Economy of Punjab, India

This article is about the economy of a state of India. For the economy of the geographical region, see Punjab § Economy. For the economy of Punjab, Pakistan, see Punjab, Pakistan § Economy. For the economy of the former British province, see Punjab Province (British India) § Agriculture.

Economy of Punjab
CurrencyIndian Rupee ₹
1 April – 31 March
Statistics
PopulationAround 27.7 million (2011 Census of India)
GDPIncrease ₹8.02 lakh crore (US$96 billion) (2024–25) [1][2]
GDP rank16th
GDP growth
Increase 9.5% (2023–24)[1]
GDP per capita
Increase US$3,338 (2024-2025)[2]
GDP per capita rank
19th
GDP by sector
Decrease Agriculture 25%
Steady Industry 25%
Increase Services 50% (2020-21)[1]
  • Negative increase 4.9% (FY2020-21)[3]
Steady 6.0% (as on 12 July 2019)[4]
Population below poverty line
Positive decrease 8.26% (2017–18)[5] (5th)
Decrease 0.794 medium (2021) (10th)
UnemploymentNegative increase 5.9% (2023–2024)[6] (13th)
Public finances
49.3% of GSDP (2021–22 est.)[1]
₹−24,828 crore (US$−3.0 billion) (3.9% of GSDP) (2021–22 est.)[1]
Revenues₹88,050 crore (US$11 billion) (2020–21 est.)[1]
Expenses₹1.55 lakh crore (US$19 billion) (2020–21 est.)[1]
All values, unless otherwise stated, are in US dollars.


The economy of Punjab is the 16th largest state economy in India with ₹8.02 lakh crore (US$96 billion)[1] (FY2024-25) in gross domestic product and a per capita GDP of US$3,338(264,000) ranking 19th amongst Indian states.[7][8]

Punjab ranked first in GDP per capita amongst Indian states in 1981 and fourth in 2001, but has experienced slower growth than the rest of India in recent years, having the second-slowest GDP per capita growth rate of all Indian states and UTs between 2000 and 2010, behind only Manipur. Between 1992 and 2014, Punjab's life expectancy also grew slower than most Indian states; while rising from 69.4 to 71.4 years, Punjab's rank amongst Indian states in life expectancy at birth fell from first to sixth.[9][10]

The state's economy is mainly dominated by agricultural production and small and medium-sized enterprises. Punjab has the ninth highest ranking among Indian states and union territories in human development index as of 2018.[11]

  1. ^ a b c d e f g h "Punjab Budget Analysis 2020–21". PRS Legislative Research. Retrieved 8 March 2020.
  2. ^ a b "MOSPI Gross State Domestic Product". Ministry of Statistics and Programme Implementation, Government of India. 31 July 2020. Retrieved 8 October 2020.
  3. ^ "World Economic Outlook Database, October 2020". International Monetary Fund. Retrieved 17 October 2020.
  4. ^ "Weekly Statistical Supplement – Ratio and Rates". Reserve Bank of India. Retrieved 4 April 2019.
  5. ^ "SDGs India Index". NITI Aayog. 31 December 2019.
  6. ^ "Periodic Labour Force Survey (2018–19)" (PDF). Ministry of Labour and Employment. p. 222. Retrieved 12 November 2020.
  7. ^ "MOSPI Gross State Domestic Product". Ministry of Statistics and Programme Implementation, Government of India. 1 March 2019. Retrieved 9 June 2019.
  8. ^ "STATE WISE DATA" (PDF). esopb.gov.in. Economic and Statistical Organization, Government of Punjab. Archived (PDF) from the original on 30 June 2017. Retrieved 17 February 2017.
  9. ^ "ABRIDGED LIFE TABLES- 2010-14" (PDF). OFFICE OF THE REGISTRAR GENERAL & CENSUS COMMISSIONER, INDIA. p. 5. Archived (PDF) from the original on 10 January 2017. Retrieved 12 January 2017.
  10. ^ Life Expectancy at Birth by Gender, 1992 – 2004 Archived 2016-03-05 at the Wayback Machine Table 5A.10, India Human Development Index Report, page 287
  11. ^ "Sub-national HDI – Area Database". Global Data Lab. Institute for Management Research, Radboud University. Archived from the original on 23 September 2018. Retrieved 25 September 2018.