Gujarat holds 8.20% share in India’s GDP: State FM

Updated: Feb 29th, 2024

Gujarat State Assembly

As the budget session in the state assembly is about to end today, finance minister Kanu Desai stated on Feb 28 that Gujarat’s gross state domestic product (GSDP) will rise past ₹42 lakh cr in five years.

The state’s contribution to the national GDP (gross domestic product) is also aimed at being 10% after the same period.

Gujarat currently holds a massive share of 8.20% of India’s GDP and a 31.75% share of total exports.

Gujarat’s GSDP has experienced a growth of 14.89% in the last two years.

Similarly, the state’s GSDP has spiked from ₹6.15 lakh cr in 2011–12 to an estimated ₹22.30 lakh cr in 2023–24 in 10 years.

Tax income utilisation

Desai mentioned that the resources developed through public debt will be utilised for public development. 

When GST (goods and services tax) was implemented, Gujarat had a population of 5.08 lakh taxpayers. This number has now spiralled up to 11.72 lakh, at an increase rate of 130%, he said.

According to Desai, GST earnings have also spiked from ₹49,000 cr to ₹1.04 lakh cr in the same tenure.

The total gross revenue through GST, VAT (value added tax), electricity tax, and business tax in the 2022–23 tenure stood at ₹1,14,864 cr, he added.

The state is also set to cross the ₹1 lakh cr mark for the first time with its tax revenues. As of Feb 20, 2024, these revenues were ₹1.09 lakh cr, against the revised target of ₹1.05 cr for the current financial year. Thus indicating that the state’s tax department has achieved its annual target in 11 months, concluded Desai.

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Gujarat’s battle with growing debts and heavy interest burdens

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