As per the latest data released by RBI, Gujarat is the fastest growing state in the last nine years (from FY2012 to FY21). The Gross State Domestic Product (GSDP) of Gujarat has grown at a compound annual growth rate (CAGR) of 8.2 percent at constant prices. This has increased from Rs 6.16 lakh crore in Financial Year (FY) 2012 to Rs 12.48 lakh crore in FY21 (latest data for FY22 not available). Gujarat is also the second largest state in India, behind only Maharashtra, with a GSDP of Rs 18.89 lakh crore.
Karnataka is the second fastest growing major state economy with a CAGR of 7.3 percent. The southern state 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. Haryana is at the third position with a GSDP of Rs 5.36 lakh crore in FY21. The GSDP of the state in FY 2012 was Rs 2.97 lakh crore.
With a CAGR of 6.7 percent, Madhya Pradesh ranks fourth in the list of fastest growing states. The state’s GDP grew from Rs 3.16 lakh crore in FY2012 to Rs 5.65 lakh crore in FY21. Madhya Pradesh is followed by Andhra Pradesh, which registered an annual GSDP growth rate of 6.5 per cent to touch Rs 6.70 lakh crore in FY21, from Rs 3.79 lakh crore in FY21.
Andhra Pradesh’s neighboring state Telangana is at the sixth position in the list with a CAGR of 6.1 per cent. The state’s GDP grew to Rs 6.10 lakh crore in FY21 from Rs 3.59 lakh crore (FY12). It is followed by Tamil Nadu with a GSDP of Rs 12.46 lakh crore in FY21. It registered a CAGR of 5.8 percent during the same period.
Odisha ranks eighth with a CAGR of 5.73 percent 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 per cent. Delhi’s GDP grew from Rs 3.44 lakh crore in FY2012 to Rs 5.65 lakh crore in FY21.
Assam is the tenth fastest growing major state of India. The northeastern state posted a CAGR of 5.3 per cent and a GSDP of Rs 2.28 lakh crore in FY11.
Kerala with a growth rate of 3.9 percent, Jammu and Kashmir with a CAGR of 4.1 percent, and Jharkhand with a CAGR of 4.2 percent are the slowest growing major states in India.
Among smaller states, Mizoram has the fastest growth rate of 7.9 per cent with an economy of Rs 14.4 thousand crore in FY21, while Meghalaya registered the slowest CAGR of 2 per cent. Its GDP in FY 21 was Rs 23.75 thousand crore.
Latest annual GSDP data for FY22 is not available for some states, so we have used FY21 GSDP as state ranking.