India has proven to be resilient post-COVID-19 pandemic. In a remarkable display of economic resilience following the COVID-19 pandemic, 25 Indian states have achieved over 7% growth in their Gross State Domestic Product (GSDP) during the fiscal years 2021-22 and 2022-23, according to a report by the PHD Chamber of Commerce and Industry (PHDCCI). Notably, 17 of these states have surpassed a 9% growth rate, with Gujarat, Kerala, Telangana, Rajasthan, West Bengal, Bihar, Karnataka, Uttar Pradesh, Haryana, and Odisha leading the charge.
The PHDCCI report underscores the diverse sectoral strengths contributing to this robust economic performance. Punjab, Haryana, and Uttar Pradesh have emerged as leaders in agricultural production, ensuring national food security. Chhattisgarh, Madhya Pradesh, and Odisha have capitalized on their rich industrial and mineral resources to drive industrial growth. Simultaneously, Maharashtra, Gujarat, and Karnataka have excelled in industrial and technological advancements, significantly boosting the nation’s GDP.
Tourism-centric states like Kerala, Rajasthan, and Goa have leveraged India’s rich cultural heritage to enhance foreign exchange earnings and support the economy. Infrastructure development has been a focal point, with Tamil Nadu and Andhra Pradesh making substantial progress in various projects. Rajasthan and Gujarat have taken the lead in renewable energy initiatives, aligning with India’s sustainable development goals.
Improved connectivity in the Northeastern states has transformed the region into a burgeoning hub for trade and tourism, further strengthening its role in the national economy. In human development, Kerala and Tamil Nadu have set benchmarks in education and healthcare innovation, contributing to significant improvements in human development indices.
Initiatives such as Gujarat’s Vibrant Gujarat Summit, Punjab’s PITEX trade fair, and Telangana’s IT corridor have been instrumental in attracting foreign investments, amplifying India’s global outreach.
To sustain and enhance state-level growth, the PHDCCI proposes a comprehensive nine-pronged strategy aimed at achieving “Viksit Bharat” (Developed India). This strategy focuses on improving the ease of doing business, reducing operational costs, accelerating infrastructure development, promoting sustainable growth, and boosting the services sector. Additionally, it emphasizes the need to strategize for export growth, foster skill development and innovation, invest in health and education, and adopt and share successful state-level practices.
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The report’s findings highlight the dynamic and resilient nature of India’s state economies, showcasing their pivotal role in the nation’s post-pandemic recovery and ongoing development trajectory.
