5 Top Indian State comparison with Countries by GDP
The Indian economy is the fifth-largest in the world measured by nominal GDP and the third-largest by purchasing power parity (PPP). The Indian economy has been growing at a steady rate in recent years, with GDP growth averaging around 7% per year since 2014. However, the economy has been affected by the COVID-19 pandemic, resulting in a contraction in GDP in 2020. The government has been taking various measures to revive the economy, including monetary policy measures by the Reserve Bank of India and fiscal measures by the government. The service sector is the largest contributor to the Indian economy, followed by the industrial and agricultural sectors.
Gross Domestic Product (GDP) is the monetary value of all the finished goods and services produced within a country’s borders in a specific time period, typically a year. It is used as an indicator of a country’s economic health and growth. GDP can be measured in three ways: by the total value of goods and services produced (GDP), by the total income earned by residents (Gross National Income (GNI)), and by the total amount spent by residents (Gross National Expenditure (GNE)). The most widely used method to measure GDP is the “expenditure approach,” which calculates GDP as the sum of consumption, investment, government spending, and net exports. There are also different ways of calculating GDP growth rates, such as nominal GDP or real GDP. Nominal GDP is calculated based on current prices, while real GDP is adjusted for inflation.
Gross Domestic Product (GDP) of Indian Administrative Regions
The above bar shows the percentage proportion of regional GDP against the total GDP of the country.
MAHARASHTRA
GDP – $ 350 Billion/ ₹ 28,18,554 Crores
State Rank – 1st in India
COLOMBIA
GDP – $ 343 Billion/ ₹ 27,95,982 Crores
Country Rank – 44th in World
Maharashtra is one of the most industrialized and economically developed states in India. The state’s economy is primarily driven by agriculture, manufacturing, and services. Maharashtra is India’s leading producer of sugarcane, cotton, and oranges. The state is also home to several major industrial centres, such as Mumbai, Pune, and Nashik, which are known for their thriving manufacturing and IT industries. Additionally, Maharashtra is a significant contributor to the country’s service sector, with the state’s capital, Mumbai, being a major financial and business hub. Overall, the state’s economy is diverse and robust, and it continues to be a significant contributor to India’s overall economic growth.
The economy of Colombia is considered to be upper-middle income and is heavily dependent on the export of oil and minerals, as well as agricultural products such as coffee and flowers. The country has a diverse and dynamic service sector, which has grown rapidly in recent years. Colombia also has a large informal economy, which includes small-scale street vendors, domestic workers, and other unregistered businesses. Despite ongoing armed conflict and security challenges, the Colombian economy has been growing steadily over the past decade, and the government has implemented various economic and social reforms aimed at promoting long-term growth and stability.
TAMILNADU
GDP – $ 230 Billion/ ₹ 18,74,857 Crores
State Rank – 2nd in India
KAZAKHSTAN
GDP – $ 224 Billion/ ₹ 18,25,947 Crores
Country Rank – 53rd in World
The economy of Tamil Nadu, a state in southern India, is one of the most developed and diversified in the country. It is known for its strong industrial base and agricultural productivity. The state’s primary industries include textiles, automobiles, engineering, and information technology. The city of Chennai, in Tamil Nadu, is a major automobile manufacturing hub and is known as the “Detroit of India.” The state also has a thriving agricultural sector, with a focus on crops such as rice, sugarcane, and bananas. Tamil Nadu also has a significant service sector, particularly in the areas of healthcare, education, and finance. The state has a large pool of skilled labour and a well-developed infrastructure, which has contributed to its economic growth and development.
Kazakhstan is a country with a mixed economy, with a large state sector and increasing private sector participation. The country’s economy is heavily dependent on its natural resources, particularly oil, natural gas, and minerals such as coal, copper, and gold. The government has been implementing economic reform programs to develop and diversify its economy, including privatizing state-owned companies and encouraging foreign investment.
The service sector is also growing and becoming a more important part of the economy, especially in the areas of finance, transportation, and telecommunications. Agriculture is also an important sector, with Kazakhstan being one of the world’s largest producers of wheat.
In recent years, Kazakhstan has been facing economic challenges due to declining oil prices and the devaluation of its currency. Despite these challenges, the government has been taking steps to address the situation and improve the overall economic situation of the country.
Kazakhstan is also a member of the Eurasian Economic Union, which allows for free trade among the member countries, Kazakhstan is also trying to improve its position as a regional hub for trade and transportation, as well as promoting its potential as a destination for foreign investment.
UTTAR PRADESH
GDP – $ 210 Billion/ ₹ 17,11,826 Crores
State Rank – 3rd in India
GREECE
GDP – $ 222 Billion/ ₹ 18,09,644 Crores
Country Rank – 54th in World
The economy of Uttar Pradesh, a state in northern India, is diverse and primarily based on agriculture, manufacturing, and services. Agriculture is a major contributor to the state’s economy, with crops such as wheat, rice, sugarcane, and oilseeds being widely cultivated. The state is also the largest producer of food grains in India and is a major producer of fruits and vegetables.
The manufacturing sector in Uttar Pradesh is also significant, with industries such as textiles, leather, and engineering being important contributors. The state is home to several large-scale industrial units, particularly in the city of Kanpur, which is known for its leather and textile industries.
The service sector is also growing in importance, particularly in the areas of finance, healthcare, and education. The state government has been promoting the growth of the IT and IT-enabled services sector, with the development of software technology parks in several cities across the state.
The state government has also been implementing several policies and schemes to promote industrial development, improve infrastructure and to attract investments. The state has a large population, and a large number of small and medium enterprises, which can be an important source of employment and economic growth.
The economy of Greece has been in a state of crisis since the late 2000s, due to a combination of factors including high levels of government debt, a large trade deficit, and a lack of competitiveness in key industries. The country has implemented a series of austerity measures in an effort to address these issues, but economic growth has remained slow and unemployment remains high. The country has received multiple bailouts from international creditors and has implemented a series of structural reforms to improve the situation, but the economy is still facing many challenges.
GUJARAT
GDP – $ 200 Billion/ ₹ 16,30,310 Crores
State Rank – 4th in India
QATAR
GDP – $ 221 Billion/ ₹ 18,01,493 Crores
Country Rank – 55th in World
The economy of Gujarat, a state in western India, is one of the most developed and industrialized in the country. Gujarat has a diverse economy with strong agricultural, industrial and service sectors. Agriculture is the main occupation of the people of Gujarat, with major crops including cotton, groundnuts, dates, sugar cane and banana. Gujarat is a leading producer of petroleum, natural gas, chemicals, textiles and cement. Gujarat is also known for its rapidly growing industrial sector, with a particular emphasis on the production of automobiles, petrochemicals, and textiles. Gujarat also has a large service sector and is home to some of the country’s most important ports, including the Mundra Port, which is one of the largest ports in India.
Qatar has a highly developed economy that is heavily dependent on its oil and natural gas reserves. The country has the highest GDP per capita in the world, thanks to its abundant natural resources and small population. The oil and gas sector accounts for the majority of Qatar’s GDP and government revenue. However, the country has been diversifying its economy in recent years, with a focus on developing new industries such as finance, construction, and tourism. The government has also been investing heavily in infrastructure projects, including the construction of new ports, airports, and roads. Qatar has also been investing in education and healthcare in order to build a more skilled workforce and attract foreign investment.
KARNATAKA
GDP – $ 200 Billion/ ₹ 16,28,927 Crores
State Rank – 3rd in India
UKRAINE
GDP – $ 200 Billion/ ₹ 16,30,310 Crores
Country Rank – 56th in World
The economy of the Indian state of Karnataka is the fifth largest state economy in India with a gross state domestic product (GSDP) of around $130 billion in 2019-20. The state has a diverse economy with a mix of agriculture, manufacturing and services sectors.
Agriculture is a major contributor to the state’s economy, with major crops including rice, jowar, ragi, maize and sugarcane. The state is also known for its horticulture, with a wide variety of fruits, vegetables and flowers grown.
The manufacturing sector is also an important contributor to the state’s economy, with major industries including aerospace, biotechnology, information technology, electrical and electronic equipment, and heavy engineering.
The state’s service sector is also a major contributor to its economy, with major industries including finance, banking, insurance, and real estate. The state is also home to a large number of software technology parks, which house a large number of software companies and contribute significantly to the state’s economy. Karnataka is also known for its rich cultural heritage, which attracts a large number of tourists to the state, thereby boosting the tourism industry.
The economy of Ukraine is a developing mixed economy, which is heavily dependent on exports, particularly in the steel and agricultural sectors. The country has been facing a number of economic challenges in recent years, including high inflation, a large trade deficit, and a lack of structural reforms.
Ukraine has significant natural resources, including fertile farmland, coal, natural gas, and iron ore, but the country has struggled to develop these resources to their full potential. The country has also struggled to diversify its economy away from heavy industry, with the manufacturing sector accounting for a large share of the country’s GDP.
The service sector is a significant part of the economy, which includes sectors such as finance, retail, and tourism, but it has not been able to fully compensate for the decline of heavy industry. Since the 2014 political crisis and the annexation of Crimea by Russia, the economy has been struggling with high inflation, a sharp decline in GDP and a sharp decline in the national currency, the hryvnia. The country has received multiple loans from international organizations, such as the IMF and EU, to help stabilize its economy, but it has been slow to implement necessary reforms to improve the situation.
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