Indian States by GDP
In 2015, India's economy grew by 7.5%, which was 0.6% better than what China did in the same year. These two countries, which happen to be the most populous in the world, have seen a meteoric rise over the last few decades. They are both members of BRICS. India is the world's seventh-largest economy measured by nominal GDP (Gross Domestic Product) and the largest by PPP (Purchasing Power Parity). Categorized as a newly industrialized country, India is one of the G20 nations. The country has had an average annual growth rate of approximately 7% over the last decade, overtaking China as 2014's fastest growing economy.
India has 36 states. According to figures released by its Ministry of Statistics and Program Implementation for the period 2014-2015, the three states of Maharashtra, Tamil Nadu, and Utter Pradesh were leading in GDP.
Maharashtra, the richest state regarding GDP, has a diversified economy. It owes its success to international trade, mass media (television, movies, video games, and music), aerospace, technology, petroleum, fashion, apparel, and tourism. The state leads in industrialization in India. Most major corporate and financial institutions in the country have their headquarters in the state's capital city Mumbai, which also happens to be the financial capital of India. The state of Maharashtra also has the largest proportion of taxpayers in India. The state's share markets transact 70% of the country's stocks. The service sector dominates the economy of Maharashtra. The state recorded a GDP of US$250 billion in 2014-2015.
Tamil Nadu, the second richest state regarding GDP, is a leader in the production of agricultural products in India. It is the fifth biggest producer of rice and produces 10% of fruits and 6% of vegetables in the country. Its leading fruit crops are mango and banana; they account for 87% of total fruit production. Its main vegetables are tapioca, tomato, eggplant, and drumstick. Other economic sectors in Tamil Nadu include textiles, automobiles, heavy industries and engineering, and electronics and software. Rather than be dependent on agriculture, Tamil Nadu has diversified its economy and is one of the highly industrialized states of India. The state in 2014-2015 recorded a GDP of US$150 billion.
Uttar Pradesh ranks third in the list of Indian states by GDP, contributing 7.8% to India's GDP. An agricultural state, Uttar Pradesh is the country's leading producer of sugar. Sugarcane is the main cash crop and wheat being the main food crop. Uttar Pradesh is also an industrialized economy, being home to some locomotive plants, and manufacturing products such as electrical equipment, steel, leather, textiles, jewelry, and automobiles. The state of Utter Pradesh in 2014-2015 recorded a GDP of US$150 billion.
Troubling Disparities In Wealth
There are however troubling disparities in the standards of living in India, especially in its rural areas. It has also been noted that there are sharp and growing regional variations among India's states regarding GDP, per capita income, and availability of infrastructure. The country implements five-year plans targeting infrastructure development. These five-year plans encourage industrial development in the interior states in the attempt to reduce the disparities between states like Maharashtra and the less prosperous states.