New Delhi, Apr 4 (Bureau) The size of Madhya Pradesh and Odisha economies in nominal terms more than doubled in FY22 compared to FY16, India Ratings said on Tuesday. In the aftermath of Covid-19, the recovery in the nominal GDP growth of a number of state economies has been swifter than the national average (FY21-FY22: 8.5 per cent), it said. A glance at the data suggested that the recovery in nominal GDP of 13 states, accounting for 27.5 per cent of the India’s GDP, lagged behind the national average during FY21-FY22, the agency said. Maharashtra, Tamil Nadu, Uttar Pradesh, Karnataka, Gujarat, West Bengal, Rajasthan, Andhra Pradesh, Telangana and Kerala were the 10 largest sub-national economies in FY16. In FY22 except Kerala, all other states remained in the top 10.
Madhya Pradesh replaced Kerala in the top 10 to be the eighth-largest sub-national economy in FY22. Although Maharashtra and Tamil Nadu retained their top positions in FY22, Karnataka replaced Uttar Pradesh as the third-largest sub-national economy in FY22, the agency said. Gujarat also moved up to the fourth position in FY22 from fifth in FY16, it said. Madhya Pradesh not only entered in the top 10 sub national economies in FY22, but also its size in FY22 compared to FY16 increased as much as the size of Andhra Pradesh (INR6.0 trillion) in FY16. Similarly, the size of Bihar’s nominal GDP in FY22 over FY16 increased as much as the combined size of Himachal Pradesh and Uttarakhand in FY16. Even the size of Odisha’s nominal GDP in FY22 over FY16 increased as much as the combined size of Himachal Pradesh and Jharkhand in FY16. Incidentally, Madhya Pradesh and Odisha were the only two states which were able to more than double the size of their respective economies in FY22 over FY16, the agency noted.