5.36 lakh crore in FY21, is in third place. In FY12, the state's GSDP was 2.97 trillion rupees.
Madhya Pradesh is the fourth-fastest-growing state on the list, with a CAGR of 6.7%. From Rs 3.16 lakh crore in FY12 to Rs 5.65 lakh crore in FY21, the state's GDP increased. The next state after Madhya Pradesh is Andhra Pradesh, which had its yearly GSDP increase by 6.5% to reach Rs 6.70 lakh crore in FY21 from Rs 3.79 lakh crore in FY12.
Telangana, a neighbouring state of Andhra Pradesh, is ranked sixth with a CAGR of 6.1%. The state's GDP increased from Rs 3.59 trillion (FY12) to Rs 6.10 trillion (FY21). With a GSDP of Rs. 12.46 lakh crore in FY21, Tamil Nadu is next. It recorded a CAGR of 5.8% over the same time frame.
With a CAGR of 5.73 percent and a GDP of Rs. 3.81 lakh crore, Odisha is ranked eighth. With an annual GSDP growth rate of 5.67%, Delhi ranks ninth on this list. From FY12 to FY21, Delhi's GDP climbed from Rs 3.44 lakh crore to Rs 5.65 lakh crore.
Assam is the country's tenth-fastest-growing major state. The northeastern state reported a GSDP of Rs. 2.28 lakh billion and a CAGR of 5.3% in FY21.
The slowest-growing major states in India include Kerala, with a growth rate of 3.9%, Jammu & Kashmir, with a CAGR of 4.1%, and Jharkhand, with a CAGR of 4.2%.
Mizoram, one of the smaller states, had the quickest growth rate among them (7.9%), and it had an economy worth Rs 14.4 thousand crore in FY21, while Meghalaya had the slowest (2% CAGR). In FY21, its GDP was Rs 23.75 thousand crore.
The latest annual GSDP data for FY22 is not available for some states, hence it is used GSDP as of FY21 State’s ranking.
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