Top 10 richest Indian states in 2024

In 2019, India became the world's fifth largest economy surpassing the United Kingdom, this was a testament to the country’s development over the years from being a colonized nation to being recognized as a major player in the global economy. According to S&P Global Market Intelligence projections, India is all set to become the third-largest economy in the world, raising its share in global GDP from 3.6 per cent to 4.5 per cent, by the fiscal 2030–31. It is expected to grow at a rate of 6.7% per year. And not just that, the report also claims that India will soon lift its status to upper-middle-income. These numbers indicate a bright future for the country. But India is a federal union of 28 states and 8 union territories. The contribution of each is essential for its consistent growth. While some states contribute more to the national economy than others in terms of GSDP and GDP per capita, let us take a look at the 10 richest states in India as per GSDP and GDP per capita.

Gross domestic product (GDP) per capita is a measure of the value of output per person in an economy. On the other hand, GSDP stands for Gross State Domestic Product, which is a measure of the total value of goods and services produced within a state's borders over a specific period of time.

Maharashtra is the financial capital of India and is the wealthiest state in terms of GDP per capita. Its GSDP for 2022-2023 was approximately ₹2.89 lakh crore, making it the largest economy in India.

The southernmost state of India stands second on the list of richest states in terms of GDP per capita. Its projected GSDP in the FY 2024-25 is ₹31.55 lakh crore.

Next on the list is Karnataka, the largest southern state by geographical area. Its GDP share reached 8.2 per cent in 2023-24, making it the 3rd richest state.

Gujarat, the world’s largest producer of processed diamonds, shows potential in FY 2024-25, with the projected GSDP of ₹27.9 lakh crore. It is one of the leading industrialized states in India.

Uttar Pradesh is home to 16% of the Indian population and contributes significantly to the country’s GDP. Uttar Pradesh contributes around 8% to India's GDP, and according to the projections for FY 2024-25, its GSDP is estimated to reach ₹24.99 lakh crore.

West Bengal's GSDP is projected to be ₹18.8 lakh crore (US$230 billion) in 2024-25. However, West Bengal earlier contributed 10.5% to India’s GDP, but as of 2023, it only contributes about 5.6%.

The state contributes about 5% to the country’s GDP, making it stand in the 7th position on the list of richest states. It is slowly becoming one of the fastest growing states in India.

With 4.90% share in national GDP, Telangana’s GSDP was estimated to be ₹15.01 lakh crore. In 2024-25, it is estimated to be about ₹16.5 lakh crore.

The projected State Gross Domestic Product (GSDP) of Andhra Pradesh for FY 2024-25 is estimated to be ₹15.89 lakh crore. And currently it contributes 4.70% to the nation’s GDP.

The Gross State Domestic Product (GSDP) of Madhya Pradesh for 2024-25 is projected to be ₹15.22 lakh crore, which is a 0.6% increase from 2023-24. Madhya Pradesh is the 10th biggest contributor to the country's GDP.

​India’s rise as a major economic power is a remarkable journey from its colonial past to becoming the fifth-largest economy in the world. With projections showing significant growth in the coming years, the contributions of its diverse states are crucial for sustaining this momentum. As the country continues to develop, focusing on the wealth of its various regions will be key to ensuring inclusive and balanced economic progress for all.