We bring to you the latest list of the top 10 richest states in India by GDP in 2023.
India, taking the seventh position on the list of the largest countries in the world, and one of the largest countries in the continent of Asia is a country well-known for its rich culture and diverse religion.
As much as it’s considered whole as a country, there’s so much beauty and goodness that abounds in its suburbs.
Its fast-growing economy originated from agriculture (supplies of tea and cotton) and, recently, the service industry. It is therefore considered a “global player” in international economics. That’s why we’re considering the richest states in india.
Ideally, economists use the gross domestic product (GDP) to measure the economic progress of a country.
GDP is the total market value of the goods and services produced by a country’s economy during a particular period. A rise in GDP indicates a healthy economy and a high quality of life.
If you’re looking to move to India, or perhaps, travel for business or whatever, we have put together the top 10 richest states in India you could visit and still have the best time of your life.
What Characterizes a Rich State?
Like every other country on this list of all countries in the world, India has several states within it that are quite richer than the others.
These states are characterized by a continuous rise in GDP, high-income level and quality of life, stable money, high tax returns, and low unemployment.
These states are rich in agriculture, tourism and logistics, cultural diversity, and cutting-edge technologies.
Top 10 Richest States In India By GDP Per Capita
The following are the lists of the top 10 richest states in India having their GDP as the basis for the ranking. Starting from the least rich state.
10. Madhya Pradesh
Madhya Pradesh has a GDP of US$110 billion. It is the second largest state by landmass and the 7th largest by population. Due to its location in the center of India, it is called “the heart of India”.
It has many tourist attractions and is rich in natural resources including fuel, minerals, agriculture, and biodiversity. Plus, it is the only state that produces diamonds in the country. It is deserving to be on this list of the richest states in India.
Kerala has a GDP of US$119.93 billion. The service sector is a major contributor to its economy.
It headquarters many corporations and manufacturing plants. It also generates revenue through mining, tourism, and sales of rubber, seafood, bamboo, coir, and spices. If you’re looking to start a business, Kerala could be a great place to stay.
Telangana has a GDP of US$160 billion. Taking the 8th spot on the list of the richest states in India, it is rich in minerals and agricultural produce like rice, maize, pulses, groundnut, cotton, chilies, and Sugarcane. It is home to many companies like Google, Microsoft, and others.
The state opens up to the Krishna and Godavari Rivers in South India, linking North India to South India.
One of its cities, known as Hyderabad, also known as the ‘City of Pearls‘, is an epicenter of pearl trading. Not forgetting Telangana’s many pharmaceutical industries which add to its high GDP.
Rajasthan has a GDP of US$170 billion. Rajasthan means “The Abode of the Rajas.”
It has a very large landmass, which makes it the largest Indian and the seventh largest by population.
It has a rich heritage of historic temples and palaces. It is home to many wildlife parks, designated as a UNESCO World Heritage site in 1985. Its capital is Jaipur, popularly known as the ”Pink City.”
Agriculture, tourism, mining gold, silver, limestone, copper, rock phosphate, and marble further contribute to its prosperous economy.
Karnataka is also one of the richest states in India with a GDP of US$240 billion. It has a high literacy rate, immensely contributing to India’s total GDP.
Also, agriculture, aerospace, textile and garment, biotechnology, IT & electronics engineering accounts for its prosperous economy.
The Silicon Valley of India, known as Bangalore, and the top leading IT companies are situated in Karnataka.
Companies like Bharat Electronics Limited, Hindustan Machine Tools, and Indian Telephone Industry have their headquarters in Karnataka.
5. Uttar Pradesh
Uttar Pradesh has a GDP of US$234.96 billion. Pradesh is far more advanced in agriculture when compared to other states.
It is the largest producer of food grains in India. This accounts for a larger percentage share of the country’s total food grain output.
Uttar Pradesh also has a rich cultural heritage. Agriculture, handloom, and handicrafts mainly account for its prosperous economy.
Gujarat is 4th in the ranking of the richest states in India with a GDP of US$259.25 billion. Gujarat is one of India’s richest states. It is rich in minerals and produces the highest amount of crude oil in India. Entrepreneurs and people in business are majorly based in Gujarat.
Cotton, almond, and tobacco are the major agricultural products of Gujarat. It is also home to medicinal produce.
Gujarat has a low unemployment rate and is the most industrially developed. There are also many sacred sites of worship situated in Gujarat.
3. Tamil Nadu
Tamil Nadu has a GDP of US$265.49 billion. With a larger population of literates and more people living in the urban areas.
Tamil Nadu is home to the production of heavy vehicles, agricultural equipment, military vehicles, and railway cars.
It is one of the three most preferred states for business investments. According to statistics, foreign investments have doubled tremendously in the last five years.
Tamil Nadu is also well known for its fish production, mining of limestone, bauxite, gypsum, and lignite, amongst others.
2. West Bengal
West Bengal takes the 2nd spot on the list of the richest states in India. It has a GDP of US$210 billion. Its rich economy is contributed by the banking and financial sector, agriculture, real estate, IT, and tourism.
West Bengal stands amongst the states with the highest rate of literacy.
In the past, the Mughals were so impressed with Bengal’s trade and affluence that they described it as the Paradise of the Nations. The state is also known for producing the best tea in the world that’s exported to other states and regions in the world.
Maharashtra is the richest state in India, exporting highly competitive goods that are very high in demand to other states and countries. The state has a GDP of US$366.67 billion.
Mumbai, the state capital, is the country’s economic capital. It is home to some of India’s largest industries including mass media, fashion, international trade, petroleum, and tourism, but to mention a few.
Related: Top 11 Countries With Poorest Men
Summary of the Richest States In India
Booming agricultural activities, tourist attractions, mining, manufacturing, international trade, mass media, technology, petroleum, fashion, apparel, and tourism all make up the flourishing economic structure of the richest States in India.
These states have proven to possess the highest trait for a high quality of living.
That said, if you’re looking to ever go to India for whatever reason, you could stay in any of these cities mentioned above.