Richest States In India
The Indian economy can be characterized as a developing market economy. India is the world’s fifth-largest economy by nominal GDP and third-largest by purchasing power parity. Indian economy is defined by its states as the richest states in India contributes more.
There are several factors that makes a state rich like
- Agricultural Production
- Industrial Production
- Services (Like Information Technology, Entertainment)
- Employment Rate
- Foreign Investment
GDP Wise Richest States In India
- Nominal GDP: $ 420 Billion (27.96 Lakh crore)
- Capital: Mumbai
The economy of Maharashtra is driven by producing, international trade, Mass Media part, technology, petroleum, fashion, apparel, and touristy. geographical area is that the most industrial state and has maintained the leading position within the industrial sector in India. The state is pioneer in tiny scale industries.
Mumbai, the capital of state and therefore the monetary capital of India, homes the headquarters of most of the main company and monetary establishments. India’s main stock exchanges and capital market and commodity exchanges are set in urban center. The state continues to draw in industrial investments from domestic additionally as foreign establishments. geographical area has the most important proportion of taxpayers in India and its share markets transact virtually seventy per cent of the country’s stocks.
- Nominal GDP: $ 260 Billion (17.2 Lakh crore)
- Capital: Chennai
Tamil Nadu is that the most urbanized state in India (49 per cent), accounting for 9.6 per cent of the urban population whereas solely comprising six per cent of India’s total population. Services contributes to forty five per cent of the economic activity within the state, followed by producing at thirty four per cent and agriculture at twenty one per cent. Government is that the major capitalist within the state with fifty one per cent of total investments, followed by non-public Indian investors at 29.9 per cent and foreign non-public investors at 14.9 per cent.
Tamil Nadu features a network of regarding 113 industrial parks and estates giving developed plots with supporting infrastructure. It ranks third in foreign direct investment approvals (cumulative 1991–2002) of ₹ 225.826 billion, next solely to Maharashtra and Delhi constituting nine.12 per cent of the entire FDI within the country. The per capita financial gain in 2007–2008 for the state was ₹ 72,993 ranking third among states with a population over ten million and has steady been on top of the national average making it one of the richest states in India.
- Nominal GDP: $ 230 Billion (15.88 Lakh crore)
- Capital: Bangalore
Karnataka is that the producing hub for a few of the biggest public sector industries in India, together with Hindustan aeronautics limited, National aerospace Laboratories, bharat heavy Electricals limited, bharat Earth Movers limited and HMT ,that are based mostly in Bangalore.
Several of India’s premier science and technology analysis centres, like Indian space research Organisation, Central Power research Institute, bharat electronics limited and therefore the Central Food Technological research Institute, also are headquartered in Karnataka. Mangalore refinery and Petrochemicals limited is an petroleum refinery, settled in Mangalore.
The state accounts for seventy fifth of India’s floriculture, an coming industry that provides flowers and decorative plants worldwide. Seven of India’s banks, canara Bank, Syndicate Bank, Corporation Bank, Vijaya Bank, Karnataka Bank, ING Vysya Bank and therefore the state bank of Mysore originated in this state making it one of the richest states in India.
4. Uttar Pradesh
- Nominal GDP: $ 220 Billion (15.79 Lakh crore)
- Capital: Lucknow
In terms of net state domestic product (NSDP), Uttar Pradesh is that the second-largest economy in Republic of India after Maharashtra, with an calculable gross state domestic product of ₹14.89 lakh crore ), and thus contributes 8.406% of Republic of India.
Agriculture is that the leading occupation in Uttar Pradesh. According to the report generated by Republic of India Brand Equity Foundation (IBEF), in 2014–15, Uttar Pradesh has accounted for nineteen share within the country’s total cereal output. The state has experienced a high rate of economic growth within the past few years.
About seventieth of India’s sugar comes from the state. Sugarcane is that the most vital harvest because the state is country’s largest producer of sugar. As per the report generated by Indian Sugar Mills Association (ISMA), total sugarcane production in India was calculable to be 28.3 million tonnes within the financial year ending September 2015 which incorporates 10.47 million tonnes from Maharashtra and 7.35 million tonnes from Uttar Pradesh and one of the richest states in India.
- Nominal GDP: $ 213 Billion (14.96 Lakh crore)
- Capital: Gandhinagar
Gujarat has 85 percent village connectivity with all‐weather roads.Nearly 100 percent of Gujarat’s 18,000 villages are connected to the electrical grid for 24-hour power to households and eight hours of power to farms, through the Jyotigram Yojana.
As of 2015, Gujarat ranks 1st nationwide in gas-based thermal electricity generation with a national market share of over 8 percent , and second nationwide in nuclear electricity generation with national market share of over 1 percent.
The state registered 12.8% agricultural growth within the last 5 years against the national average of twenty-two.
Gujarat records highest decade agricultural rate of 10.97%. Over two hundredth of the S&P CNX five hundred conglomerates have company offices in Gujarat. As per tally report, in year 2006–07, 26th out of total bank finance in India was in Gujarat.
As per a recent survey report of the Chandigarh Labor Bureau, Gujarat has the lowest unemployment rate of 1 percent against the national average of 3.8%.
6. West Bengal
- Nominal GDP: $ 190 Billion (13.14 Lakh crore)
- Capital: Kolkata
The economy of West Bengal has witnessed several twists and turns. The agricultural sector particularly rose to 8.33% in 2010–11 before tumbling right down to −4.01% in 2012–13. Agriculture is that the leading economic sector in state. Rice is that the state’s principal food crop. Rice, potato, jute, sugarcane, and wheat are the most produced 5 crops of the state.
Tea is created commercially in northern districts; the region is accepted for Darjeeling and alternative high-quality teas. The state industries are localised within the Kolkata region, the mineral-rich western highlands, and also the Haldia port region. The Durgapur–Asansol workplace belt is home to variety of steel plants.
7. Andhra Pradesh
- Nominal GDP: $ 150 Billion (10.40 Lakh crore)
- Capital: Amaravati
Andhra Pradesh economy is principally supported agriculture and farm animal. Four vital rivers of India, the Godavari, Krishna, Penna, and Thungabhadra flow through the state and supply irrigation. 60 % of population is engaged in agriculture and connected activities. Rice is that the major food crop and staple food of the state.
The state is an exporter of the many agricultural product and is additionally called “Rice Bowl of India”. The state has 3 Agricultural Economic Zones in Chittoor district for mango pulp and vegetables, Krishna district for mangoes, Guntur district for chilies.
- Nominal GDP: $ 142 Billion (9.87 Lakh crore)
- Capital: Hyderabad
The economy of Telangana is principally driven by agriculture. two vital rivers of India, the Godavari and Krishna, flow through the state, providing irrigation. Farmers in Telangana principally depend upon rain-fed water sources for irrigation. Rice is that the major food crop.
Different vital crops are cotton, sugar cane, mango, and tobacco. Recently, crops used for edible oil production like helianthus and peanuts have gained favour.
- Nominal GDP: $ 133 Billion (9.24 Lakh crore)
- Capital: Jaipur
Rajasthan’s economy is primarily agricultural and pastoral. Wheat and barley are cultivated over massive areas, as are pulses, sugarcane, and oil seeds. Cotton and tobacco are the state’s money crops.
Rajasthan is among the biggest producers of edible oils in India and also the second largest producer of oil seeds. Rajasthan is additionally the largest wool-producing state in India and also the main narcotic producer and consumer.
There are primarily two crop seasons. The water for irrigation comes from wells and tanks. The Indira Gandhi Canal irrigates northwestern Rajasthan.
- Nominal GDP: $ 120 Billion (8.75 Lakh crore)
- Capital: Thiruvananthapuram
Kerala’s economy depends on emigrants operating in foreign countries, primarily in Arab states of the gulf, and remittances annually contribute over a fifth of GDP. The state witnessed important migration throughout the Gulf Boom of the 1970s and early Eighties. In 2008, the gulf countries along had a Keralite population of over two.5 million, who sent home annually a sum of US$6.81 billion, that is the highest among Indian states and over 15.13% of remittances to Asian country in 2008.
In 2012, Kerala still received the very best remittances of all states: US$11.3 billion, that was nearly 16 PF of the US$71 billion remittances to the country making it one of the richest states in India.
List Of Top 10 Richest States In India
- Maharashra (27.96 Lakh crore)
- Tamilnadu (17.2 Lakh crore)
- Karnataka (15.88 Lakh crore)
- Uttar Pradesh (15.79 Lakh crore)
- Gujarat (14.96 Lakh crore)
- West Bengal (13.14 Lakh crore)
- Andhra Pradesh (10.40 Lakh crore)
- Telangana (9.87 Lakh crore)
- Rajasthan (9.24 Lakh crore)
- Kerala (8.75 Lakh crore)