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Gujarat has recorded a per capita income exceeding Rs 3 lakh for the first time, reflecting the state's sustained growth momentum and strengthening economic fundamentals.
The Gujarat government, in a release, added that with a Gross State Domestic Product (GSDP) of Rs 24.62 lakh crore in 2023-24, the state now ranks among the top five largest economies in India, following Maharashtra, Tamil Nadu, Uttar Pradesh, and Karnataka. Conceptually, the long-term economic performance of any economy is measured in real terms, i.e. at constant prices, which gives insights into real volumes of production levels in the economy, duly nullifying the inflation. In this context, what sets Gujarat apart is that between 2012-13 and 2023-24, Gujarat achieved an average growth rate of 8.42 per cent in real terms, the highest among all major states with economies exceeding Rs 10 lakh crore. This performance outpaces even traditionally fast-growing states such as Karnataka (7.69 per cent) and Tamil Nadu (6.29 per cent). Citing the growth, the state government stated that at a time when large economies generally experience a slowdown due to structural saturation, Gujarat's ability to grow at this accelerated pace underscores its strong industrial base, investment-friendly climate, and robust infrastructure development. GSDP data underscores the depth of Gujarat's economic transformation, driven by diverse sectoral strengths. Manufacturing continues to serve as the backbone of the state's economy, contributing Rs 7.43 lakh crore in 2023-24 and accounting for nearly one-third of the Gross State Value Added (GSVA). Complementing this industrial base, construction and utilities together added over Rs 2.31 lakh crore, reflecting the momentum of Gujarat's infrastructure boom. The tertiary sector--including trade, transport, financial services, and real estate--further strengthened the growth story with a contribution of Rs 7.81 lakh crore, showcasing the state's balanced expansion across both industry and services. Even traditional sectors such as agriculture, forestry, and fishing, which contributed Rs 3.69 lakh crore, have embraced modernisation and diversification, ensuring that development remains inclusive and broad-based. Overall, Gujarat's Gross State Domestic Product (GSDP) at basic prices rose from Rs 6.16 lakh crore in 2011-12 to Rs 24.62 lakh crore in 2023-24, a nearly four-fold increase in just over a decade. The state's growth story is further reinforced by strong human-centric outcomes. Gujarat's per capita income of Rs 3,00,957 places it among India's top five large economies--significantly higher than Maharashtra and vastly ahead of Uttar Pradesh. Only Karnataka and Tamil Nadu marginally exceed Gujarat in per capita income, indicating the state's high labour productivity and widespread economic participation. "Taken together, Gujarat's performance clearly positions it as India's fastest-growing major economy and a national leader in economic outcomes. The combination of rapid long-term growth, high per capita income, and a consistently expanding economic base demonstrates that Gujarat has achieved the rare balance of scale with sustained acceleration," the release added. While other large states reflect steady but moderate growth patterns, Gujarat's 8.42 per cent trajectory stands out as a model of economic governance, resilience, and strategic execution, the state government further added. (ANI)
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