India’s Top 10 states with the fastest growth in per capita income in the last decade

 India’s Top 10 states with the fastest growth in per capita income in the last decade 

India's per capita income has more than doubled over the past decade. In the financial year 2012-13 (FY13), the per capita income stood at Rs 70,983 at current prices, which has escalated to Rs 1.72 lakh in FY23, reflecting a remarkable increase of 143 percent over ten years. This significant growth is primarily driven by the strong economic performance of various Indian states. Below is a list of the top ten Indian states that have experienced the highest growth in per capita income during the last decade.

Data from the Centre for Monitoring Indian Economy (CMIE) and the Press Information Bureau (PIB) indicates that India's per capita income has grown at a compound annual growth rate (CAGR) of 9.3 percent over the past ten years. Notably, several major states have achieved income growth rates surpassing the national average. Karnataka leads this list, having recorded the highest CAGR of 14.7 percent, with its per capita income soaring by 294 percent from Rs 76,578 in FY13 to Rs 3.02 lakh in FY23. Following Karnataka is Telangana, which has also shown impressive growth, with per capita income rising by 262 percent to Rs 3.09 lakh in FY23 from Rs 85,169 in FY13, achieving a 10-year CAGR of 13.7 percent.

Madhya Pradesh ranks third, demonstrating remarkable progress as its per capita income has surged by 224 percent to Rs 1.41 lakh in FY23 from Rs 43,426 in FY13, with a CAGR of 12.5 percent. Odisha, once regarded as a backward state, has also shown significant economic advancement, with per capita income increasing by 206 percent to Rs 1.51 lakh in FY23 from Rs 49,227 in FY13, reflecting a CAGR of 11.84 percent.

Assam occupies the fifth position, with its per capita income rising by 204 percent to Rs 1.19 lakh in FY23 from Rs 38,945 in FY13, achieving a CAGR of 11.77 percent. Andhra Pradesh follows closely, posting a CAGR of 11.75 percent, as its per capita income increased by 204 percent to Rs 2.20 lakh in FY23 from Rs 72,301 in FY13.

Gujarat ranks seventh; while the latest data for FY23 is not yet available, it has shown a consistent CAGR over the past nine years.