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The year 2024 proved to be an important and successful year for the Indian economy. This year, India recorded 8.2% GDP growth, which was higher than the government’s estimated growth rate of 7.3%. With this, India’s GDP reached Rs 47.24 lakh crore. This performance further strengthened India’s position as the world’s fifth largest economy.
richest state of the country
India’s diversity, which includes 28 states, 8 union territories and one capital, defines its economic strength. Some of these states have emerged as main centers of economic development not only regionally but also at the national level. On the basis of GDP and GSDP, Maharashtra, Tamil Nadu and Karnataka were among the richest states this year.
Maharashtra richest state
Maharashtra, considered the economic capital of the country, remained the richest state in 2024. Its estimated Gross State Domestic Product (GSDP) was Rs 42.67 lakh crore, which is 13.3% of the national GDP.
A large part of Maharashtra’s economic strength comes from its financial services, industries and film industry. Mumbai, the state capital, is home to financial institutions such as the National Stock Exchange and the Bombay Stock Exchange. The headquarters of companies like Reliance and Tata also makes it different from other states.
Tamil Nadu stood second
Tamil Nadu, also known as the ‘Detroit of Asia’, stood second with a GSDP of Rs 31.55 lakh crore. Industries like automobile, textile and information technology have a major contribution in its economy. Tamil Nadu’s per capita GDP stood at Rs 3.50 lakh (FY 2023-24), which also makes it a strong state in terms of per capita income.
Karnataka remained at third place
Karnataka stood at third position with GSDP of Rs 28.09 lakh crore. It contributes 8.2% to the national GDP. Bengaluru, known as the “Silicon Valley” of India, is the main source of economic power for the state. This state is at the forefront in information technology, startups and innovation.
Gujarat remained at fourth position
Gujarat stood at fourth position with GSDP of Rs 27.9 lakh crore. It contributes 8.1% to the national GDP. This state is famous for its strong industrial base and business environment. This state is a leader in sectors like petrochemicals, textiles and diamond polishing.
Uttar Pradesh at number 5
India’s most populous state, Uttar Pradesh, ranked fifth with a GSDP of Rs 24.99 lakh crore and national GDP contribution of 8.4%. However, the state’s per capita income is only Rs 0.96 lakh, which is less than other top states.
These states are also in the list
West Bengal: Ranks sixth with Rs 18.8 lakh crore GSDP and 5.6% national contribution.
Telangana: A rapidly emerging state with Rs 16.5 lakh crore GSDP and 4.9% contribution, is at number 8 in this list.
Andhra Pradesh: Ranked 8th with Rs 15.89 lakh crore GSDP and 4.7% contribution.
Delhi: The capital of India, recorded a GSDP of Rs 11.07 lakh crore. It contributes 3.6% to the national GDP.
future possibility
According to S&P Global Market Intelligence, India’s economy could exceed $7 trillion by 2030. This growth can be attributed to the economic contribution of major states and their fundamental structure.
