Gandhinagar, Dec 5 (NationPress) Gujarat has established itself as one of India's most rapidly expanding major economies, achieving a remarkable 8.42 percent average growth rate over the last decade when adjusted for constant prices.

The state’s per-capita income has surpassed the Rs 3 lakh threshold for the first time, signifying an important economic achievement, according to officials.

This impressive performance coincides with India recording an 8.2 percent GDP growth in the July-September quarter, with Gujarat playing a pivotal role in maintaining the nation’s growth trajectory, reinforcing its reputation as India’s economic powerhouse.

As per the latest statistics, Gujarat’s Gross State Domestic Product (GSDP) reached Rs 24.62 lakh crore in 2023-24, securing its position among the top five state economies in India, following Maharashtra, Tamil Nadu, Uttar Pradesh, and Karnataka. Growth measured at constant prices provides the most reliable insight into genuine economic progress.

From 2012–13 to 2023-24, Gujarat posted an average real growth rate of 8.42 percent, the highest among states with economies exceeding Rs 10 lakh crore. It outperformed Karnataka (7.69 percent) and Tamil Nadu (6.29 percent), even as larger economies generally encounter structural slowdowns.

The ongoing growth in Gujarat is propelled by its robust industrial foundation, investor-friendly policies, excellent infrastructure, and effective governance.

The latest GSDP figures from Gujarat underline the strength of a diverse economy that continues to fuel rapid state expansion.

The manufacturing sector is the cornerstone of Gujarat’s growth narrative, contributing Rs 7.43 lakh crore, which is nearly one-third of the state’s Gross State Value Added (GSVA).

Construction and utilities contributed an additional Rs 2.31 lakh crore, showcasing the state's ongoing infrastructure development.

Moreover, the trade, transport, financial services, and real estate sectors collectively generated Rs 7.81 lakh crore, emphasizing Gujarat’s strong services framework.

Agriculture, forestry, and fisheries contributed Rs 3.69 lakh crore, ensuring that rural and traditional sectors remain vital to Gujarat’s inclusive development strategy.

In total, the state’s economy at current prices has surged from Rs 6.16 lakh crore in 2011–12 to Rs 24.62 lakh crore in 2023–24, indicating a nearly four-fold growth in just over a decade, affirming Gujarat’s status as one of India’s most vibrant economic engines.

For the first time, Gujarat’s per-capita income has exceeded Rs 3,00,957, positioning the state among India’s top five economies and ahead of several larger states, including Maharashtra and Uttar Pradesh.

This figure indicates enhanced labor productivity, expanding opportunities, and strong engagement across various economic sectors.

With a rapidly growing economic foundation, elevated per-capita income, and the highest long-term growth rate among major states, Gujarat continues to distinguish itself as one of India’s most dynamic and resilient economies.

At an impressive 8.42 percent real growth rate, the state showcases effective governance, stability, and strategic policy implementation, further solidifying its role as a national development model.