Gujarat has the fastest growing state GDP for the last nine years. Data released by RBI shows that the Gross state domestic product at constant price (GSDP) of Gujarat has increased at compounded annual growth rate (CAGR) of 8.2 per cent from Rs 6.16 lakh crore in financial year 2012 to Rs 12.48 lakh crore in FY21 (latest data of FY22 is not available). It is also the second largest state GDP in India only behind Maharastra which is having a GSDP of Rs 18.89 Lakh crore.
Karnataka has the second fastest growing major state economy clocking a CAGR of 7.3 per cent from Rs 6.06 lakh crore in FY12 to Rs 11.44 lakh crore in FY21. Karnataka is also the fourth largest state economy. At the third spot is Haryana with a GSDP of Rs 5.36 lakh crore in FY21 from Rs 2.97 lakh crore in FY12, state economy increased 6.8 per cent annually. With a CAGR of 6.7 per cent Madhya Pradesh is ranked fourth in the list of fastest growing states as the state from central India saw a growth in GDP from Rs 3.16 lakh crore in FY12 to Rs 5.65 lakh crore FY21. MP is followed by Andhra Pradesh which has registered an annual GSDP growth rate of 6.5 per cent to reach at Rs 6.70 lakh crore economy in FY21 from Rs 3.79 lakh crore in FY12. Andhra Pradesh was also seventh largest state economy.
Andhra Pradesh’s neighbouring state Telangana is at sixth spot in the list with nine year CAGR of 6.1 per cent as it witnesses the GDP growing from Rs 3.59 lakh crore (FY12) to Rs 6.10 lakh crore in FY21. It is followed by Tamil Nadu with a CAGR of 5.8 per cent, from Rs 7.51 lakh crore in FY12, Tamil Nadu has the third largest state GDP at Rs 12.46 lakh crore in FY21. Odisha is ranked eight with CAGR of 5.73 per cent and GDP size of Rs 3.81 lakh crore. Delhi is at number nine in this list with annual GSDP growth rate of 5.67 per cent, as Delhi’s GDP size increased from Rs 3.44 lakh crore in FY12 to Rs 5.65 lakh crore in FY21. India’s tenth fastest growing major state is Assam, as it has posted a CAGR of 5.3 per cent and GSDP of Rs 2.28 lakh crore in FY21.
Kerala with growth rate of 3.9 per cent, Jammu & Kashmir 4.1 per cent CAGR and Jharkhand with CAGR of 4.2 per cent are the slowest growing major states of India. Among the smaller states Mizoram has the fastest growth rate of 7.9 per cent with economy size of Rs 14.4 thousand crore in FY21, while Meghalaya with GDP of state at Rs 23.75 thousand crore recorded slowest GDP growth CAGR of 2 per cent for the past nine years from FY12 to FY21.
Indian economy has also grown at an annual pace of 5.4 per cent in the last ten years. The size of the country’s GDP was Rs 87.36 lakh crore in FY12 which has now became Rs 147.36 lakh crore in FY22.
Latest annual GSDP data for FY22 is not available for some states, hence we have used GSDP as of FY21 State’s ranking.
