Gujarat’s per capita income crosses Rs3 lakh mark

Gujarat’s per capita income has surpassed Rs3 lakh for the first time, and the state now ranks among India’s top five economies, an official said on Friday.   A government release said Gujarat’s per capita income has reached Rs3,00,957, which is is higher than that of Maharashtra and Uttar Pradesh, reflecting high labour productivity and broad-based economic participation.

“According to the latest data, Gujarat has achieved remarkable expansion over the past decade. With a Gross State Domestic Product (GSDP) of Rs24.62 lakh crore in 2023-24, the state now ranks among India’s top five largest economies, following Maharashtra, Tamil Nadu, Uttar Pradesh, and Karnataka,” it added.

“In the second quarter ending September, India’s Gross Domestic Product (GDP) growth came in at 8.2 per cent, with Gujarat delivering a particularly strong performance. This consistent strength has helped the state maintain its position among India’s most robust economies, earning it the reputation of being the country’s growth engine,” the release informed.

It is imperative to view long-term economic performance in real terms at constant prices, which strip out inflation and capture the true rise in production and economic activity, the release said.

Based on this, between 2012-13 and 2023-24, Gujarat recorded an average growth rate of 8.42 per cent, the highest among all major states with economies exceeding Rs10 lakh crore. The state outpaced Karnataka (7.69 pc) and Tamil Nadu (6.29 pc), the release said.

“At a time when large economies often experience a slowdown due to structural saturation, Gujarat has continued to expand at a rapid pace, powered by its strong industrial backbone, investment-friendly climate, robust infrastructure, and effective governance. The latest GSDP figures indicate Gujarat’s economy is transforming rapidly due to the strong performance of multiple sectors,” it said.

 

 

 

 

 

The manufacturing sector, considered the backbone of the state economy, contributed Rs7.43 lakh crore in 2023-24, accounting for nearly one-third of the Gross State Value Added (GSVA), the government said.

Additionally, the construction and utilities sector contributed Rs2.31 lakh crore, while trade, transportation, financial services, and real estate together contributed Rs7.81 lakh crore, officials added.

Traditional sectors such as agriculture, forestry, and fisheries contributed Rs 3.69 lakh crore, ensuring inclusive development across the state.

Overall, Gujarat’s Gross State Domestic Product (GSDP) at current prices increased from Rs6.16 lakh crore in 2011-12 to Rs24.62 lakh crore in 2023-24, a nearly fourfold increase in just one decade, the release added.