A Closer Look at the Most Developed States in 2023: Charting Progress and Expectations for 2024
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Explore the economic strides of India’s leading states in 2023, analyzing GDP growth, current standings, and future projections of leading states of the nation. Witness the dynamic evolution shaping these states as they aim for sustained development in 2024.
- Table of Content
- What will you find here?
- Final Thoughts
What will you find here?
As we bid farewell to 2023, it’s imperative to assess the economic landscape and recognize states that have demonstrated exceptional development. This article delves into the growth trajectories of Maharashtra, Karnataka, Tamil Nadu, Gujarat, Uttar Pradesh, Andhra Pradesh, Telangana, Odisha, and West Bengal. Analysing factors such as GDP growth, economic evolution, current standings, and projections for 2024 sheds light on the dynamic nature of India’s economic powerhouse.
1. Maharashtra
Maharashtra, the financial capital of India, continues to be a frontrunner in economic development. The ongoing ambitious 701-km expressway, connecting Nagpur and Mumbai, is on the verge of completion, with just under 100 km remaining to be finalised.
As India, under the leadership of Prime Minister Modi, aspires to achieve the monumental goal of becoming a USD 5 Trillion economy by 2026-2027, Maharashtra is expected to play a pivotal role. Historically, the state has been a significant contributor to the country’s economic growth. With the Samruddhi Mahamarg project connecting Nagpur and Mumbai as a shining example which connects Mumbai-Delhi expressway, there is optimism that Maharashtra will continue to lead in infrastructure development, contributing substantially to the nation’s overall economic aspirations.
In an exciting development for the cityscape, Maharashtra has officially given the green light to an ambitious plan—the construction of a Third Mumbai which will both luxury and affordable housing with all the modern amenities. Looks like something as close to Navi Mumbai Project.
As Maharashtra positions itself as a key player in India’s journey towards a USD 5 Trillion economy, the approval of such transformative projects underscores the state’s determination to be at the forefront of economic and infrastructural advancements.
In 2023, Maharashtra held a top position in GDP rankings, fueled by Mumbai’s bustling financial sector and Pune’s thriving IT hub.
For 2024, expectations are high as the state aims to sustain its growth momentum, especially with ongoing infrastructure projects and investments in key sectors.
2. Karnataka
Home to India’s Silicon Valley, Karnataka has emerged as a technological and innovation hub, contributing significantly to the country’s economic landscape.The Indian Railways has invested heavily in Karnataka’s railway infrastructure in 2023. Several new railway lines have been sanctioned, and existing lines are being upgraded. The Vande Bharat Express train was also launched between Mysuru and Chennai in 2023.
Significant progress in road network development. Over 6,000 km of state highways were upgraded to national highways. Ongoing work on Bengaluru-Chennai and Bengaluru-Mysuru expressways. Bengaluru, the state capital, has played a pivotal role in attracting global tech giants and fostering a culture of innovation.
Major expansion of Kempegowda International Airport in Bengaluru with new modern airports under construction in Hubballi and Belagavi. Karnataka’s economic outlook for 2024 remains optimistic, with continued emphasis on technology, research, and development.
3. Tamil Nadu
Tamil Nadu has witnessed a commendable economic transformation, driven by a mix of manufacturing, services, and agriculture. The state’s automotive and manufacturing sectors have been key contributors to its GDP growth in 2023.
Chennai, the capital, has emerged as a manufacturing hub, hosting major industries. It is the state that will be also the hub of manufacturing apple products for India.
The state government has focused on improving its road network in 2023. Over 3,000 km of state highways have been upgraded to national highways, and work is underway on several new expressways, including the Chennai-Salem Expressway and the Chennai-Madurai Expressway. The Chennai Port is one of the busiest ports in India and is undergoing a major expansion. The state government is also developing new ports in Colachel and Cuddalore.
As Tamil Nadu positions itself as an investment-friendly destination, expectations for 2024 include sustained economic growth with a focus on infrastructure development and industry diversification.
4. Gujarat
Gujarat, known for its proactive industrial policies and investor-friendly environment, has shown robust economic growth in 2023. The state government has made significant progress in developing its road network in 2023.
Projected GDP growth of 8.5% in 2023-24, driven by strong manufacturing and services sectors. Over 5,000 km of state highways have been upgraded to national highways, and work is underway on several new expressways, including the Ahmedabad-Vadodara Expressway and the Mumbai-Vadodara Expressway.
The Mundra Port is one of the busiest ports in India and is undergoing a major expansion. The state government is also developing new ports in Pipavav and Kandla. The Sardar Vallabhbhai Patel International Airport in Ahmedabad is one of the busiest airports in India and is undergoing a major expansion. The state government is also developing new airports in Surat and Rajkot.
The state’s maritime and petrochemical industries have been pivotal in its economic evolution.
With the development of the Dholera Special Investment Region and other mega projects, Gujarat aims to bolster its position in 2024. The state’s commitment to renewable energy and sustainable development adds an additional dimension to its economic agenda.
5. Uttar Pradesh
Uttar Pradesh, with its vast population and diverse economy, has made significant strides in economic development. The state’s focus on infrastructure projects, such as the Purvanchal Expressway, has contributed to its GDP growth in 2023. As Uttar Pradesh positions itself as an attractive investment destination, expectations for 2024 include sustained economic growth, job creation, and further development of key sectors.
And who can forget the ongoing final touch to the huge Ram mandir that has been built in Ayodhya, Uttar Pradesh. Many a-listers across India have been invited for this event.
6. Andhra Pradesh
Andhra Pradesh’s economic growth in 2023 can be attributed to its focus on agriculture, manufacturing, and services. The state’s capital, Amaravati, is envisioned as a smart and sustainable city, contributing to its economic vibrancy.
Industries Minister Gudivada Amarnath has mentioned that Andhra Pradesh has achieved a GSDP growth of 11.43%, which is comparatively higher than the national average of 8.5%. Recently, Andhra Pradesh ups free medical treatment scheme limit to Rs 25 lakh, monthly social pension to Rs 3,000: This move aims to improve healthcare access and social security for the underprivileged.
In 2024, Andhra Pradesh aims to strengthen its position with continued emphasis on infrastructure development, technology adoption, and sustainable practices.
7. Telangana
Telangana, with Hyderabad as its economic nucleus, has experienced rapid development in recent years. The state’s IT and pharma sectors have been driving forces behind its economic growth in 2023.
This young state has signed an agreement with Foxconn Group in Hyderabad and all required grants and permission are being given to set the industry in the state. The current Telangana Government, is all set to work for the poorest of the state and not simply invested in development of Hyderabad only but is invested in developing the whole Telanagan instead.
For 2024, Telangana anticipates sustained growth, supported by initiatives to promote innovation, research, and development. Hyderabad’s emergence as a global tech and business hub adds impetus to the state’s economic aspirations.
8. Odisha
Odisha, endowed with rich natural resources, has seen notable economic progress in 2023. The state’s focus on mining, steel, and infrastructure projects has contributed to its economic growth.
Recently, the new metro rail project has been proposed and the construction has kickstarted in collaboration with DMRC in the state capital city of Bhubanswar. Not only this, the Puri Heritage Jagannath Temple corridor has been beautified with all modern facilities to facilitate all the tourists coming from various parts of India.
As Odisha gears up for 2024, emphasis on sustainable development, renewable energy, and infrastructure expansion are expected to be key drivers of its economic agenda.
9. West Bengal
West Bengal’s economic landscape has witnessed positive changes in 2023, with a focus on industrial development, manufacturing, and services. Kolkata, the state capital, continues to be a significant economic centre.
West Bengal accounted for over 6% of the national GDP during FY 2022-23 as its GSDP growth accelerated from pandemic lows to 10.76% in FY 2021-22, and 8.41% in FY 2022-23.
The Chief Minister has also announced a policy to promote biofuels and a new sub-sea cable landing station at Digha to help improve internet connectivity in the eastern region.
“By 2023, Bengal will join the National Gas Grid and bring revolution in city gas supply,” Mamta Banerjee promised.
In 2024, West Bengal aims to build on its current momentum with strategic investments in key sectors, infrastructure projects, and initiatives to attract investors.
Final Thoughts
As we reflect on the economic landscape of these states in 2023, it is evident that each has unique strengths and strategies contributing to their development.
While sustaining growth and addressing challenges will be crucial, the states are poised to make significant contributions to India’s overall economic progress in 2024. Observing the economic trajectories of Maharashtra, Karnataka, Tamil Nadu, Gujarat, Uttar Pradesh, Andhra Pradesh, Telangana, Odisha, and West Bengal provides valuable insights into the diverse and dynamic nature of India’s evolving economic landscape.
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