Key Points
Indias eight states will have an over $1 trillion economy as the country moves towards becoming a developed nation by FY47, India Ratings and Research (Ind-Ra) noted in its report Monday.. Ind-Ra estimates that of the 28 states, Maharashtra, Karnataka and Gujarat would be the first ones to achieve the $1 trillion mark, and this would happen in FY39, the domestic rating agency said.. Ind-Ra pointed out that Maharashtra will be the first to hit the $1 trillion mark, followed by Karnataka, Gujarat, and Tamil Nadu..
The states are likely to miss their goals to become a $1 trillion economy..
Maharashtra has set a goal to achieve $1 trillion economy by FY28, followed by Uttar Pradesh, Tamil Nadu in 2030 and Karnataka by 2032...
As per the World Banks income classification level for FY23, Goa and Sikkim were the only states in the upper middle-income category (per capita income of USD4,256-13,205), Ind-Ra said..
Chhattisgarh, Uttar Pradesh, Rajasthan, West Bengal, Bihar, Jharkhand and Punjab grew slower than the national per capita rate, whereas seven states witnessed a growth rate higher than 6%..
