News Brief
Eight Indian States On Track To Surpass $1 Trillion Economy Mark By FY47 - Here's The List
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India Ratings and Research (Ind-Ra) has forecasted that eight states in India are set to achieve economies exceeding $1 trillion each by fiscal year 2047, as India progresses towards its goal of becoming a developed nation.
Among these states, Maharashtra, Karnataka, and Gujarat are anticipated to lead the charge, crossing the $1 trillion milestone by FY39, the domestic rating agency stated.
Maharashtra is poised to be the first state to reach this mark, followed closely by Karnataka, Gujarat, and Tamil Nadu.
In contrast, Uttar Pradesh is projected to achieve the target by FY42.
However, these estimates may not align with the states' respective targets.
Maharashtra aims to attain a $1 trillion economy by FY28, with Uttar Pradesh and Tamil Nadu eyeing the milestone by 2030, and Karnataka by 2032.
Also noteworthy is the fact that India's broader objective is to achieve a $5 trillion economy by FY28.
However, at the current growth rate, only three states are expected to approach the $0.5 trillion mark by then.
Currently, most Indian states fall within the lower middle-income category, with per capita incomes ranging from $1,086 to $4,255.
Only Goa and Sikkim are currently classified in the upper middle-income bracket by the World Bank, with Uttar Pradesh and Bihar among those in the low-income group.
While national per capita income has exhibited a 4.2 per cent compounded annual growth rate from FY14 to FY23.
Sates like Chhattisgarh, Uttar Pradesh, Rajasthan, West Bengal, Bihar, Jharkhand, and Punjab have trailed behind the national average, while others have shown accelerated growth rates exceeding 6 per cent.
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