GDP of India 2024

Gross domestic product (GDP) is the market value of all final goods and services from a nation in a given year. GDP can be computed on a nominal basis or a real basis, the latter accounting for inflation. India’s economy is the world’s fifth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP). 

As per the IMF, in 2024 India’s GDP nominal is estimated at  $4.105 trillion, and its GDP ( PPP) is estimated at  $14.261 trillion. According to S&P Global and Morgan Stanley forecast India is set to overtake Japan and Germany to become the world’s third-largest economy by 2030.

Nominal GDP does not take into account differences in the cost of living in different countries, and the results can vary greatly from one year to another based on fluctuations in the exchange rates of the country’s currency. So Comparisons of national wealth are also frequently made based on purchasing power parity (PPP), to adjust for differences in the cost of living in different countries.

Let’s have a look at India’s GDP and its world rank.

 IMF Estimate 2023 ($)IMF Estimate 2024 ($)World Rank
GDP Nominal $3.737 trillion  $4.105 trillion 5
GDP (PPP)$13.119 trillion$14.261 trillion3

Sourcehttps://www.imf.org/

Gross Domestic Product (GDP) per capita shows a country’s GDP divided by its total population. Nominal GDP per capita and a corresponding GDP (PPP) per capita are used for comparing the national standard of living. On the whole, PPP per capita figures are less spread than nominal GDP per capita figures.

As per the IMF, on a per capita income basis, India ranked 139th by GDP (nominal) and 127th by GDP (PPP).

Let’s have a look at India’s GDP per Capita

GDP Per CapotaEstimate 2023Estimate 2024World Rank
Nominal 2023 $2,601$2,847139
PPP 2023$9,072$9,892127

Sourcehttps://www.imf.org/

GDP of Indian States and UTs

Gross State Domestic Product (GSDP) or State Income is the most important indicator for measuring the economic growth of a State. GSDP is the sum of all value added by industries within each state or union territory and is a counterpart to the national gross domestic product (GDP).

Maharashtra with a GDP of 38.80 lakh crore has the highest GDP among Indian States and Union Territories. It’s followed by Tamil Nadu (28.30 lakh Crore) and Karnataka (25 at number 3. Gujarat is at Number 4 and  Uttar Pradesh is at number 5. The top 5 states share around 50% of India’s total economy.

Five South Indian States together account for close to 30%. Andaman and Nicobar Islands have the lowest GDP followed by Mizoram, Arunachal Pradesh, Nagaland, and Manipur. Eight states of North-East India share 3% of India’s GDP.

List of Indian states and union territories by Projected GSDP (2023-24) at the current price.

RankState/Union TerritoryGSDP in Indian Rupees (Lakh Crore  ₹)
1Maharashtra38.80
2Tamil Nadu28.30
3Karnataka25.70
4Gujarat25.63
5Uttar Pradesh24.39
6West Bengal17.19
7Rajasthan15.70
8Andhra Pradesh14.50
9Telangana14.00
10Madhya Pradesh13.87
11Kerala11.30
12Haryana11.20
13Delhi10.40
14Odisha8.65
15Bihar8.59
16Punjab6.98
17Assam5.67
18Chhattisgarh5.09
19Jharkhand4.23
20Uttarakhand3.33
21Jammu and Kashmir*2.30
22Himachal Pradesh2.14
23Goa1.00
24A & N Islands*0.89
25Chandigarh*0.49
26Sikkim0.47
27Meghalaya0.47
28Manipur0.45
29Puducherry*0.39
30Arunachal Pradesh0.38
31Nagaland0.37
32Mizoram0.36
33Tripura0.27

* based on 2022-23 or 2021-22 data

Source: RBI Publication  and PRS Legislative Research

List of Indian States by GDP per capita

Sikkim is the state with the highest GDP per capita (Rs. 541,544) in India. Goa ranks second in the country with a per capita GDP of Rs. 527,146.  The NCT of Delhi follows Goa at third place with a GDP per capita of Rs. 444,768

Among south Indian states, Karnataka tops the list with Rs. 331,981 GDP per capita closely followed by Telangana (Rs.317,115), Haryana (Rs. 304,422), and Himachal Pradesh (Rs. 286,401).

India’s largest State Uttar Pradesh has the second lowest GDP per capita of Rs. 81,398 and Bihar has the lowest GDP per capita at Rs. 54,000

Indian states and union territories by NSDP per capita (Current Prices)

The list of Indian states and union territories by NSDP per capita. Net state domestic product (NSDP) is the state counterpart to a country’s Net domestic product (NDP), which equals the gross domestic product (GDP) minus depreciation on a country’s capital goods.

#State/Union TerritoryGDP per Capita 2022-23
1Sikkim541,544
2Goa527,146
3Delhi444,768
4Chandigarh*333,000
5Karnataka331,981
6Telangana317,115
7Haryana304,422
8Himachal Pradesh286,401
9Gujarat281,804
10Tamil Nadu269,000
11Uttarakhand261,173
12Kerala257,711
13Arunachal Pradesh256,410
14Maharashtra248,632
15A & N Islands*229,000
16Puducherry*222,000
17Andhra Pradesh219,518
18Mizoram175,896
19Nagaland175,551
20Punjab173,873
21Tripura158,382
22Chhattisgarh152,348
23Odisha150,000
24West Bengal141,000
25Madhya Pradesh137,339
26Jammu and Kashmir*132,000
27Rajasthan129,460
28Assam118,504
29Meghalaya110,002
30Manipur94,363
31Jharkhand86,060
32Uttar Pradesh81,398
33Bihar54,000

Source: RBI Publication 

Top Indian States by GDP 2024 | GDP of India 2024
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