Economy of Gujarat

Economy of Gujarat
Ahmedabad, the financial capital and largest city of Gujarat
CurrencyIndian Rupee ₹
1 April – 31 March
Statistics
GDP₹27.9 lakh crore (US$334 billion) (2024–25 est.) [1]
GDP rankIncrease 3rd (2023-24)
GDP growth
17.4% (2021–22)[2]
15.5% (2022–23 est.)[3]
13.3% (2023–24 est.)[1]
GDP per capita
Increase₹389,332 (US$4,665) (2024–25)[1]
GDP per capita rank
8th
GDP by sector
Agriculture: 20%
Industry: 45%
Services: 35% (2022–23)[1]
Population below poverty line
Positive decrease 15% in poverty (2019–20)[4]
Decrease 0.638 medium (2021) (23rd)[5]
UnemploymentPositive decrease 3.9% (Nov 2020)[6]
Main industries
External
ExportsIncrease US$150 billion (2022–2023)[7]
Export goods
FDI stock
₹20,169 crore (US$2.4 billion) (2020–21)[8]
Public finances
15.27% of GSDP (2023–24 est.)[2]
₹−44,930 crore (US$−5.4 billion) 1.8% of GSDP (2023–24 est.)[2]
Revenues₹2.25 lakh crore (US$27 billion)(2023–24 est.)[2]
Expenses₹2.7 lakh crore (US$32 billion)(2023–24 est.)[2]
All values, unless otherwise stated, are in US dollars.


The economy of Gujarat, a state in Western India, is the most industrialised in India, having the highest industrial output of any state in the union.[9] It has the highest exports of any Indian state, accounting for 33% of all Indian exports in 2022–23.[10] It leads in diverse industrial sectors such as chemicals, petrochemicals, dairy, drugs and pharmaceuticals, cement and ceramics, gems and jewellery, textiles and engineering.[11] It has the highest Electricity Production Capacity[12] and Maritime Port Cargo Volume[13] among all states in India. It also has significant agricultural production with major agricultural produce of the state being cotton, groundnuts (peanuts), dates, sugar cane, milk and milk products. Gujarat recorded the lowest unemployment rate in India in 2022, with 4.4% of the labour force being unemployed.[14]

Gujarat is ranked number one in the pharmaceutical industry in India, with a 33% share in drug manufacturing and 28% share in drug exports. The state has 130 USFDA certified drug manufacturing facilities. Ahmedabad and Vadodara are considered as pharmaceutical hubs as there are many big and small pharma companies established in these cities.[15]

Gujarat has the longest coastline in India (1,600 km [990 mi]), and its ports (both private and public) handle around 40% of India's ocean cargo, with Mundra Port located in Gulf of Kutch being the largest port of India by cargo handled (144 million tons) due to its favorable location on the westernmost part of India and closeness to global shipping lanes. Gujarat also contributes around 20% share in India's industrial production and merchandise exports.

Gujarat's gross state domestic product (GSDP) increased to Rs. 25.68 lakh crore in fiscal year 2023–24, surpassing Uttar Pradesh's GSDP of Rs. 25.48 lakh crore (US$310 billion).[16] In contrast, Tamil Nadu's GDP increased from Rs. 23.93 lakh crore to Rs. 27.22 lakh crore. While Karnataka GSDP falls behind UP GSDP and is Rs. 25.01 lakh crore.[16] For fiscal year 2023-24 Gujarat became the third largest state economy in India.

  1. ^ a b c d "Gujarat Budget Analysis 2024–25". prsindia.org. Retrieved 13 March 2024.
  2. ^ a b c d e "Gujarat Budget Analysis 2022–23". PRS Legislative. Retrieved 12 March 2022.
  3. ^ "Gujarat Budget Analysis 2023–24". prsindia.org.
  4. ^ "SDGs India Index". NITI Aayog. 31 December 2019.
  5. ^ "Sub-national HDI – Subnational HDI – Table – Global Data Lab". globaldatalab.org. Retrieved 2022-12-04.
  6. ^ "Unemployment Rate in India". Centre for Monitoring Indian Economy. p. 1. Retrieved 3 November 2020.
  7. ^ "Gujarat tops in share of India's exports, aided by soaring petroleum product prices". Moneycontrol. 16 June 2022. Retrieved 2022-12-04.
  8. ^ "FDI". The Indian Express. 14 June 2022. Retrieved June 14, 2022.
  9. ^ "Handbook of Statistics on Indian States". Reserve Bank of India. 15 November 2023. Retrieved 13 March 2024.
  10. ^ "Third yr in row, Guj tops in exports". The Times of India. 2023-06-07. ISSN 0971-8257. Retrieved 2024-01-03.
  11. ^ "GSDP of Gujarat, Economic Growth Presentation and Reports | IBEF". India Brand Equity Foundation. Retrieved 2024-01-03.
  12. ^ "Gujarat pips Maharashtra in power generation capacity: Report". The Times of India. 2023-03-22. ISSN 0971-8257. Retrieved 2024-01-03.
  13. ^ "India: cargo traffic volume at ports by state 2022". Statista. Retrieved 2024-01-03.
  14. ^ Economic Survey 2022–2023 (2023). "Unemployment Rate" (PDF).{{cite web}}: CS1 maint: numeric names: authors list (link)
  15. ^ "Despite Covid-19, fresh investments flowing into Gujarat's Pharma Sector". The Times of India. 2021-03-14. Retrieved 2021-05-03.
  16. ^ a b Niti, ayog. "Niti aayog".