New Delhi: Reserve Bank of India has released the list of fastest growing state economies in India. As per the data released by the apex bank, Gujarat is the fastest-growing state for the last 9 years from 2012 fiscal year to 2021 fiscal.
Gujarat’s Gross State Domestic Product (GSDP) at the constant price has increased at compounded annual growth rate (CAGR) of 8.2%. It was at Rs 6.16 lakh crore in the 2012 fiscal year. It was at Rs 12.48 lakh crore in FY21. Gujarat is also the second largest state in India, only behind Maharastra which has a GSDP of Rs 18.89 lakh crore.
Karnataka is the second fastest-growing major state economy in the country. It has a CAGR of 7.3%. Karnataka grew from Rs 6.06 lakh crore in FY12 to Rs 11.44 lakh crore in FY21. Karnataka is also the fourth largest state economy.
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Haryana is placed in the third position with a GSDP of Rs 5.36 lakh crore in FY21. The state had a GSDP of Rs 2.97 lakh crore in FY12. It is followed by Madhya Pradesh. Madhya Pradesh has a CAGR of 6.7%. The state GDP was at Rs 3.16 lakh crore in FY12 and it grew to Rs 5.65 lakh crore in FY21.
Andhra Pradesh with an annual GSDP growth rate of 6.5% is in the fifth position. The state GDP grew from Rs 3.79 lakh crore in FY12 to Rs 6.70 lakh crore in FY21. Telangana is at the sixth spot in the list with a CAGR of 6.1%. The state’s GDP grew from Rs 3.59 lakh crore (FY12) to Rs 6.10 lakh crore in FY21.
Tamil Nadu with a GSDP of Rs 12.46 lakh crore in FY21 is in the seventh position. The annual GSDP growth rate of Tamil Nadu is 5.8%. Odisha is ranked eighth with a CAGR of 5.73% and a GDP of Rs 3.81 lakh crore. Delhi is at number nine in this list with an annual GSDP growth rate of 5.67%. Delhi’s GDP increased from Rs 3.44 lakh crore in FY12 to Rs 5.65 lakh crore in FY21. Assam in the tenth position with a CAGR of 5.3%t and GSDP of Rs 2.28 lakh crore in FY21.
The slowest-growing major states of India are Kerala, Jammu & Kashmir and Jharkhand. Kerala has a growth rate of 3.9%. Jammu & Kashmir has 4.1% CAGR and Jharkhand has 4.2% growth rate.
Among the smaller states, Mizoram has the fastest growth rate of 7.9% with an economy of Rs 14.4 thousand crore in FY21, while Meghalaya recorded the slowest CAGR of 2%. Its GDP was at Rs 23.75 thousand crore in FY21.
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