Gujarat is the fastest-growing state for the last nine years (from FY12 to FY21), according to the latest data released by RBI. Gujarat's Gross State Domestic Product (GSDP) at the constant price has increased at compounded annual growth rate (CAGR) of 8.2 percent.
It has grown from Rs 6.16 lakh crore in the Financial Year (FY) 2012 to Rs 12.48 lakh crore in FY21 (the latest data for FY22 is not available). 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, 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.
At the third spot is Haryana with a GSDP of Rs 5.36 lakh crore in FY21. The state had a GSDP of Rs 2.97 lakh crore in FY12. With a CAGR of 6.7 percent, Madhya Pradesh is ranked fourth in the list of fastest-growing states. The state GDP expanded from Rs 3.16 lakh crore in FY12 to Rs 5.65 lakh crore in FY21.
Madhya Pradesh is followed by Andhra Pradesh which has registered an annual GSDP growth rate of 6.5 percent to touch Rs 6.70 lakh crore in FY21 from Rs 3.79 lakh crore in FY12.
Andhra Pradesh’s neighboring state Telangana is at the sixth spot in the list with a CAGR of 6.1 percent. The state's GDP grew from Rs 3.59 lakh crore (FY12) to Rs 6.10 lakh crore in FY21. It is followed by Tamil Nadu with a GSDP of Rs 12.46 lakh crore in FY21. It clocked a CAGR of 5.8 percent during the same period.
Odisha is ranked 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 percent. Delhi’s GDP 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. The northeastern state posted a CAGR of 5.3 percent and GSDP of Rs 2.28 lakh crore in FY21. Kerala with a growth rate of 3.9 percent, Jammu & Kashmir 4.1 percent CAGR, and Jharkhand with a CAGR of 4.2 percent are the slowest-growing major states of India.
Among the smaller states, Mizoram has the fastest growth rate of 7.9 percent with an economy of Rs 14.4 thousand crores in FY21, while Meghalaya recorded the slowest CAGR of 2 percent. Its GDP was at Rs 23.75 thousand crores in FY21. The latest annual GSDP data for FY22 is not available for some states, hence we have used GSDP as of FY21 State’s ranking.
