In a landmark achievement for the state's economic trajectory, the Gujarat government announced on Friday that its per capita income has crossed the Rs 3 lakh threshold for the first time. This milestone solidifies Gujarat's position among the top five largest state economies in India.
Historic Milestone in Economic Growth
The official statement revealed that Gujarat's per capita income now stands at Rs 3,00,957. This figure places the state in an elite club, ranking fifth among Indian states after Maharashtra, Tamil Nadu, Uttar Pradesh, and Karnataka. The government highlighted that this income level surpasses that of several larger states, underscoring high labour productivity and widespread economic participation within Gujarat.
Decade of Consistent High Growth
A key driver of this achievement is the state's sustained high growth rate over the past decade. From the fiscal year 2012-13 to 2023-24, Gujarat registered an average annual growth rate of 8.42%. This is the highest growth rate among all major Indian states with economies larger than Rs 10 lakh crore, outperforming Karnataka (7.69%) and Tamil Nadu (6.29%).
The result of this consistent expansion is a near-quadrupling of the state's economic output. At constant prices, Gujarat's Gross State Domestic Product (GSDP) surged from Rs 6.16 lakh crore in 2011-12 to an impressive Rs 24.62 lakh crore in 2023-24.
Sectoral Contributions to the GSDP
The breakdown of the Gross State Value Added (GSVA) reveals the pillars of Gujarat's robust economy. The manufacturing sector, often termed the backbone of the state, made a colossal contribution of Rs 7.43 lakh crore in 2023-24, accounting for nearly one-third of the total GSVA.
Other significant contributors include:
- The combined sectors of trade, transportation, financial services, and real estate, which added Rs 7.81 lakh crore.
- The construction and utility sectors, which contributed Rs 2.31 lakh crore.
- Traditional mainstays like agriculture, forestry, and fishing, which brought in Rs 3.69 lakh crore.
This diversified economic base has been instrumental in driving the state's income growth and ensuring its position as a leading economic powerhouse in the country.
