This is a list of the 20 richest state in India 2023. It included some Union Territories as well. These states are arranged from largest to smallest Gross State Domestic Product (GSDP) for the financial year 2020-21. Some states and union territories have remained predominantly rich while others are gaining dominance. This sets a highly competitive environment where some states surpass others’ economic ranking. A dominant economic activity is a key determinant of the wealth of a state. Some economic activities contribute more to economic output than others. A state with more economic activities tends to be more competitive and ranks better.
Richest State in India 2023
1. Maharashtra – INR 271,168,512
The richest state in India 2023 is Maharashtra, with a GSDP of INR 271,168,512. It has been the richest state since 2004-05.
Its GSDP decreased INR 2,286,641 from the 2019-20 financial year. It was the third-highest decline after Uttar Pradesh and Kerala.
However, this still accounted for 13% of India’s GDP.
2. Tamil Nadu – INR 180,823,943
Tamil Nadu is a state on economic rise. It is a state that, in the next five years or so, it will be competing head-to-head with Maharashtra. In the 2020-21 financial year, the GSDP of this Indian state was INR 180,823,943.
Its GSDP significantly increased by INR 6,509,547 from the financial year 2019-20. This was the third-highest increase in GSDP after Karnataka and West Bengal in first and second place, respectively.
In 2020-21, it accounted for 9%, making it the second richest state in India.
3. Karnataka – INR 173,099,141
The state of Karnataka is one of the fastest-growing in India. In 2020-21, the GSDP of Karnataka was INR 173,099,141. This was an increase of INR 11,553,488 from the financial year 2019-20.
Shockingly, it was the highest increase in GSDP compared to other states and Union Territories. The GSDP of Karnataka in the year 2020-21 accounted for 8% of India’s GDP. Karnataka has the potential to close the gap it has with Tamil Nadu and even Maharashtra in a few years to come.
4. Uttar Pradesh – INR 164,856,708
For the 2020-21 financial year record, the state of Uttar Pradesh was the fourth richest in India. It had a GSDP of INR 164,856,708, accounting for 8% of the country’s GDP in this financial year.
However, Uttar Pradesh recorded the highest decline in GSDP among all states and Union Territories. Precisely, it lost INR 5,170,566 of its GSDP. It was a high decline for a state that accounts for such a high percentage of India’s GDP.
5. Gujarat – INR 163,678,141
Gujarat was the fifth wealthiest state in India for the 2020-21 financial year. From economic statistics, it has a GSDP of INR 163,678,141. This GSDP amounted to 8% of India’s GDP in 2020-21.
This high GSDP was after the state grew its GSDP to INR 1,963,821 from 2019-20. It was sixth among eight States that increased their GSDP by more than 1 million Indian Rupees.
6. West Bengal – INR 130,101,677
The growth of West Bengal has been significant, more so from the year 2019-20 to the year 2020-21. In the financial year 2020-21, this state recorded a GSDP of INR 130,101,677. Compared to other states and Union Territories, it accounted for 6% of India’s GDP in 2020-21.
It is seen as a highly growing state in GSDP because it was the second-highest increment of GSDP from 2019-20 to 2020-21. To be precise, the state recorded an increment of INR 9,319,416. Economic-wise, it is a state headed in the right direction.
7. Andhra Pradesh – INR 101,437,379
In the seventh position of the wealthiest states in India was Andhra Pradesh, with a GSDP OF INR 101,437,379. This is still among the most significant contributors to India’s GDP. In the 2020-21 financial year, its INR 101,437,379 GSDP accounted for 5% of India’s GDP.
With an INR 4,827,474 GSDP increase from 2019-20, it was the fourth-highest increase in states’ GSDP. Again, this is another state with the potential to create much wealth for India’s government.
8. Rajasthan – INR 101,332,301
Rajasthan is the eighth richest state in India. The state’s 2020-21 GSDP was INR 101,332,301, 5% of India’s GDP.
It was seventh among eight states whose GSDP increased by more than 1 million INR. Its GSDP increased by INR 1,427,265 from the financial year 2019-20 to 2020-21.
9. Madhya Pradesh – INR 97,628,148
Madhya Pradesh was the ninth richest state in India. It recorded a GSDP of INR 97,628,148, accounting for 5% of the country’s GDP.
The state was among the top performers in the increase of GSDP. It recorded an increment of INR 3,767,935 on its 2019-20 financial year record.
10. Telangana – INR 96,180,037
Telangana is among those states that contribute a significant percentage to India’s GDP. Its GSDP of 2020-21 was INR 96,180,037, 5% of India’s GDP.
With an INR 1,151,361 gain from the 2019-20 to 2020-21 financial year, it was among the top eight states with over one million INR.
11. Kerala – INR 79,957,111
At the tenth position was Kerala, with a GSDP of INR 79,957,111. Its GSDP accounted for 4% of the entire GDP of India.
Unfortunately, Kerala was among the highest losers of their GSDP.
The state lost INR 2,480,309 of its GSDP, making it the second-highest decline after Uttar Pradesh. It is a state that needs to be closely examined. A drop of more than INR 2 million GSDP cannot be ignored.
12. Delhi – INR 78,534,162
Delhi has been one of eight Union Territories in India since 1956. In the 2020-21 financial year, it had a GSDP of INR 78,534,162. Delhi’s GSDP accounted for 4% of entire India’s GDP.
Despite its popularity, it recorded a decline of INR 868,843 from 2019-20 to 2020-21. The decline cannot be ignored because it is as close to a million INR mark.
13. Haryana – INR 75,850,653
Haryana, one of the most culturally diverse states in India, was in the thirteenth position of the richest states in India. It had a GSDP of INR 75,850,653 in the 2020-21 financial year. Its GSDP accounted for 4% of India’s GDP.
It recorded a decline of INR 353,707 in its GSDP from the 2019-20 to 2020-21 financial year. It is still a high decline to worry about.
14. Bihar – INR 58,715,439
The state of Bihar came in at number fourteen with a GSDP of INR 58,715,439. Compared to other richest states, it accounted for 3% of the country’s GDP.
The state recorded a notable increment of INR 463,794 in its GSDP from the 2019-20 to 2020-21 financial year.
15. Odisha – INR 53,265,168
At the fifteenth position was Odisha with INR 53,265,168 GSDP. It still accounted for a significant share of 3% of the country’s GDP.
READ ALSO:
What Is a Good Debt-to-Equity Ratio and Why?
What Is a Good Current Ratio and Why?
Of all states and Union Territories, it recorded the least increment of INR 21,965 GSDP. This is okay in a country where some states declined with more than INR 5 million for the 2020-21 financial year.
16. Punjab – INR 53,255,526
Punjab was the sixteenth wealthiest state in India for the 2020-21 financial year. It had a GSDP of INR 53,255,526, a 3% of India’s GDP.
It was among those states whose GSDP declined. It lost INR 447,579 from 2019-20 to 2020-21.
17. Chhattisgarh – INR 35,026,983
Chhattisgarh is the seventeenth richest state of India as per 2020-21 economic statistics. It got to this position with INR 35,026,983 GSDP, a 2% of the country’s GDP.
It also has a notable INR 531,448 increment in its GSDP.
18. Assam – INR 34,017,745
At the eighteenth position came Assam with a GSDP of INR 34,017,745. This was 2% of India’s GDP. The state’s 2020-21 GDP was after a decline of INR 667,323 from the 2019-20 financial year to the 2020-21 financial year.
19. Jharkhand – INR 30,071,593
Jharkhand held the nineteenth position with a GSDP of INR 30,071,593. It accounted for 1% of the country’s 2020-21 GDP. It was among the highest declining GSDP, with INR 958,943 being lost from the 2019-20 financial year to the 2020-21 financial year.
20. Uttarakhand – INR 23,466,020
Uttarakhand came in the twentieth position with a GSDP of INR 23,466,020 in the same year. Its GSDP accounted for 1% of the country’s GDP. Again, it was among the declining GSDP with INR 232,771 lost.
Related Articles:
- Maharashtra GDP 2011-12 to 2023
- Richest City in UK by GDP 2023: Top 20
- 20 Examples of Sole Proprietorship Business in The Philippines
- Examples of Monopoly: 20+ Worldwide
Data Source: Reserve Bank of India
