(MENAFN- IANS) Gandhinagar, Dec 5 (IANS) Gujarat has emerged as one of India's fastest-growing major economies, clocking an impressive 8.42 per cent average growth rate over the past decade at constant prices.

The state's per-capita income has crossed the Rs 3 lakh mark for the first time, marking a significant economic milestone, as per officials.

The strong performance comes at a time when India registered 8.2 per cent GDP growth in the July-September quarter, with Gujarat playing a key role in sustaining the country's growth momentum, earning its reputation as India's growth engine.

According to the latest data, Gujarat's Gross State Domestic Product (GSDP) touched Rs 24.62 lakh crore in 2023-24, placing it among India's top five state economies after Maharashtra, Tamil Nadu, Uttar Pradesh and Karnataka. Growth measured at constant prices offers the most accurate picture of real economic expansion.

Between 2012–13 and 2023-24, Gujarat recorded an average real growth rate of 8.42 per cent, the highest among states with an economy above Rs 10 lakh crore. It outpaced Karnataka (7.69 per cent) and Tamil Nadu (6.29 per cent), even as large economies typically face structural slowdowns.

Gujarat's sustained momentum is driven by its strong industrial base, investment-friendly policies, robust infrastructure and efficient governance.

Gujarat's latest GSDP figures highlight the strength of a highly diversified economy that continues to drive the state's rapid expansion.

The manufacturing sector remains the backbone of Gujarat's growth story, contributing Rs 7.43 lakh crore, almost one-third of the state's Gross State Value Added (GSVA).

Construction and utilities added another Rs 2.31 lakh crore, reflecting the state's ongoing infrastructure push.

Meanwhile, the trade, transport, financial services and real estate sectors together generated Rs 7.81 lakh crore, underscoring Gujarat's robust services ecosystem.

Agriculture, forestry and fisheries contributed Rs 3.69 lakh crore, ensuring that rural and traditional sectors remain integral to Gujarat's inclusive development model.

Overall, the state's economy at current prices has grown from Rs 6.16 lakh crore in 2011–12 to Rs 24.62 lakh crore in 2023–24-an almost four-fold expansion within just over a decade, reaffirming Gujarat's position as one of India's most dynamic economic engines.

For the first time, Gujarat's per-capita income has crossed Rs 3,00,957, placing the state among India's top five economies and ahead of several large states, including Maharashtra and Uttar Pradesh.

The figure reflects higher labour productivity, expanding opportunities, and strong participation across economic sectors.

With a rapidly expanding economic base, high per-capita income and the highest long-term growth rate among major states, Gujarat continues to stand out as one of India's most dynamic and resilient economies.

At 8.42 per cent real growth, the state exemplifies effective governance, stability and strategic policy execution-further cementing its status as a national model of development.

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