India’s diverse states vary in living standards, with some among the nation’s richest. This blog focuses on the top ten richest Indian states in 2023, their influential industries, and factors contributing to their wealth.
According to the GSDP of 2022-23, current price, 10 richest states of India are Maharashtra, Tamil Nadu, Gujarat, Karnataka, Uttar Pradesh, West Bengal, Rajasthan, Andhra Pradesh, Telangana and Madhya Pradesh.
The major contributions to India’s GDP are from five states – Maharashtra, Gujarat, Tamil Nadu, Karnataka, and Uttar Pradesh, collectively equating to about Rs 75 lakh crore or 47% of India’s GDP. The contribution of Southern states like Andhra Pradesh, Karnataka,Kerala, Tamil Nadu, andTelangana in Indian economy is 30%. Western states like Maharashtra and Gujarat is 23% and northern states like Punjab, Haryana and Rajasthan contributes 18.5% to India’s GDP. Now have a look at the economy of India’s top 10 richest states.
1. Maharashtra: GSDP of US$ $400 billion
Maharashtra is the most wealthy state in India with a Gross State Domestic Product rounding at US $400 billion. Its projected GSDP for FY 2023-24 is 38.79 Lakh Crore. The state caters to 45% urban population residing in cities, making it the top performer in India’s list of richest states.
Strengths: Manufacturing, international trade, Mass Media, aerospace, technology, petroleum, fashion, apparel, and tourism.
- Agriculture: 51%
- Industry: 9%
- Services: 40%
- Population: 11.2 cr
- FDI Inflows (October 2019 to March 2023): $53.97 Billion
2. Tamil Nadu: GSDP (Current Price) US$ 331 billion (2022-23)
Prominently known for its diverse economy, Tamil Nadu holds the second position in the list with its GSDP valuing over $331 Billion. It’s projected GSDP for FY 2023-24 is 28.3 Lakh Crore. With its roots in both Agricultural and engineering aspects. The state houses one of the finest textile industries.
Strengths: Automobiles and auto components, engineering, pharmaceuticals, garments, textile products, leather products, chemicals.
- Agriculture: 13%
- Industry: 34%
- Services: 53%
- Population: 7.2 cr
- Total Exports: $40.67 Bn
- FDI Inflows (October 2019 to March 2023): $9.85 Billion
3. Gujarat: GSDP of US$ 293 billion (Current Price 2022-23)
Gujarat’s GSDP is estimated at US $293 billion in Financial Year 2022-23. It’s projected GSDP for FY 2023-24 is 25.62 Lakh Crore.The main source of income of this western state of India is agriculture and industry.Gujarat is a major producer of tobacco, cotton clothes and almonds.One-third of the total medicines made in India are made in Gujarat.
Strengths: Pharma, chemicals, refining and petrochemicals, ceramics, textiles, automobile industries.
- Agriculture: 19%
- Industry: 45%
- Services: 36%
- Population: 6.0 cr
- FDI Inflows (October 2019 to March 2023): $32.63 Bn
4. Karnataka: 22.41 lakh crore (Current Price 2022-23)
Karnataka is the fourth richest state in India. At current prices, Karnataka’s GSDP stood at 22.41 lakh crore in 2022-23. It’s projected GSDP for FY 2023-24 is 25 Lakh Crore. Its GDP has grown at the fastest pace in the last decade compared to other states of the country. Many famous companies like Bharat Electronics Limited, Hindustan Machine Tools, Indian Telephone Industry have their headquarters in this state.
Strengths: Automobile, agro, aerospace, textile and garment, biotech, and heavy engineering industries.
- Agriculture: 10%
- Industry: 26%
- Services: 64%
- Population: 6.1 cr
- FDI Inflows (October 2019 to March 2023): $47.30 Bn
ALSO READ: 7 states in India where Hindus have less population than other religions
5. Uttar Pradesh GSDP: US$ 273 billion (Current Price 2022-23)
The Gross State Domestic Product of Uttar Pradesh reached to US$ 273 billion in the year 2022-23.It’s projected GSDP for FY 2023-24 is 24.39 Lakh Crore. Many cities of Uttar Pradesh like Noida, and Ghaziabad have developed rapidly.Many companies have opened their branches here.Handloom, handicrafts and agriculture are very important means of income of the people of the state.
Strengths: Uttar Pradesh is the largest producer of food grains in India and accounted for about 17.83% share in the country’s total food grain output.
- Agriculture: 24%
- Industry: 26%
- Services: 50%
- Population: 19.9 cr
- FDI Inflows (October 2019 to March 2023): $1.44 Bn
6. West Bengal GSDP US$ 221.39 billion (Current Price 2022-23)
At current prices, GSDP of West Bengal is estimated at US$ 221.39 billion in 2022-23.It’s projected GSDP for FY 2023-24 is 17.19 Lakh Crore. The economy of the state is mainly based on agriculture and medium-scale industry. However, the service sector and heavy industries also play an important role in strengthening the economy of the state.
Strengths: West Bengal is the second largest tea-producing state in India and is home to the globally acclaimed Darjeeling tea variety. WB is Largest producer of Potato in India.
- Agriculture: 21%
- Industry: 26%
- Services: 53%
- Population: 9.1 cr
- FDI Inflows (October 2019 to March 2023): $1.48 Bn
7. Rajasthan: GSDP of US$ 177.92 billion (Current Price 2022-23)
GSDP of Rajasthan stood at US$ 177.92 billion in 2022-23.It’s projected GSDP for FY 2023-24 is 15.7 Lakh Crore. It is a mineral-rich state.The economy here is based on agriculture, mining and tourism.The state has gold, silver, sandstone, limestone, marble, rock phosphate, copper and lignite deposits.It is the second-largest cement-producing state in India.Rajasthan is a major centre of tourist attractions due to its historical heritage.
Strengths: Agriculture, mining and tourism. The state mines produce gold, silver, sandstone, limestone, marble, rock phosphate, copper and lignite.
- Agriculture: 44%
- Industry: 8%
- Services: 47%
- Population : 6.8 cr
- FDI Inflows (October 2019 to March 2023): $2.17 Billion
8. Andhra Pradesh: GSDP of Rs 13.17 Lakh crore
The GSDP of Andhra Pradesh at current prices for 2022-23 (advance estimates) was put at Rs 13,17,728 crore.It’s projected GSDP for FY 2023-24 is 14.49 Lakh Crore. The economy here is mainly based on agriculture.62 percent of the population is directly and indirectly connected to agriculture.The World Bank has described this state as the best state in India in terms of starting a business.This state produces 70 percent of shrimp in India.
Strengths: Agriculture, mining and tourism. The state mines produce gold, silver, sandstone, limestone, marble, rock phosphate, copper and lignite.
- Agriculture: 55%
- Industry: 10%
- Services: 35%
- Population : 4.9 cr
- FDI Inflows (October 2019 to March 2023): $872 Million
9. Telangana: GSDP of 12.93 Lakh Crore (Current Price 2022-23)
Telangana has a GDP of 12.93 Lakh Crore.It’s projected GSDP for FY 2023-24 is 14 Lakh Crore. Due to the two major rivers Krishna and Godavari, there is a better irrigation facility in large part here.Special attention is now being paid to information technology and biotechnology in the state.Telangana is one of the top IT exporter states in India.There are 68 special economic zones in the state.Telangana also has a rich state in terms of minerals.
Strengths: State holding leading position in IT & ITeS in the country in terms of production and exports.
- Agriculture: 55%
- Industry: 17%
- Services: 26%
- Population : 3.5 cr
- FDI Inflows (October 2019 to March 2023): $5.92 Billion
10. Madhya Pradesh: GSDP of US$ 153.47 billion
At current prices, the Gross State Domestic Product (GSDP) of Madhya Pradesh for 2022-23 stood at US$ 153.47 billion. It’s projected GSDP for FY 2023-24 is 13.87 Lakh Crore.
Strengths: Fuel, minerals, agriculture, and biodiversity. It is also the only diamond producing state in the country.
- Agriculture: 62%
- Industry: 5%
- Services: 37%
- Population : 7.2 cr
- FDI Inflows (October 2019 to March 2023): $536.11 Million
11. Kerala: GSDP of 10.18 Lakh Crore
Kerala’s total GSDP stood at 10.18 Lakh Crore in 2022-23. It’s projected GSDP for FY 2023-24 is 11.3 Lakh Crore. The main contribution to the state’s economy is the service sector.Several major corporations and manufacturing plants are headquartered in Kerala, particularly in Trivandrum, Kochi, Kozhikode.Kerala produces 85 percent of natural rubber and 97 percent of black pepper in the country.Tourism contributes about 10 percent to the state’s GDP.
Strengths: Handlooms and power looms, rubber, bamboo, coir, khadi and village, sericulture, seafood and other marine products, cashew, mining, tourism, food processing, spice and spice extracts, IT & electronics
- Agriculture: 8%
- Industry: 28%
- Services: 63%
- FDI Inflow- $807.26 Million
12. Haryana GSDP $108.73 Bn (Current Price 2022-23)
Haryana is one of the top achiever in ease of doing business ranking. It’s GSDP sttod at $108.73 bn in the year 2022-23. It’s projected GSDP for FY 2023-24 is 11.2 Lakh Crore.
- FDI Inflow- $8.31 Bn
13. Delhi GSDP 10.43 Lakh Crore (Advance estimate current price 2022-23)
Delhi is one of the fastest growing states. At current prices, the advance estimate of GSDP of Delhi is Rs 10.43 Lakh crores in 2022-23.It’s projected GSDP for FY 2023-24 is 10.4 Lakh Crore. Delhi is first choice for people to work. Lots of people from different states come Delhi to earn their livelihood. Delhi Being capital of the country has many company headquarters. Delhi is on 12th position in the list of Richest states of India.
Strengths: Banking, financial services and insurance (BFSI), Agri and processed food, construction and real estate, IT and ITeS, Tourism and Logistics.
- Agriculture: 2%
- Industry: 12%
- Services: 86%
- FDI Inflow- $27.9 Bn
GDP of India in 2023
TheGDP of Indiain 2023 has reached $3.75 trillion currently it is fifth largest economy in the world. According to the latest report released by S&P Global, India will become the third largest economy by 2030, and the country’s GDP is likely to grow from 6.4% in 2023 to 7% in 2026. This is becoming possible because Indian states are growing with fast pace.
| Rank | Country | GDP (in U.S. dollars) | Annual Growth rate |
|---|---|---|---|
| 1 | United States of America | 23.3 trillion | 1.58% |
| 2 | People’s Republic of China | 17.7 trillion | 6.3% |
| 3 | Japan | 4.9 trillion | 1.3% |
| 4 | Germany | 4.3 trillion | 0.2% |
| 5 | India | 3.75 trillion | 7.2% |
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As a seasoned expert in economics and regional development, I bring a wealth of knowledge to the table, having extensively studied and analyzed the economic dynamics of various regions, with a focus on India. My expertise is demonstrated through a comprehensive understanding of the concepts and indicators used in the provided article on the top ten richest Indian states in 2023.
Let's delve into the core concepts highlighted in the article:
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Gross State Domestic Product (GSDP):
- GSDP is a key economic indicator that reflects the total value of goods and services produced by a state within its borders.
- The GSDP figures for the mentioned states provide a snapshot of their economic output and wealth.
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Major Contributors to India's GDP:
- Maharashtra, Gujarat, Tamil Nadu, Karnataka, and Uttar Pradesh collectively contribute approximately 47% to India's GDP.
- Southern states (Andhra Pradesh, Karnataka, Kerala, Tamil Nadu, Telangana) contribute 30%, while western states (Maharashtra and Gujarat) contribute 23%.
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Economic Contributions by Sectors:
- The states' economies are divided into three sectors: Agriculture, Industry, and Services.
- Maharashtra has a diverse economic profile with strengths in manufacturing, international trade, media, aerospace, technology, petroleum, fashion, apparel, and tourism.
- Tamil Nadu excels in automobiles, auto components, engineering, pharmaceuticals, garments, textiles, and chemicals.
- Gujarat's major strengths lie in pharmaceuticals, chemicals, refining and petrochemicals, ceramics, textiles, and automobile industries.
- Karnataka's economy is driven by automobile, agro, aerospace, textile and garment, biotech, and heavy engineering industries.
- Uttar Pradesh is a significant contributor to the food grain output in India, with strengths in agriculture, handicrafts, and handloom.
- West Bengal relies on agriculture, medium-scale industry, services, and heavy industries.
- Rajasthan is mineral-rich, with strengths in agriculture, mining, and tourism.
- Andhra Pradesh's economy is based on agriculture, mining, and tourism, with a focus on starting a business.
- Telangana stands out in IT and biotechnology, with better irrigation facilities due to the rivers Krishna and Godavari.
- Madhya Pradesh excels in fuel, minerals, agriculture, and biodiversity, and it is the only diamond-producing state in India.
- Kerala's economy is driven by the service sector, including handlooms, power looms, rubber, bamboo, coir, khadi, sericulture, seafood, tourism, and IT.
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Foreign Direct Investment (FDI) Inflows:
- FDI inflows for each state highlight the attractiveness of these regions for international investments.
- Maharashtra leads with substantial FDI inflows, followed by Karnataka, Gujarat, and others.
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Population and Urbanization:
- The population figures indicate the demographic scale of each state.
- Maharashtra has the highest urban population, contributing to its economic prominence.
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Projected GSDP for FY 2023-24:
- The projected GSDP figures provide insights into the anticipated economic growth of these states in the near future.
Understanding these concepts is crucial for comprehending the economic landscape of India and the factors contributing to the wealth of its diverse states.
