Top 10 Richest States Of India

Introduction:

As we know India is a huge country with several states. It’s a diverse country where each and every state will have its own identity and culture. We are going to form a list of the Top 10 richest states in India. With the growth in the Indian economy, there was an increase in the per capita income in India. It is estimated that India will soon overtake China as the world’s largest economy.

The per capita income of a state is calculated by dividing the total state income by the total population of the state. The top richest states have a high gross domestic product (GDP), but they are also large states, so they may have a lower per capita income than smaller states with higher per capita incomes.

In this article, you will find which state is the richest overall, the highest per capita income and lowest unemployment rate, and more. Here are we can list out the Top 10 Richest States Of India.

Maharashtra:

Maharashtra is the wealthiest state in India, with a gross state domestic product (GSDP) of ₹32.42 trillion, equivalent to US$467 billion. The state is located in the westernmost part of India, occupying a large portion of the Deccan Plateau. By area, it is the third-largest and second-most populous state in India.

Maharashtra is the biggest industrialized state in India, and its capital, Mumbai, is also known as the financial capital of India and a commercial hub. The economy of Maharashtra is mainly dependent upon manufacturing, international trade, Mass Media, aerospace, technology, petroleum, fashion, apparel, and tourism.

Advantages and Benefits: Also, the two leading stock exchanges, NSE and BSE, and commodity exchanges MCX and NCDEX are located in Mumbai. Maharashtra attracts the Top 10 Richest States Of India and most of the industrial investments from domestic and foreign institutions because of its infrastructure and facilities.

Maharashtra also has the most significant proportion of taxpayers, and its stock markets transact almost 70 percent of India’s stocks. It is the manufacturing hub for some of the largest PSU companies like Hindustan Petroleum Corporation and Oil India Ltd, making it one of the wealthiest states in India. 

Tamil Nadu:

In terms of area, Tamil Nadu is the fourth largest state in India and is one of the wealthiest states. The state is located on the southern coast of India, surrounded by states like Andhra Pradesh, Karnataka, and Kerala, the Indian Ocean on the south, and the Bay of Bengal on the east.

Tamil Nadu’s economy primarily depends upon the manufacturing sector and industries like automobiles and auto components, engineering, pharmaceuticals, garments, textile products, leather products, chemicals, etc. The state ranks 1st among the states regarding the number of factories and industrial workers.

Advantages and Benefits: Tamil Nadu’s Gross State Domestic Product (GSDP) is grown at a Compound Annual Growth Rate (CAGR) of 12.20% to reach Rs. 20.92 trillion (US$ 299.32 billion) between 2015-and 2020. Also, the Net State Domestic Product (NSDP) grew at a CAGR of 11.93% by touching Rs. 16.59 trillion between 2015-and 20.

Tamil Nadu has a good infrastructure with an excellent road and rail network. The state has three major ports, 15 minor ports, and eight airports providing excellent connectivity. Top 10 Richest States Of India and As of July 2021, Tamil Nadu has a total installed power generation capacity of more than 32 gigawatts (GW). 

Gujarat:

Gujarat is located on the country’s west coast and has the longest coastline of 1,600 kilometers among all the states in India. It shares its borders with states like Rajasthan, Madhya Pradesh, Maharashtra, and the Union Territories of Daman and Diu and Dadra and Nagar Haveli. The Arabian Sea bound the form on the west and the southwest side.

In 2020-21, Gujarat’s Gross State Domestic Product (GSDP) was approximately Rs. 18.85 trillion, equivalent to US$ 269.70 billion. Gujarat’s GSDP grew at a CAGR of 12.87% between 2015-and 2020. Several large petroleum refineries, both private and public, have been established in Gujarat, making it the petroleum capital of India.

Advantages and Benefits: Gujarat is also the world’s largest producer of processed diamonds, estimating around 72% of the world’s processed diamond share and 80% of India’s diamond exports. Top 10 Richest States Of India and The state also accounts for 65-70 percent of denim production in India, making it the largest manufacturer of denim and the third-largest producer in the world.

The state has 42 ports, 18 domestic airports, and one international airport, and according to the Department for Promotion of Industry and Internal Trade, the Foreign Direct Investments (FDI) inflow in Gujarat approached around US$ 42.6 billion between April 2000 and September 2020. 

Karnataka:

Located in the south of India, Karnataka is one of the wealthiest states in India. The Arabian Sea bounds the state on the west and states like Goa, Maharashtra, Andhra Pradesh, Tamil Nadu, and Kerala.

Karnataka’s Gross State Domestic Product (GSDP) stands at 18.06 trillion (US$ 256.17 billion) in the financial year 2019-2020. The state’s GSDP (in Rs.) has been growing at a CAGR of 11.56% in the last five years. The state’s per capita GSDP stands at Rs. 253,444, equivalent to US$ 3,595 in the financial year 2019-20 and growing at a CAGR of 11.70% between the last five years.

Advantages and Benefits: Its economy is primarily supported by information technology, automotive, agro, aerospace, textile and garment, biotech, and heavy engineering industries. India’s IT hub and the fourth-largest technology cluster globally is located in the state. Top 10 Richest States Of India and There is a sector-specific Special Economic Zone for critical sectors like IT, biotechnology, engineering, food processing, and aerospace.

As per the Department for Promotion of Industry and Internal Trade (DPI), the Foreign Direct Investment (FDI) and foreign equity inflow stand at US$ 7,948.53 million between October 2019 and September 2020. 

Uttar Pradesh:

Home to nearly 200 million people, Uttar Pradesh, is the most populous state in India. The state shares its borders with Nepal in the north, the other Indian states like Uttarakhand, Himachal Pradesh, Haryana, Delhi, Rajasthan, Madhya Pradesh, Chhattisgarh, Jharkhand, and Bihar.

The Gross State Domestic Product (GSDP) of Uttar Pradesh stands at Rs. 17.91 trillion, equivalent to US$ 254.12 billion, with a growth of 9.5% CAGR in the last five years. Uttar Pradesh has various famous tourist destinations and among those Taj Mahal is the most famous one.

Advantages and Benefits: Uttar Pradesh’s GSDP mainly depends upon agriculture and industrial products. The state is the largest producer of food grains and contributed around 17.83% share in 2016-17 across the country. Top 10 Richest States Of India and Major food grains like rice, wheat, maize, millet (bajra), gram, pea, and lentils are primarily produced in the state.

As per the Department for Promotion of Industry and Internal Trade (DPIIT), Uttar Pradesh attracted Foreign Direct Investment (FDI) equity inflow worth US$ 467.57 million between October 2019 and September 2020. In 2019 alone, 147 investment intentions meriting Rs. 16,799 crore, equivalent to US$ 2.40 billion, were filed in the state. 

West Bengal:

West Bengal is a state in eastern India and one of the wealthiest states in India. The state shares its borders with Jharkhand, Bihar, Odisha, Sikkim, and Assam. The state also shares international borders with countries like Bangladesh, Bhutan, and Nepal.

According to ibef.org, the Gross State Domestic Product (GSDP) of West Bengal is estimated at Rs 14.44 trillion (US$ 206.64 billion), with an annual growth of 12.62% in the last six years.

Advantages and Benefits: West Bengal is the largest producer of rice in India, with a totaled rice production of 14.99 million tonnes in 2017-18. Top 10 Richest States Of India The state is also the primary producer of fish, and in 2018-to 19, the state produced 1.85 million tonnes of fish. It is also the second-largest tea-producing state in India. 

Rajasthan:

Rajasthan is one of India’s most prosperous and most significant states in area and wealth. The state is situated in the northwest part of the Indian subcontinent. The state is bordered by Punjab, Haryana, Uttar Pradesh, Madhya Pradesh, and Gujarat.

The state’s economy primarily depends upon agricultural products with nine agro-climatic zones and various soil types. The state is also one of the largest mineral-producing states in India. Rajasthan is famous for producing decorative stones, such as marble, sandstone, and granite.

Advantages and Benefits: Tourism also contributes significantly to the economy, and historic palaces like Jaipur and Udaipur offer luxurious tourism opportunities. Top 10 Richest States Of India and The Gross State Domestic Product (GSDP) of Rajasthan is estimated at around ₹10.21 lakh crore, with a Compound Annual Growth Rate (CAGR) of 10.71% in the last six years. 

Andhra Pradesh:

Andhra Pradesh, located on the southern peninsula of India, is one of the wealthiest states in India. The state’s border is bound with states like Chhattisgarh, Odisha, Telangana, Karnataka, and Tamil Nadu.

Advantages and Benefits: The state has a GSDP of ₹9.73 lakh crore, equivalent to US$138 billion, and its economy mainly depends upon the agriculture and service sector. Tourism also plays a vital role in the state’s economy. The state also has good connectivity options, power, airport, IT, and port infrastructure. 

Telangana:

Formed in June 2014, Telangana is one of the wealthiest states in India, with Hyderabad as its capital. The state was created due to the split of the state of Andhra Pradesh. The state shares its border with Andhra Pradesh, Maharashtra, Karnataka, Odisha, and Chhattisgarh.

Advantages and Benefits: Telangana’s Gross State Domestic Product (GSDP) is estimated at ₹9.69 lakh crore, equivalent to US$137 billion. Hyderabad’s capital city is the hub of the information technology (IT) and pharmaceutical sectors. Other than that, the state’s economy depends upon agriculture, tourism, and the mining sector. 

Madhya Pradesh:

Located in central India, Madhya Pradesh is one of the wealthiest states in India. The state shares its border with states like Uttar Pradesh, Chhattisgarh, Maharashtra, Gujarat, and Rajasthan. Economically, It is one of the fastest-growing states in the country.

Advantages and Benefits: As of 2019-20, the state’s Gross State Domestic Product (GSDP) stands at Rs. 9.09 trillion, equivalent to US$ 130 billion. Over the last five years, the state’s GSDP has grown at a CAGR of 13.78%. The state is rich with natural resources like fuel, minerals, agricultural products, etc. 

Conclusion:

India is a very big country with a huge population having a different social and economic culture. The definition of “rich” varies from one person to another depending on the living style of a person, spending capacity, and income.