Recap 2024: Top 10 Richest States in India by GDSP and GDP Per Capita, As Of 2024

India is on an ambitious trajectory to become the third-largest economy globally by 2030, with projections indicating its nominal GDP will surpass $7 trillion by the fiscal year 2030-31, according to S&P Global Market Intelligence. This remarkable growth is underscored by India’s diverse states, each contributing uniquely to the national economy. The Gross State Domestic Product (GSDP) and GDP per capita of these states reflect their economic strength and developmental status. Below is a detailed exploration of India’s richest states by GDP as of 2024.

India’s Economic Outlook: Setting the Stage

S&P Global forecasts that India’s economy is on track to achieve upper-middle-income status by fiscal 2030-31, provided it sustains an annual growth rate of 6.7%. The country recorded an impressive 8.2% GDP growth in FY 2024, outperforming the government’s projected growth rate of 7.3%. This accelerated growth positions India as the world’s fifth-largest economy, driven by its 28 states, 8 Union Territories, and a National Capital Territory (NCT).

Several states stand out as economic powerhouses, contributing significantly to India’s economic framework. They have developed strong industrial bases, financial infrastructures, and high GDP per capita rates, making them key players in the nation’s growth story.

Methodology for Ranking States by GDP

• GDP measures the total value of goods and services produced within a region.
• GDP per capita represents the average economic output per person in a state, highlighting its standard of living.
• Data for GSDP and GDP per capita were derived from PRS Legislative Research, based on 2024-25 budget estimates, and the states’ share of national GDP was taken from the Economic Advisory Council.

This methodology provides a comprehensive understanding of a region’s economic standing and wealth distribution, enabling accurate rankings.

The Top 10 Richest States in India by GSDP

1. Maharashtra: The Economic Powerhouse

• Projected GSDP (FY 2024-25): ₹42.67 lakh crore
• GDP per capita (FY 2022-23): ₹2.89 lakh
• State Share of National GDP: 13.30%

Maharashtra leads the pack as India’s richest state. Home to Mumbai, the country’s financial capital, Maharashtra hosts key financial institutions like the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). Industrial giants such as Reliance and Tata further bolster its economic prominence. The state is also home to India’s largest film industry, Bollywood.

2. Tamil Nadu: The Detroit of Asia

• Projected GSDP (FY 2024-25): ₹31.55 lakh crore
• GDP per capita (FY 2023-24): ₹3.50 lakh
• State Share of National GDP: 8.90%

Tamil Nadu earns its nickname, the “Detroit of Asia,” due to its robust automotive industry, which complements its strengths in textiles and information technology. The state’s industrial foundation significantly contributes to its economy, making it the second-richest state.

3. Karnataka: The IT Hub

• Projected GSDP (FY 2024-25): ₹28.09 lakh crore
• GDP per capita (FY 2022-23): ₹3.31 lakh
• State Share of National GDP: 8.20%

Karnataka, led by its capital Bengaluru, is India’s IT hub, housing global tech giants and startups alike. Its flourishing technology and aerospace industries have propelled its economic growth.

4. Gujarat: The Industrial Giant

• Projected GSDP (FY 2024-25): ₹27.90 lakh crore
• GDP per capita (FY 2022-23): ₹3.13 lakh
• State Share of National GDP: 8.10%

Known for its thriving manufacturing and export sectors, Gujarat is a leader in industries like petrochemicals and diamonds. The state’s strong industrial policies and infrastructure make it an economic giant.

5. Uttar Pradesh: The Most Populous State

• Projected GSDP (FY 2024-25): ₹24.99 lakh crore
• GDP per capita (FY 2022-23): ₹0.96 lakh
• State Share of National GDP: 8.40%

Despite having a lower GDP per capita, Uttar Pradesh’s vast population and agriculture-driven economy contribute significantly to the national GDP.

6. West Bengal: The Cultural Hub

• Projected GSDP (FY 2024-25): ₹18.80 lakh crore
• GDP per capita (FY 2022-23): ₹1.57 lakh
• State Share of National GDP: 5.60%

West Bengal’s economy is driven by agriculture, manufacturing, and services, with its capital, Kolkata, acting as a major economic hub in eastern India.

7. Rajasthan: The Land of Opportunities

• Projected GSDP (FY 2024-25): ₹17.80 lakh crore
• GDP per capita (FY 2023-24): ₹1.67 lakh
• State Share of National GDP: 5.00%

Rajasthan’s economy thrives on mining, agriculture, and tourism, with its natural resources playing a vital role in economic development.

8. Telangana: The Rising Star

• Projected GSDP (FY 2024-25): ₹16.50 lakh crore
• GDP per capita (FY 2023-24): ₹3.83 lakh
• State Share of National GDP: 4.90%

Telangana has emerged as a leader in IT, pharma, and agriculture, particularly with Hyderabad being a global pharmaceutical and technology hub.

9. Andhra Pradesh: The Coastal Powerhouse

• Projected GSDP (FY 2024-25): ₹15.89 lakh crore
• GDP per capita (FY 2022-23): ₹2.70 lakh
• State Share of National GDP: 4.70%

With its long coastline, Andhra Pradesh excels in ports, fishing, and agriculture, alongside significant industrial activity.

10. Madhya Pradesh: The Emerging Economy

• Projected GSDP (FY 2024-25): ₹15.22 lakh crore
• GDP per capita (FY 2023-24): ₹1.56 lakh
• State Share of National GDP: 4.50%

Madhya Pradesh’s economy is fueled by agriculture, forestry, and infrastructure development, making it a promising economic contender.

Other Noteworthy States

While not in the top ten, New Delhi ranks 13th with a projected GSDP of ₹11.07 lakh crore for FY 2024-25, contributing approximately 3.6% to the national economy. Its robust service sector, including IT, finance, and real estate, makes it a key economic player.

India’s Economic Growth: A Collaborative Effort

India’s journey to becoming a $7 trillion economy by 2030 is fueled by the combined contributions of its states. From Maharashtra’s financial dominance to Tamil Nadu’s industrial prowess, each state brings unique strengths to the table. As India continues to grow, these states will play a pivotal role in shaping the nation’s economic future.