Economy of Gujarat
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.It has the highest exports of any Indian state, accounting for 33% of all Indian exports in 2022-23. It leads in diverse industrial sectors such as chemicals, petrochemicals, dairy, drugs and pharmaceuticals, cement and ceramics, gems and jewellery, textiles and engineering. It has the highest Electricity Production Capacity and Maritime Port Cargo Volume 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.
Ahmedabad, the financial capital and largest city of Gujarat | |
| Currency | Indian Rupee ₹ |
|---|---|
| 1 April – 31 March | |
| Statistics | |
| GDP | ₹27.9 lakh crore (US$349 billion) (2024–25 est.) |
| GDP rank | 4th |
GDP growth | 17.4% (2021–22) 15.5% (2022–23 est.) 13.3% (2023–24 est.) |
GDP per capita | ₹389,332 (US$4,876) (2024-25) |
GDP per capita rank | 8th |
GDP by sector | Agriculture: 20% Industry: 45% Services: 35% (2022–23) |
Population below poverty line | 15% in poverty (2019–20) |
| 0.638 medium (2021) (23rd) | |
| Unemployment | 3.9% (Nov 2020) |
Main industries |
|
| External | |
| Exports | US$150 billion (2022-2023) |
Export goods |
|
FDI stock | ₹20,169 crore (US$2.5 billion) (2020-21) |
| Public finances | |
Government debt | 15.27% of GSDP (2023–24 est.) |
| ₹−44,930 crore (US$−5.6 billion) 1.8% of GSDP (2023–24 est.) | |
| Revenues | ₹2.25 lakh crore (US$28 billion)(2023–24 est.) |
| Expenses | ₹2.7 lakh crore (US$34 billion)(2023–24 est.) |
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.
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.