Adhia panel sets GSDP target of 38.64L cr by 2026-27

Gandhinagar: The task force led by former Union finance secretary Hasmukh Adhia has set a target of gross state domestic product (GSDP) of Rs 38.64 lakh crore ($500 billion USD) to enhance Gujarat’s contribution to achieve the central government’s target of making India a $5 trillion economy by 2026-27.
Gujarat’s current GSDP size is Rs 21.3 lakh crore and the target of a GSDP of Rs 38.64 lakh crore by March 2027 is an extremely difficult one to achieve, say experts.
The state government had constituted a task force under the chairmanship of former union finance secretary Hasmukh Adhia to chart out a roadmap for Gujarat to enable India to become a $5 trillion economy.
In the preface of the report, the task force said, “We need to accelerate our growth rate and achieve a share of 10% in the national GDP. This means Gujarat has to achieve GSDP of $500 billion by FY 2026-27. This would mean that Gujarat’s growth rate in the next five years has to be at a CAGR (compound annual growth rate) of 14.5% in nominal terms against the track record of 12.3% in the last decade.”
The state budget estimate for 2021-22 has been Rs 18.7 lakh crore and for 2022-23, it is projected to be Rs 21.3 lakh crore. Since Gujarat government’s budget estimates are not growing at the rate expected by the Adhia committee, it will have to revise budget estimates drastically to meet GSDP targets.