Top 10 Indian States With Fastest Growth In Per Capita Income
The top ten Indian states with the quickest per capita income growth over the previous ten years are listed below.
Nov 2, 2023, 09:49 IST
Karnataka is at the top of the list because its per capita income increased by 294% between FY13 and FY23, from Rs 76,578 to Rs 3.02 lakh.
Over the past ten years, India's per capita income has more than doubled. India's per capita income in the fiscal year 2012–13 (FY13) was Rs 70,983 at current prices. In FY23, it increased to Rs 1.72 lakh, indicating a remarkable 143% increase in just ten years. Several Indian states' strong economic growth is primarily responsible for this outperformance.
Over the past ten years, India's per capita income has increased at a compound annual growth rate (CAGR) of 9.3%, according to data from the CMIE and PIB. Nonetheless, compared to the national average, some large states have accomplished quicker income growth. This list is topped by Karnataka, the southern state with the greatest CAGR of 14.7%. The per capita income of Karnataka increased by 294% between FY13 and FY23, from Rs 76,578 to Rs 3.02 lakh. Telangana, a neighbouring state in south India, comes in second. With a 10-year CAGR of 13.7%, Telangana's per capita income increased 262%, from Rs 85,169 in FY13 to Rs 3.09 lakh in FY23.
With a compound annual growth rate (CAGR) of Rs 11.77 percent, Assam's per capita income increased from Rs 38,945 in FY13 to Rs 1.19 lakh in FY23, placing it in fifth place. It is followed by Andhra Pradesh, whose per capita income increased by 204% to Rs 2.20 lakhs in FY23 from Rs 72301 in FY13, posting a CAGR of 11.75 percent.
Gujarat is ranked seventh; the most recent statistics for FY23 is not yet available, but over the course of nine years, the state's per capita income has climbed from Rs 93046 in FY13 to Rs 2.5 lakh in FY22, with a compound annual growth rate of 11.61 percent.
Tamil Nadu is ranked eighth after its per capita income increased at a compound annual growth rate of 10.73 percent from Rs 98,628 in FY13 to Rs 2.73 lakh in FY23, a 177% increase. Kerala, ranked nine, has a CAGR of 10.71 percent over the past nine years, and its per capita income has climbed from Rs 91,567 in FY13 to Rs 2.29 lakh in FY22. The most recent statistics for FY23 is not available.
Rajasthan, whose per capita income increased by 157% in ten years to Rs 1.56 lakh from Rs 60844 in FY13, is ranked tenth with a compound annual growth rate of 9.88 percent.
However, Bihar, which has a nine-year compound annual growth rate of 7%, is among the bottom three major states with the slowest rise in per capita income. In FY22, per capita income went from Rs 26,948 to Rs 49,470. Jharkhand has a nine-year CAGR of 7.7 percent, and per capita income climbed to Rs 78,660 in FY22 from Rs 40,238 in FY13. Punjab has a ten-year CAGR of 7.5 percent, with per capita income rising 106 percent to Rs 1.74 lakh in FY23 from Rs 84,526 in FY13.
