CHENNAI: The state seems to be back on a two-digit growth rate with the revised estimates released by Union Ministry of Statistics and Programme Implementation (MoSPI) showing the state’s Gross State Domestic Product (GSDP) growing at 11.19% (at constant prices) in 2024-25.
This far surpassed the advanced estimate of 9.69% released by MoSPI in April, the state’s own projection of a real growth of 9% made in this year’s budget and its Economic Survey for 2024-25.
The state hit the two-digit mark previously in 2010-11, the last year of the previous DMK government, when it recorded a growth rate of 13.12%. Tamil Nadu’s GSDP then was however, less than one-fourth of its size of Rs 17.2 lakh crore in 2024-25, as per the latest data put out by MoSPI, prepared as on August 1.
The data showed that Tamil Nadu, which led the country when the advanced estimates showing a growth rate of 9.69% were released in April, continued to be on top while also becoming the only state in India to record the double-digit growth rate of 11.19%.
It is noteworthy that the first-ever Economic Survey of Tamil Nadu, prepared by the State Planning Commission this year had said the state has to maintain a sustained growth rate of 12% to achieve its ambitious aim of becoming a $1 trillion economy by 2030.
Maharashtra, the only State with an economy bigger than Tamil Nadu, grew at 7.27%.
Karnataka and Uttar Pradesh with comparable GSDP grew at 7.37% and 8.99% respectively, according to MoSPI figures, which were based on the data from the Directorate of Economics and Statistics of the respective State governments. The data for Gujarat, which also has a GSDP comparable to Tamil Nadu, has not been made available.
The latest data showed that Tamil Nadu crossed the 9% mark in 2023-24 as the revised estimate showed a growth rate of 9.26% compared to the previous estimate of 8.23%. The growth rate for 2022-23, however, was revised downwards from 8.13% to 6.17% in the latest estimate.
The state’s per capita net state domestic product grew at 10.79% in 2024-25 at constant prices, the data showed. The state’s per capita income at constant prices was Rs 1.97 lakh in 2024-25.
Barring the National Capital Territory of Delhi, only Karnataka recorded a higher per capita income of Rs 2.04 lakh.
The base year was 2004-05 for the figures up to 2010-11.