Tamil Nadu’s Gross State Domestic Product grew 8.23% in 2023-24
The Hindu
Tamil Nadu's economic growth, per capita income, and sector-wise contributions compared to national averages from 2012-24.
Tamil Nadu’s Gross State Domestic Product (GSDP) grew 8.13% in 2022-23 and 8.23% in 2023-24 at constant prices, while at current prices, the growth rates were 15.48% in 2022-23 and 13.71% in 2023-24.
The growth rates for the All India GDP were 6.99% in 2022-23 and 8.15% in 2023-24 at constant prices, while at current prices, they were 14.21% in 2022-23 and 9.60% in 2023-24, the State Department of Economics and Statistics said in a statement issued on Monday.
Tamil Nadu ranked second in GSDP at current prices, only behind Maharashtra, and third in GSDP at constant prices, being surpassed by Maharashtra and Gujarat, in 2022-23. A relative ranking for 2023-24 could not be estimated as the GSDP data for a few other States has not been released, it added.
Tamil Nadu’s inflation rates were 5.97% in 2022-23 and 5.37% in 2023-24, compared to the All India inflation rates of 6.65% and 5.38% during the respective periods, the statement said.
Tamil Nadu’s average economic growth rate was 5.80% in real terms from 2012-13 to 2020-21. The growth rates for 2021-22, 2022-23, and 2023-24 were 7.89%, 8.13%, and 8.23% respectively at constant prices. This resulted in an average growth rate of 8.08%, reflecting a notable improvement in the State’s overall economic performance compared to earlier years, it added.
Tamil Nadu’s per capita income was estimated at ₹1,66,590 in 2022-23 and ₹1,79,732 in 2023-24, compared to India’s per capita income of ₹99,404 in 2022-23 and ₹1,06,744 in 2023-24 at constant prices. This indicates that Tamil Nadu’s per capita incomes were 1.68 times the national per capita income for both years, according to the data.
At current prices, Tamil Nadu’s per capita income was ₹2,77,802 in 2022-23 and ₹3,15,220 in 2023-24, whereas the All-India per capita income was ₹1,69,496 in 2022-23 and ₹1,84,205 in 2023-24. Thus, Tamil Nadu’s per capita income at current prices was 1.71 times of the national per capita income in 2023-24, as per the data.
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