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10 Fastest Growing States of India
Which states in India have the fastest growth rate? Indian states are endowed with rich natural resources. Apart from, focusing on agriculture, many states have made rapid growth in industrialization and other areas as well. Here are the 10 fastest growing states and union territories of India, as listed by rediff.com


Sikkim:

Sikkim is India's fastest growing state with a growth rate of 20.53 percent based on compounded annual growth rate (CAGR) in the last five years, as reported by Ranju Sarkar and Dilasha Seth for rediff.com. It is a popular tourist destination, owing to its culture, scenery and biodiversity. Sikkim has the fifth highest incidence of poverty among the states, with 41.4 percent of the population below the poverty line. Moreover, with 38 percent of the population below the age of 15, the number of young people entering the workforce and looking for jobs in industry and services will increase in coming years. This is a healthy trend that shows that the state is fast moving from the status of 'developing' to 'developed'. The primary sector comprises of agriculture, mining, and forest, while secondary sector mainly consists of manufacturing, construction and electricity and tertiary sector consists of services sector like banking, trade, transport, communication, insurance and tourism.



Uttarakhand:

Uttarakhand takes the second spot on the list. The 5 Years CAGR of Uttarakhand is 13.60 percent. The state boasts of one of the fastest growing economy in the country. The state has achieved a 9.31 percent growth in its Gross Domestic Product (GDP) - third after Gujarat and Bihar as per the data released by the Central Statistical Organization.



Delhi:

Delhi takes the third position on the list. It has a 5 Years CAGR of 11.46 percent. The capital of India is fast growing. Economy of Delhi has shown an incredible growth over the past few years. Delhi has a strong economy which is quite bright from its Gross Domestic Product.



Bihar:

Bihar is another fastest growing state in India. It has a 5 year CAGR of 11.00 percent. The improved governance in the state has led to an economic revival through better investment in infrastructure, better health care facilities, larger emphasis on education, and a decrease in crime and corruption. Indian and global business and economic leaders feel that Bihar has good opportunity to sustain its growth and thus they have shown interest in investing in the state. Bihar is the country's fastest growing state and for the year 2011?12 it reported a growth of 13.1 percent while it was 14.8 percent for the previous year.



Andaman & Nicobar:

The Union Territory of Andaman and Nicobar Islands is also witnessing a fast growth. Andaman and Nicobar have a 5 year CAGR of 10.35 percent. Apart from agriculture, the other major industries that are also a big contributor to the Andaman and Nicobar Islands' economy include its handicrafts industry, minerals and energy resources. Tourism too is a big industry for the people of Andaman and Nicobar.



Mizoram:

Mizoram is one of the fastest growing economies among the states in India. Mizoram's 5 years CAGR is 9.70 percent. It has a per capita income of Rs 50,021. During the 10th Five Year Plan (2002-2007), the Gross State Domestic Product (GSDP) was estimated to grow at around 5.3 percent but grew at 5.7 per cent. The biggest contributors to GSDP growth are Agriculture, Construction work and Public Administration. The economy of the state is mainly dependent on agriculture. Mizoram also houses a small repository of minerals and hence, mining also contributes to a small part of the economy.



Arunachal Pradesh:

Arunachal Pradesh is another Indian state which is witnessing a fast growth. The 5 Years CAGR for the state is 9.36 percent. In 2009-10 too Arunachal Pradesh recorded the highest economic growth rate in the country at 22.43 percent. Further, the state is known to account for a large percentage of India's untapped hydroelectric power production potential. Agriculture mainly drives the economy in Arunachal Pradesh.



Gujarat:

Gujarat has a 5 Years CAGR of 9.34 percent. The state has one of the fastest growing economies in the country. Further, it is also one of the most industrialized states, and has a per capita GDP above the national average. The economy of the state has significant agricultural as well as industrial production. Gujarat also controls some of the largest businesses in the country. Major Agricultural produce of the state include cotton, groundnuts, dates, sugar cane, milk & milk products, while industrial products include cement and petrol.



Madhya Pradesh:

Madhya Pradesh, often called the 'Heart of India', is another fastest growing state in the country. It has a 5 Years CAGR of 9.34 percent. The growth rate of the state (GSDP) which was merely three percent in 2004-05 was estimated to have shot up to nine percent in 2010-11.



Jharkhand:

Jharkhand also makes it to the list of fastest growing states in India. The state has a 5 Years CAGR of 9.07 percent. Jharkhand has a concentration of some of the country's extremely industrialized cities like Jamshedpur, Bokaro Steel City, Ranchi, and Dhanbad. Further, the state's gross state domestic product for 2004 is estimated at $14 billion at current prices. Born out of partition from old Bihar state in 2000, Jharkhand produces about 70 percent of the output of the old Bihar state. The state also has immense mineral resources. Jharkhand has an urbanization ratio of 24.1 percent.
posted by Shankar Das Shankar Das @ 7:48AM on date 06-09-2012
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