The pandemic seems to have hit India’s national accounting system with the combined GSDP (Gross State Domestic Product) exceeding Rs 4.7 lakh crore from the national GDP in 2011-12 at the cost of 26 large states and union territories, which RBI The data collected from . State Governments. And this is despite the fact that the four north-eastern states and smaller union territories are not a part of the total.
For the financial year 2020-21, the combined total of GSDP (constant value) of these 26 states and union territories for which data is available is Rs 140.3 lakh crore. But according to the estimates made on May 31, the country’s GDP in the same year was Rs 135.6 lakh crore at constant prices.
An analysis of 2011-12 data, the year from which state GSDP data is available for 2011-12 base, shows that in the past, the combined GSDP of 26 large states and union territories accounted for 97% of the country’s GDP and was between 99%. , In 2019-20, it increased to 99.9% of the national GDP but for 2020-21 it was 104% of India’s GDP. This means that the sum total of these state economies being larger than the country’s economy is clearly not possible.
Many of the state’s GSDP numbers are quick estimates and are likely to be revised in the future. But as they stand, they suggest that some states actually saw economic growth in the midst of the pandemic, even as the Indian economy as a whole shrank by 6.6%.
Of these 26 states and union territories, seven saw an increase in the size of their economy. Although Tripura and Sikkim recorded the highest growth rates, the most notable are Tamil Nadu, West Bengal and Bihar. Tamil Nadu, which is India’s second largest state economy (9.6% of the national GDP estimate for 2020-21), grew by 1.4% in 2020-21. Similarly, West Bengal, which accounts for 5.8% of the national GDP, grew by 1.1%. The growth rate for Bihar was 2.5%, which is 3.1% of the national GDP. Other states/UTs that posted positive growth rates were Goa and Jammu and Kashmir. Ironically, both are largely dependent on tourism, an industry that was hit hardest by the pandemic.
Other large states that managed to limit their deficit to less than 3% of GSDP in 2019-20 were Gujarat, Karnataka, Andhra Pradesh, Telangana, Assam and Chhattisgarh. from them, Gujarat constituted 9.2% of the national GDP in 2020-21, while KarnatakaIts share was 8.2%.
Kerala seems to have suffered the most as the state’s economy shrank by 9.2%. The figures for Maharashtra, the country’s largest state economy with around 14% of the national GDP for 2020-21, stood at 7.6%.
Other states whose economy shrank by 6% or more were Haryana, Delhi, HP, UP, Rajasthan Rajasthan and Punjab. Among the smaller states, Meghalaya was the worst affected as its economy shrank by 7.5%. Data for 2020-21 was not available for Andaman and Nicobar Islands, AP, Chandigarh, Manipur, Mizoram, Nagaland and Puducherry.
For the financial year 2020-21, the combined total of GSDP (constant value) of these 26 states and union territories for which data is available is Rs 140.3 lakh crore. But according to the estimates made on May 31, the country’s GDP in the same year was Rs 135.6 lakh crore at constant prices.
An analysis of 2011-12 data, the year from which state GSDP data is available for 2011-12 base, shows that in the past, the combined GSDP of 26 large states and union territories accounted for 97% of the country’s GDP and was between 99%. , In 2019-20, it increased to 99.9% of the national GDP but for 2020-21 it was 104% of India’s GDP. This means that the sum total of these state economies being larger than the country’s economy is clearly not possible.
Many of the state’s GSDP numbers are quick estimates and are likely to be revised in the future. But as they stand, they suggest that some states actually saw economic growth in the midst of the pandemic, even as the Indian economy as a whole shrank by 6.6%.
Of these 26 states and union territories, seven saw an increase in the size of their economy. Although Tripura and Sikkim recorded the highest growth rates, the most notable are Tamil Nadu, West Bengal and Bihar. Tamil Nadu, which is India’s second largest state economy (9.6% of the national GDP estimate for 2020-21), grew by 1.4% in 2020-21. Similarly, West Bengal, which accounts for 5.8% of the national GDP, grew by 1.1%. The growth rate for Bihar was 2.5%, which is 3.1% of the national GDP. Other states/UTs that posted positive growth rates were Goa and Jammu and Kashmir. Ironically, both are largely dependent on tourism, an industry that was hit hardest by the pandemic.
Other large states that managed to limit their deficit to less than 3% of GSDP in 2019-20 were Gujarat, Karnataka, Andhra Pradesh, Telangana, Assam and Chhattisgarh. from them, Gujarat constituted 9.2% of the national GDP in 2020-21, while KarnatakaIts share was 8.2%.
Kerala seems to have suffered the most as the state’s economy shrank by 9.2%. The figures for Maharashtra, the country’s largest state economy with around 14% of the national GDP for 2020-21, stood at 7.6%.
Other states whose economy shrank by 6% or more were Haryana, Delhi, HP, UP, Rajasthan Rajasthan and Punjab. Among the smaller states, Meghalaya was the worst affected as its economy shrank by 7.5%. Data for 2020-21 was not available for Andaman and Nicobar Islands, AP, Chandigarh, Manipur, Mizoram, Nagaland and Puducherry.