Top 10 Richest States in India 2023 [States by GDP]

Kanchi Jain August 15, 2020January 3, 2023 0 Comments

India, we all know, is an agrarian country and thus most of its states depend on agriculture for their growth as well. Currently, the Indian economy is the fifth-largest economy in the entire world. It is because of the contribution of its top states’ economies. Though we are all well aware that the outbreak of COVID 19 is an anomalous shock for not only the Indian economy but also for the global economy, we also believe that India will be able to ascend its economy again. Let us look at the list of Top 10 Richest States in India [States by GDP]

Note – Ranking has been done on the basis of their nominal GDP and are estimated figures.

Top 10 Richest States in India:

10. Kerala

With the Service industry dominating the economy of Kerala, its GDP stands at ₹ 8.76 lakh crore. Though Kerala accounts only for 2.8% of India’s population, its economy contributes nearly 4% to the nation’s economy.

Being one of the most popular destinations for travelers, the Tourism industry contributes to 10% of the state’s GDP. Kerala’s achievements in material conditions of living, reflected in indicators of social development are comparable to those of developed countries. This is often called the ‘Kerala Model’ or ‘Kerala Phenomenon’.

9. Rajasthan

On the 9th position is this mineral-rich state of India having a GDP that stands at ₹ 9.29 lakh crore. The state has a very flourishing tourism industry as it has some really amazing travel destinations like Jaipur, Udaipur, Jaisalmer, and many more.

Apart from this, the other main industries are agriculture and mining. It is one of the leading states in producing crops along with being well-known for its quarrying and mining industries.

8. Telangana

Telangana, being one of the fastest-growing states in India, has a GDP that stands at ₹ 10.49 lakh crore. The service sector, mainly driven by the IT services of the state, is the largest contributor to its economy.

Agriculture is also a vital contributor to the economy of Telangana with rice being the major food crop. Furthermore, it is a mineral-rich state enhanced with coal reserves.

7. Andhra Pradesh

With being ranked as the best state in ease of doing business in India by the World Bank, Andhra Pradesh has a GDP of ₹ 10.49 lakh crore.

Agriculture is the chief source of income and employment making it the primary benefactor to its economy. Rice is the major crop as well as the staple food of the state. Moreover, many major heavy industries operate in Visakhapatnam, a major commercial city of Andhra Pradesh.

6. West Bengal

The sixth richest economic state of India has a GDP that stands at ₹ 13.14 lakh crore. The economy is primarily dependent on agriculture and medium-sized industries. However, services and heavy industries also play an increasingly important role in its economy.

There are numerous steel plants in the state including the alloy steel plant at Durgapur. Its capital city, Kolkata, is acknowledged as one of the major centers for industries including the jute industry. Moreover, Kolkata is a major river-port in eastern India.

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5. Gujarat

Home to India’s first World Heritage City, Ahmedabad, Gujarat has a GDP of ₹ 14.96 lakh crore. Apart from its prospering tourism, it is one of the most industrialised states in India.

The world’s largest ship breaking yard is situated in Gujarat near Bhavnagar in Alang. Khambhat and Ankleshwar are well known for their oil and natural gas production as well. Moreover, the state is enriched with some minerals like calcite, gypsum, manganese, bauxite, agate, limestone, etc.

4. Uttar Pradesh

Uttar Pradesh, known for its major contribution to the national food grain stock, has a GDP standing at ₹ 15.80 lakh crore. Sugarcane is the most important crop for the entire state.

Moreover, Uttar Pradesh is one of the most important states concerning horticulture in India. Also, after the launch of policies of economic liberalisation in India, the state has witnessed rapid industrialisation.

3. Karnataka

One of the fastest-growing economies in India, Karnataka occupies 3rd position on this list with a GDP of ₹15.88 lakh crore. Its capital city, Karnataka, is known as the Silicon Valley of India as it is the leader in the IT sector.

Apart from having agriculture as its primary occupation, the state is also home to renowned medical and engineering colleges. Karnataka evolves as the manufacturing hub for some of the largest public sector industries in India.

2. Tamil Nadu

Ranked as the first most economically free state in India, Tamil Nadu has a GDP that stands at ₹ 17.25 lakh crore. Tamil Nadu has 526 engineering colleges, the most for any state in India which helps the service industry to access a proficient labour force.

Historically, Tamil Nadu has been an agricultural state, while its advances in other fields transformed the state into being an industrialized and innovation-based economy and this led to competition for land and its resources.

1. Maharashtra

The entertainment, financial and commercial capital of India, Mumbai, is also the capital city of Maharashtra which aids it to stand at the first position in the list of Top 10 Richest States in India. It has a GDP of ₹ 27.96 lakh crore.

Maharashtra is India’s leading industrial state along with being one of the most urbanized states. Though it is highly industrialised, agriculture is still the main occupation of the state. Moreover, Maharashtra has the largest road network in India.

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