Economy of Gujarat

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Economy of Gujarat

Ahmedabad, the financial capital and largest city of Gujarat
Currency	Indian Rupee ₹
Fiscal year	1 April – 31 March
Statistics
GDP	₹27.9 lakh crore (US$349 billion) (2024–25 est.) [1]
GDP rank	4th
GDP growth	17.4% (2021–22)[2] 15.5% (2022–23 est.)[3] 13.3% (2023–24 est.)[1]
GDP per capita	₹389,332 (US$4,876) (2024-25)[1]
GDP per capita rank	8th
GDP by sector	Agriculture: 20% Industry: 45% Services: 35% (2022–23)[1]
Population below poverty line	15% in poverty (2019–20)[4]
Human Development Index	0.638 medium (2021) (23rd)[5]
Unemployment	3.9% (Nov 2020)[6]
Main industries	Gems and jewellery pharmaceutical textile chemical ceramics automobile refining and petrochemicals
External
Exports	US$150 billion (2022-2023)[7]
Export goods	Refined petroleum products pearls, precious and semi-precious stones iron and steel biomedical products chemicals financial services
FDI stock	₹20,169 crore (US$2.5 billion) (2020-21)[8]
Public finances
Government debt	15.27% of GSDP (2023–24 est.)[2]
Budget balance	₹−44,930 crore (US$−5.6 billion) 1.8% of GSDP (2023–24 est.)[2]
Revenues	₹2.25 lakh crore (US$28 billion)(2023–24 est.)[2]
Expenses	₹2.7 lakh crore (US$34 billion)(2023–24 est.)[2]

The economy of Gujarat, a state in Western India, is the most industrialised in India, having the highest industrial output of any state in the union.^[9]It has the highest exports of any Indian state, accounting for 33% of all Indian exports in 2022-23.^[10] It leads in diverse industrial sectors such as chemicals, petrochemicals, dairy, drugs and pharmaceuticals, cement and ceramics, gems and jewellery, textiles and engineering.^[11] It has the highest Electricity Production Capacity^[12] and Maritime Port Cargo Volume^[13] among all states in India. It also has significant agricultural production with major agricultural produce of the state being cotton, groundnuts (peanuts), dates, sugar cane, milk and milk products. Gujarat recorded the lowest unemployment rate in India in 2022, with 4.4% of the labour force being unemployed.^[14]

Gujarat is ranked number one in the pharmaceutical industry in India, with a 33% share in drug manufacturing and 28% share in drug exports. The state has 130 USFDA certified drug manufacturing facilities. Ahmedabad and Vadodara are considered as pharmaceutical hubs as there are many big and small pharma companies established in these cities.^[15]

Gujarat has the longest coastline in India (1,600 km [990 mi]), and its ports (both private and public sector) handle around 40% of India's ocean cargo, with Mundra Port located in Gulf of Kutch being the largest port of India by cargo handled (144 million tons) due to its favorable location on the westernmost part of India and closeness to global shipping lanes. Gujarat also contributes around 20% share in India's industrial production and merchandise exports.