Economy of Gujarat

This article has multiple issues. Please help improve it or discuss these issues on the talk page. (Learn how and when to remove these messages)

Parts of this article (those related to Nearly every part.) need to be updated. The reason given is: One example is that it mentions the years 2021–2022 (give or take one, but it's at least 2 years outdated). Please help update this article to reflect recent events or newly available information. (July 2024)

|

This article needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed.
Find sources: "Economy of Gujarat" – news · newspapers · books · scholar · JSTOR (July 2024) (Learn how and when to remove this message)

|

(Learn how and when to remove this message)

Economy of Gujarat

Ahmedabad, the financial capital and largest city of Gujarat

Currency| Indian Rupee ₹

Fiscal year

| 1 April – 31 March
Statistics
Population| 73,062,000[1]
GDP|  ₹29.82 trillion (US$350 billion)[2] (nominal; 2025 est.) $1.47 trillion[3](PPP; 2025 est.)
GDP rank|  4th (2025-26)

GDP growth

| 12% [4](2025)

GDP per capita

|  $5,016[5] (nominal; 2025 est.)  $20,253[6] (PPP; 2025 est.)

GDP per capita rank

| 8th

GDP by sector

| Agriculture: 20%
Industry: 45%
Services: 35% (2022–23)[7]

Population below poverty line

|  15% in poverty (2019–20)[8]

Human Development Index

|  0.727 high (2023) (25th)[9]
Unemployment|  3.9% (Nov 2020)[10]

Main industries

* Gems and jewellery
* pharmaceutical
* textile
* chemical
* ceramics
* automobile
* refining and petrochemicals

External
Exports|  US$150 billion (2022–2023)[11]

Export goods

* Refined petroleum products
* pearls, precious and semi-precious stones
* iron and steel
* biomedical products
* chemicals
* financial services

FDI stock

| ₹20,169 crore (US$2.4 billion) (2020–21)[12]
Public finances

Government debt

| 15.27% of GSDP (2023–24 est.)[13]

Budget balance

| ₹−44,930 crore (US$−5.3 billion) 1.8% of GSDP (2023–24 est.)[13]
Revenues| ₹2.25 lakh crore (US$27 billion)(2023–24 est.)[13]
Expenses| ₹2.7 lakh crore (US$32 billion)(2023–24 est.)[13]

All values, unless otherwise stated, are in US dollars.

The economy of Gujarat, a state in western India, is the most industrialised in India, having the highest industrial output of any state in the union.[14] It has the highest exports of any Indian state, accounting for 30.7% of all Indian exports in 2024-2025.[15] It leads in diverse industrial sectors such as chemicals, petrochemicals, dairy, drugs and pharmaceuticals, cement and ceramics, gems and jewellery, textiles and engineering.[16] It has the highest electricity production capacity[17] and maritime port cargo volume[18] among all states in India. It also has significant agricultural production with major agricultural produce of the state being cotton, groundnuts (peanuts), dates, sugar cane, milk and milk products. Gujarat recorded the lowest unemployment rate in India in 2022, with 4.4% of the labour force being unemployed.[19]

Gujarat is ranked number one in the pharmaceutical industry in India, with a 33% share in drug manufacturing and 28% share in drug exports. The state has 130 USFDA certified drug manufacturing facilities. Ahmedabad and Vadodara are considered as pharmaceutical hubs as there are many big and small pharma companies established in these cities.[20]

Gujarat has the longest coastline in India (1,600 km [990 mi]), and its ports (both private and public) handle around 40% of India's ocean cargo, with Mundra Port located in Gulf of Kutch being the largest port of India by cargo handled (144 million tons) due to its favorable location on the westernmost part of India and closeness to global shipping lanes. Gujarat also contributes around 20% share in India's industrial production and merchandise exports.

Gujarat's gross state domestic product (GSDP) increased to Rs. 25.68 lakh crore in fiscal year 2023–24, surpassing Uttar Pradesh's GSDP of Rs. 25.48 lakh crore (US$310 billion).[21] In contrast, Tamil Nadu's GDP increased from Rs. 23.93 lakh crore to Rs. 27.22 lakh crore. While Karnataka GSDP falls behind UP GSDP and is Rs. 25.01 lakh crore.[21] For fiscal year 2023-24 Gujarat became the third largest state economy in India.

## Contribution

[edit]

The world's largest ship breaking yard is in Gujarat near Bhavnagar at Alang.

Reliance BP Mobility Limited, one of the group companies of Reliance Industries Limited founded by Dhirubhai Ambani operates the oil refinery at Jamnagar which is the world's largest grass roots refinery.[22] The company has also planned another SEZ (special economic zone), in Jamnagar.[23][24]

Legatum Institute's Global Prosperity Index 2012 recognised Gujarat as the highest-scoring among all states of India on matters of social capital.

## Data

[edit]

Year[a][25][26] | GSDP[27][28][29]

(in Bil. US$nominal)

| GSDP per capita

(in US$ nominal)

| growth rate | Inflation rate[30]

(in Percent)

| Unemployment[31][32]

(in Percent)

| Government debt

(in % of GSDP)

|
|
|
|
|
|

2025  | ₹29.8 trillion (US$350 billion)  | ₹4.20 lakh (US$5,055)  |  |  |  |  |
2024  | ₹25.63 trillion (US$300 billion)  |  |  |  |  |
2023  | ₹22.62 trillion (US$270 billion)  |  |  |  |  | 15.88
2022  | ₹19.44 trillion (US$230 billion)  |  |  |  | 1.6  |
2021  | ₹16.59 trillion (US$200 billion)  |  |  |  |  |
2020  | ₹16.50 trillion (US$200 billion)  | ₹2.43 lakh (US$3,000)  | 10.65  | 4.7  |  |
2019  | ₹15.03 trillion (US$180 billion)  | ₹2.25 lakh (US$2,800)  | 13.42  | −0.8  |  |
2018  | ₹13.29 trillion (US$160 billion)  | ₹1.99 lakh (US$2,500)  | 14.72  | 1.5  |  |
2017  | ₹11.67 trillion (US$140 billion)  | ₹1.79 lakh (US$2,200)  | 13.72  | 5.6  |  |
2016  | ₹10.29 trillion (US$120 billion)  | ₹1.60 lakh (US$2,000)  | 11.09  | 5.7  |  |
2015  | ₹8.08 trillion (US$96 billion)  | ₹1.45 lakh (US$1,800)  | 13.75  | 6.4  |  |
2014  | ₹7.24 trillion (US$86 billion)  | ₹1.29 lakh (US$1,600)  | 11.49  |  |  |
2013  | ₹6.16 trillion (US$73 billion)  | ₹1.17 lakh (US$1,500)  | 19.10  |  |  |
2012  | ₹455,295 crore (US$57 billion)  | ₹1.01 lakh (US$1,300)  | 17.69  |  |  |
2011  | ₹365,295 crore (US$46 billion)  | ₹30,000 lakh (US$38 million)  |  |  |  |
2010  | ₹330,671 crore (US$41 billion)  |  |  |  |  |
2009  | ₹228,460 crore (US$29 billion)  |  |  |  |  |
2008  | ₹213,092 crore (US$27 billion)  |  |  |  |  |
2007  | ₹189,436 crore (US$24 billion)  |  |  |  |  |
2006  | ₹6,547 crore (US$820 million)  |  |  |  |  |
2005  | ₹153,079 crore (US$19 billion)  |  |  |  |  |
2004  | ₹149,598 crore (US$19 billion)  |  |  |  |  |
2003  | ₹122,500 crore (US$15 billion)  |  |  |  |  |
2002  | ₹113,277 crore (US$14 billion)  |  |  |  |  |
2001  | ₹104,494 crore (US$13 billion)  |  |  |  |  |
2000  | ₹107,605 crore (US$13 billion)  |  |  |  |  |
1999  | ₹105,443 crore (US$13 billion)  |  |  |  |  |
1998  | ₹92,966 crore (US$12 billion)  |  |  |  |  |
1997  | ₹86,414 crore (US$11 billion)  |  |  |  |  |
1996  | ₹72,182 crore (US$9.0 billion)  |  |  |  |  |
1995  | ₹63,624 crore (US$8.0 billion)  |  |  |  |  |
1994  | ₹39,190 crore (US$4.9 billion)  |  |  |  |  |
1993  | ₹35,018 crore (US$4.4 billion)  |  |  |  |  |
1992  | ₹26,068 crore (US$3.1 billion)  |  |  |  |  |
1991  | ₹24,120 crore (US$2.9 billion)  |  |  |  |  |
1990  | ₹19,496 crore (US$2.3 billion)  |  |  |  |  |
1989  | ₹19,496 crore (US$2.3 billion)  |  |  |  |  |
1988  | ₹13,908 crore (US$1.6 billion)  |  |  |  |  |
1987  | ₹14,022 crore (US$1.7 billion)  |  |  |  |  |
1986  | ₹12,103 crore (US$1.4 billion)  |  |  |  |  |
1985  | ₹11,740 crore (US$1.4 billion)  |  |  |  |  |
1984  | ₹11,280 crore (US$1.3 billion)  |  |  |  |  |
1983  | ₹8,675 crore (US$1.0 billion)  |  |  |  |  |
1982  | ₹8,205 crore (US$970 million)  |  |  |  |  |
1981  | ₹6,547 crore (US$770 million)  |  |  |  |  |
1980  | ₹2,795 crore (US$330 million)  |  |  |  |  |
1979  | ₹2,924 crore (US$350 million)  |  |  |  |  |
1978  | ₹2,745 crore (US$320 million)  |  |  |  |  |
1977  | ₹2,597 crore (US$310 million)  |  |  |  |  |
1976  | ₹2,439 crore (US$290 million)  |  |  |  |  |
1975  | ₹1,898 crore (US$220 million)  |  |  |  |  |
1974  | ₹1,898 crore (US$220 million)  |  |  |  |  |
1973  | ₹2,202 crore (US$260 million)  |  |  |  |  |
1972  | ₹2,256 crore (US$270 million)  |  |  |  |  |
1971  | ₹1,150 crore (US$140 million)  |  |  |  |  |
1970  | ₹997 crore (US$120 million)  |  |  |  |  |
1969  | ₹906 crore (US$110 million)  |  |  |  |  |
1968  | ₹974 crore (US$120 million)  |  |  |  |  |
1967  | ₹889 crore (US$110 million)  |  |  |  |  |
1966  | ₹868 crore (US$100 million)  |  |  |  |  |
1965  | ₹935 crore (US$110 million)  |  |  |  |  |
1964  | ₹859 crore (US$100 million)  |  |  |  |  |
1963  | ₹806 crore (US$95 million)  |  |  |  |  |
1962  | ₹812 crore (US$96 million)  |  |  |  |  |
1961  | ₹738 crore (US$87 million)  |  |  |  |  |

## Sectors

[edit]

[33][34] | Sector[35] | GVA (Rupees in Lakh) at current prices  | GVA (Rupees in Lakh) at 2011–12 prices

|
|
|

2019–20  | % share  | 019-20  | % share
1  | Primary Sector | 27,617,048  | 19.37  | 18,973,486  | 17.39
1.1  | Agriculture, forestry & fishing  | 22,282,348  | 15.63  | 14,245,950  | 13.06
1.11  | Crops  | 13,956,699  | 9.79  | 8,962,827  | 8.21
1.12  | Livestock  | 4,779,632  | 3.35  | 2,862,908  | 2.62
1.13  | Forestry & logging  | 2,363,287  | 1.66  | 1,888,936  | 1.73
1.14  | Fishing and aquaculture  | 1,182,730  | 0.83  | 531,280  | 0.49
1.2  | Mining & quarrying  | 5,334,699  | 3.74  | 4,727,536  | 4.33
2  | Secondary Sector | 63,413,336  | 44.49  | 50,584,861  | 46.36
2.1  | Manufacturing  | 51,064,957  | 35.82  | 40,892,857  | 37.48
2.2  | Electricity, gas, water supply & other utility services  | 4,517,509  | 3.17  | 3,784,987  | 3.47
2.3  | Construction  | 7,830,871  | 5.49  | 5,907,017  | 5.41
3  | Tertairy Sector | 51,512,119  | 36.14  | 39,549,816  | 36.25
3.1  | Trade, repair, hotels and restaurants  | 18,051,035  | 12.66  | 14,616,582  | 13.40
3.11  | Trade & repair services  | 18,051,035  | 12.66  | 14,616,582  | 13.40
3.2  | Transport, storage, communication & services related to broadcasting  | 6,505,778  | 4.56  | 5,082,266  | 4.66
3.21  | Railways  | 627,538  | 0.44  | 415,391  | 0.38
3.22  | Services incidental to transport  | 3,851,614  | 2.70  | 3,281,339  | 3.01
3.26  | Storage  | 79,223  | 0.06  | 52,051  | 0.05
3.27  | Communication & services related to broadcasting  | 1,947,403  | 1.37  | 1,333,485  | 1.22
3.3  | Financial services  | 7,646,745  | 5.36  | 6,273,832  | 5.75
3.4  | Real estate, ownership of dwelling & professional services  | 8,470,228  | 5.94  | 5,926,791  | 5.43
3.5  | Public administration & defence  | 5,010,315  | 3.51  | 3,617,774  | 3.32
3.6  | Other services  | 5,828,016  | 4.09  | 4,032,571  | 3.70
| GVA at basic prices |  | 142,542,503  |  | 109,108,163

### Industrial

[edit]

One of India's most industrialized states, Gujarat maintains a variety of industries, the principal ones being general and electrical engineering and the manufacture of textiles, vegetable oils, chemicals, soda ash, and cement. New industries include the production of fertilizers and petrochemicals. Major resources produced by the state include cotton, peanuts, dates, sugarcane, and petrol. The state is rich in calcite, gypsum, manganese, lignite, bauxite, limestone, agate, feldspar and quartz sand and successful mining of these minerals is done in their specified areas. Gujarat produces about 91% of India's required amount of soda ash and gives the country about 66% of its national requirement of salt. Chemical industries in Gujarat count for more than 35% of Indian chemical production.

In recent years, Gujarat has gained a prominent place in India's automobile industry, with several automobile plants being set up in the state: Suzuki Motor Gujarat in Hansalpur near Ahmedabad, Tata Motors and Ford India in Sanand, MG Motor, Hero Motocorp, JCB in Halol, Honda Motors and Scooters India in Vithalapur, etc.

It is one of India's most prosperous states, having a per-capita GDP significantly above India's average. Kalol Khambat and Ankleshwar are today known for their oil and natural gas production. Dhuvaran has a thermal power station, which uses coal, oil and gas. The Tarapur nuclear station in Maharashtra supplies the remaining power. Also on the Gulf of Khambat, 50 kilometers southeast of Bhavnagar, is the Alang Ship Recycling Yard (the world's largest). General Motors produces the ‘Astra’ car at Halol near Vadodara. Jalalpur is a large town of Gujarat, where several small and large textile industrial units have been established. Surat, a city by the Gulf of Khambat, is a hub of the global diamond trade.

During the period 1960–1990, Gujarat established itself as a leader in various industrial sectors including textiles, engineering, chemicals, petrochemicals, drugs and pharmaceuticals, dairy, cement and ceramics, and gems and jewellery. The post-liberalization period saw Gujarat's state domestic product (SDP) rising at an average growth rate of 14% per annum in real terms (from 1994 to 2002).

Ahmedabad, Vadodara, Ankleshwar and Vapi are the hub of chemical industries in the state, having number of manufacturing units (private as well as state owned) manufacturing dyes, specialty chemicals, agricultural chemicals, pesticides, pigments, colors, etc. Rajkot city is the hub of engineering manufacturing and has many companies manufacturing auto components, auto engines, CNC machines, forging & casting parts, etc. The state operating companies like GNFC, GSPC, GSFC, GMDC are a few among flagship companies of the state.

### Agriculture

[edit]

Gujarat is the largest producer of major cash crops like cotton, groundnut, tobacco, cumin, sesamum, etc. in India. Other major crops produced are rice, wheat, jowar, bajra, maize, tur and gram. Gujarat has an agricultural economy the total crop area amounts to more than one-half of the total land area.

Animal husbandry and dairying have played a vital role in the rural economy of Gujarat. Dairy farming, primarily concerned with milk production, functions on a cooperative basis and has more than a million members. Gujarat is the largest processor of milk in India. Amul milk co-operative federation products are well known all over India and is Asia's biggest dairy.[36] Among livestock raised are buffalo and other cattle, sheep, and goats. As per the results of livestock census 1997, there were 209.70 lakh livestock in Gujarat state. As per the estimates of the survey of major livestock products, during the year 2002–03 the Gujarat produced 6.09 million tonnes of milk, 385 million eggs and 2.71 million kg of wool. Gujarat also contributes inputs to industries like textiles, oil and soap.

Segment[27] | National Share %

|

Cottonseed  | 98.0
Tapioca  | 44.4
Floriculture  | 16.5
Gooseberry  | 18
Coconut  | 29.1
Tamarind  | 25.3
Meat  | 7.5
Turmeric  | 14.6
Banana  | 19.4
Ragi  | 17.8
Horsegram  | 17.5
Sapota  | 17.4
Urd  | 14.7
Groundnut  | 14.2
Cucumber  | 12.6
Maize  | 12.3
Egg  | 12.2
Carrot  | 12.1
Marine fish  | 11.8
Gur  | 11.6
Water melon  | 11.4
Jackfruit  | 10.9
Jowar  | 10.6
Tea  | 8.5
Cocoa  | 8.2
Moong  | 7.9
Oilseed  | 7.7
Papaya  | 7.4
Paddy  | 6.9
Bean  | 6.7
Fruit and vegetable  | 6.3
Sugarcane  | 6.1
Mango  | 5.8
Bitter gourd  | 5.6
Pear  | 5.3
Sericulture and Apiculture  | 5.3
GUJARAT – PRODUCTION OF FOODGRAINS

Year[37] | 2021–22  | 2020–21  | 2019–20  | 2018–19  | 2017–18  | 2016–17  | 2015–16  | 2014–15  | 2013–14  | 2012–13  | 2011–12  | 2010–11  | 2009–10  | 2008–09  | 2007–08  | 2006–07  | 2005–06  | 2004–05
Rice

(Thousand Tonnes)

|  | 2145.7  | 1983.1  | 1912.1  | 1890.9  | 1930.0  | 1702.0  | 1830.9  | 1636.0  | 1541.0  | 1790.0  | 1496.6  | 1292.0  | 1303.0  | 1474.0  | 1390.0  | 1298.0  | 1238.2
Wheat

(Thousand Tonnes)

|  | 3259.5  | 3326.8  | 2407.4  | 3069.0  | 2737.0  | 2484.0  | 3059.0  | 4694.0  | 2944.0  | 4072.0  | 4019.5  | 2352.0  | 2593.0  | 3838.0  | 3000.0  | 2473.0  | 1805.5
Coarse Cereals (Thousand Tonnes)  |  | 1759.6  | 1786.3  | 1802.8  | 1782.2  | 1937.0  | 1549.7  | 1644.9  | 2120.6  | 1999.0  | 2232.3  | 2102.6  | 1600.0  | 1976.0  | 2151.0  | 1516.0  | 1836.0  | 1734.5
Pulses (Thousand Tonnes)  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Fruits (Thousand Tonnes)  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Vegetables (Thousand Tonnes)  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Meat (Thousand Tonnes)  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Milk (Thousand Tonnes)  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Egg (Lakh Nos.)  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Coarse Cereals (Lakh Tonnes)  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Wool (Thousand Kgs)  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

### Automobiles

[edit]

Automobile Industry in Gujarat

Gujarat has been witnessing increasing investment both from Indian and foreign companies in recent times on account of its pro-business policies and this has augmented well for the engineering industry in Gujarat, which contributes to about 10% of the country’s total engineering output. The automotive sector in Gujarat is still at a relatively nascent stage, and contributes to about 5% of the country’s total automotive output.important players in the region include Asia Motor Works, Atul Auto, Munjal Auto India Ltd. and Electrotherm. Rajkot district is the largest cluster for the production of auto components and diesel engines in the state. Gujarat has offered several incentives to Suzuki Motors to set up an export-oriented unit for production and export of its popular models including the A-Star. The state would assist the company in setting up railway links from its production unit to Mundra Port.

After Tata Motors relocated the Nano manufacturing plant to Sanand, a small town near Ahmedabad, Gujarat has emerged as a car manufacturing hub.[38] Major multinational automobile companies like Suzuki Motor, Honda, JSW MG Motor and Hero MotoCorp have plants in operation in Gujarat.[39] Gujarat also leads in upcoming hybrid and electric vehicle manufacturing facilities. Suzuki, in partnership with Denso and Toshiba, is building a lithium-ion battery manufacturing facility at a cost of 1700 crore. Suzuki is planning to start manufacturing electric cars at their Gujarat plant from 2025.[40] The India-based JSW Group has signed an agreement to invest Rs 4000 crore to promote manufacturing electric vehicles in the state, which includes vehicle manufacturing, production of batteries, and storage solutions. MG Motors, a subsidiary of China's largest automobile company SAIC Motors bought General Motors' manufacturing facility in Halol, Gujarat and started production in 2019.[41] Tata Motors also produces electric cars from its Sanand plant.[42]

Automotive Companies in Gujarat

Company Name  | Location  | Products  | Refs
Tata Motors |

* Chharodi, Sanand Taluka, Ahmedabad district

* Tiago
* Tigor
* Tigor EV

| [43][44][45]
JSW MG Motor India |

* Halol

* MG Hector
* ZS EV
* Astor
* Gloster
* Windsor

| [46][47][48][49][50][51][52]
Ashok Leyland |

* Alang

* Trucks
* Buses
* Tippers

Mahindra & Mahindra |

* Kandla

* Tractors
* Agricultural equipment
* Utility vehicles

| [53]
Atul Auto |

* Shapar, Rajkot
* Bavla, Ahmedabad

* Atul Shakti
* Gem
* Rik
* Smart

| [54][55][56]
Honda Motorcycle and Scooter India |

* Vithalapur, Mandal taluka, Ahmedabad

|  | [57][58][59][60]
Hero MotoCorp |

* Halol

|  | [61][62][63]
Suzuki Motor Gujarat |

* Hansalpur Becharaji, Mandal taluka, Ahmedabad district

* Suzuki Baleno – 250,000 units/year
* Suzuki Swift – 250,000 units/year
* P Suzuki Dzire – 250,000 units/year
* Powertrain plant – K12 petrol engine

| [64][65][66]
Triton EV |

* Bhuj, Kutch

* Trucks

| [67][68][69][70]
Electrotherm  |

* Ahmedabad

|  | [71]
Suzuki Motorcycle India |

* Vithalapur

|  | [72]
JSW Group |  |  | [73][74][75][76]
Matter EV  |

* Ahmedabad
* Vadodara

|  | [77][78][79]
Wardwizard Innovations & Mobility  |

* Vadodara

|  | [80][81][82]
Nissan – Renault |

* Vadodara

* Engines

| [83]
DreamEV (Joy e-bike)  |

* Vadodara

|  | [84]
Mahindra Gujarat |

* Vadodara

|  | [85][86]
TVS Motor Company |

* Sanand

* Components

JCB India |

* Halol

|  | [87][88]
Firefly Energy  |  |

* Battery

| [89]
Reliance Industries |

* Jamnagar

|  | [90][91][92][93]

### Banking and finance

[edit]

Gujarat has one of the best banking networks in the country and the banking business in the state is well supported by the thriving trade, commerce and industries.

The country’s first international financial services centre (IFSC) at Gujarat International Finance-Tec City (GIFT City) in Gandhinagar, when American multinational IBM inaugurated the IBM Software Labs at GIFT-IFSC. Conceptualized a decade and half ago as an IFSC, the pace of growth, participation and investment at GIFT City has seen unprecedented growth in the past three years.

Institutions such as Bank of America, Standard Chartered Bank, Hongkong & Shanghai Bank Corporation Ltd, Citibank NA, Barclays Bank, Deutsche Bank, and JPMorgan Chase Bank National Association have set up IFSC Banking Units (IBUs) in GIFT city, Gujarat. By January 2021, the total banking transactions already reached $51 billion at GIFT IFSC. With GIFT City offering opportunities to foreign banks to book India-linked offshore businesses, more players are setting foot in Gujarat.[94]

The following are the list of Banks based in Gujarat.

Indian Banks Based in Gujarat[95]

Anchor Bank  | Established  | Headquarters  | Refs
Bank of Baroda | 1908  | Vadodara, Gujarat | [96][97][98]
Baroda Gujarat Gramin Bank  | 2019  | Vadodara, Gujarat | [99]
Saurashtra Gramin Bank  | 1978  | Rajkot, Gujarat | [100]
Gujarat Mercantile Co-operative Bank  | 1998  | Ahmedabad, Gujarat | [101]
Gujarat state co-operative bank  | 1961  | Ahmedabad, Gujarat | [102]
Gujarat Ambuja Co-op. Bank  | 1999  | Ahmedabad, Gujarat | [103]
Ahmadabad district co-operative bank  | 1922  | Ahmedabad, Gujarat | [104]
Rajkot Nagarik Sahakari Bank  | 1953  | Rajkot, Gujarat | [105]
Shri Rajkot District Co. Operative Bank  | 1959  | Rajkot, Gujarat | [106]
Foreign Banks
Anchor Bank  | Place  | Refs
MUFG Bank | GIFT City, Gujarat | [107]
Mizuho Bank | GIFT City, Gujarat | [108]
Standard Chartered | GIFT City, Gujarat | [109]
HSBC | GIFT City, Gujarat | [110][111][112]
Citibank NA | GIFT City, Gujarat | [113]
Barclays Bank | GIFT City, Gujarat | [114]
Deutsche Bank | GIFT City, Gujarat | [115][116][117]
JPMorgan Chase Bank | GIFT City, Gujarat | [118][119]
Bank of America | GIFT City, Gujarat | [120][121]
KPMG | GIFT City, Gujarat | [122][123]
New Development Bank | GIFT City, Gujarat | [124][125][126]

### Pharmaceuticals and chemicals

[edit]

Main article: Pharmaceutical industry in Gujarat

Gujarat is ranked number one in the pharmaceutical industry in India, with a 33% share in drug manufacturing and 28% share in drug exports. The state has 130 USFDA certified drug manufacturing facilities. Ahmedabad and Vadodara are considered as pharmaceutical hubs as there are many big and small pharma companies established in these cities.[127]

### Oil and gas

[edit]

Gujarat is India's 'Oil Capital'. Gujarat accounts for 54% of India's onshore crude oil and 39% of onshore natural gas production. It accounts for approximately 46% of India's installed refining capacity and 60% of India's total crude oil import facilities. The government has announced his US$4.5 billion prospectus and his US$5.7 billion investment in Gujarat. Gujarat has a well-developed gas network of 550 km and with an investment worth US$500 million he plans to expand it to 2,200 km. Investments have been proposed and are underway to build new LNG terminals, in addition to the existing terminals at Dahej and Hazira. The state offers great opportunities across the energy value chain. Progressive and investor-friendly industrial policies, including tax rationalization, energy reforms and the development of special economic zones, coupled with logistical proximity to Middle East gas resources, are one of the key growth drivers for the sector.

The presence of cooperatives such as IIFCO, KRIBHCO, energy companies such as NTPC and GEB, and large industrial companies such as Reliance have created a vibrant energy sector in Gujarat. The Jamnagar Refinery is India's largest in terms of refining capacity and is also considered the largest grassroots refinery in the world. Gujarat has oil & gas reserves located at Ankleshwar, Mehsana, Tapti High, Hazira, Bharuch, Gandhar, Dahej, Jambussar, Palej, Kalol and isolated gas fields around Ahmadabad. In addition to this, it has discovered oil reserves in Dholka and Khambat.

### Foundry

[edit]

India has about 5,000 foundries and is the fourth largest producer of castings in the world, with an annual output of over 7.5 million tons. Indian foundries regularly meet the demands and expectations of the global market and currently export about 300,000 tons annually. Many Indian foundries have adopted the state-of-the-art technology, in all areas of manufacturing. India has a stable domestic demand, which has helped the foundries survive the recent global economic downturn. India remains a high growth region for small cars, tractors and two wheelers. The annual production of cars and SUVs is already above one million mark. The industrial growth has been impressive at 5–6%, in spite of the recessionary trends.

Of the many foundry centres in India, Gujarat has two leading clusters – Ahmedabad and Rajkot, each producing more than 40,000 tons/year. Ahmedabad has a number of small and medium size foundries, producing a variety of castings in Grey Iron, S.G. Iron, Steel and also Aluminum alloys. Rajkot engineering cluster produces a range of products such as castings, pump-sets, automobile components, diesel engine generating sets, bearings, machine tools and so on. In addition, a number of miscellaneous engineering items such as agricultural implements, hydraulic jacks, air compressors, fasteners and sobon are also manufactured in the cluster. The presence of Rajkot Engineering cluster in different engineering segments.

## Foreign trade

[edit]

In the fiscal year 2021–22, Gujarat's merchandise exports hit a record level of over 12,700 crore INR (nearly $127 billion), the highest in the country.[128] The major merchandise exports from Gujarat during the year 2021 were:[129]

Year 2021

HS Code  | Commodity  | Value in INR  | Number of countries

to which state exports the products

27101944  | Automotic Diesel Fuel, Not Containing Biodiesel, Confirming  | ₹3,24,74,39,67,917  | 31
27101949  | High Flash High Speed Diesel Fuel Conforming to Standard IS  | ₹1,32,62,27,19,966  | 26
30049099  | Other Medicine Put Up for Retail Sale N.E.S.  | ₹1,03,64,11,20,149  | 185
27101920  | Aviation Turbine Fuel  | ₹1,02,56,48,07,316  | 18
71023910  | Diamond (Other Than Industrial Diamond) Cut or Otherwise Worked B  | ₹94,93,11,73,935  | 44
27101241  | Motor Gasoline Conforming to Standard IS 2796  | ₹94,09,24,39,643  | 12
29024300  | P-Xylene  | ₹88,84,69,54,133  | 11
71131120  | Silver Jewellery Set With Gems  | ₹82,72,43,59,508  | 19
69072100  | Of a Water Absorption Coefficient By Weight Not Exceeding 0.  | ₹76,39,15,85,956  | 178
27101290  | Other  | ₹62,96,47,51,455  |

7 of the top 12 export districts of India are in Gujarat; Jamnagar and Surat leading the list.

Regular compilation of district-wise export data has been started from April 2021. India’s top 30 districts of exports along with top 5 exported commodities during the period April–September 2021–22 and the products/services identified with export potential are given below:[130]

This information was given by the Minister of State in the Ministry of Commerce and Industry, Smt. Anupriya Patel, in a written reply in the Rajya Sabha.[131]

Year 2021–2022 | Future

|

Rank in India | Districts (States) | Top 5 Commodities | Value of Export (in US$ Million) | Products/Services identified with Export Potential
1  | Jamnagar (Gujarat)  | 1\. Petroleum Products  | 19260.20  | Jamnagari Bandhani, Brass Articles
2\. Chemicals  | 1794.57
3\. Plastic and Linoleum  | 410.54
4\. Engineering Goods  | 218.68
5\. Mica, Coal and other ores, Minerals  | 116.59
Total of top 5 commodities | 21800.58
Total export of District | 22110.60
2  | Surat (Gujarat)  | 1\. Gems and Jewellery  | 6872.54  | Textiles, Bananas, Surat Zari Crafts, and Pomegranates
2\. Engineering Goods  | 1262.74
3\. Yarn  | 336.75
4\. Chemicals  | 255.52
5\. Cotton yarn, handloom products, etc.  | 191.04
Total of top 5 commodities | 8918.59
Total export of District | 9693.91
6  | Bharuch (Gujarat)  | 1\. Chemicals  | 2268.54  | Chemicals, bananas
2\. Engineering Goods  | 810.39
3\. Plastic and Linoleum  | 570.46
4\. Drugs and Pharmaceuticals  | 406.06
5\. Cotton yarn, handloom products, etc.  | 108.01
Total of top 5 commodities | 4163.46
Total export of District | 4695.14
8  | Ahmedabad (Gujarat)  | 1\. Drugs and Pharmaceuticals  | 1218.54  | Pharmaceuticals, textiles, engineering, and plastics
2\. Engineering Goods  | 1139.32
3\. Cotton yarn, handloom products, etc.  | 418.41
4\. Chemicals  | 259.31
5\. Rice  | 247.95
Total of top 5 commodities | 3283.53
Total export of District | 4439.12
10  | Vadodara (Gujarat)  | 1\. Engineering Goods  | 783.44  | Pharmaceuticals, Engineering
2\. Chemicals  | 661.69
3\. Drugs and Pharmaceuticals  | 320.65
4\. Petroleum products  | 170.69
5\. Plastic and Linoleum  | 127.52
Total of top 5 commodities | 3263.99
Total export of District | 3710.32
11  | Devbhumidwarka (Gujarat)  | 1\. Petroleum products  | 3676.8  | Marine and fisheries; petroleum
2\. Chemicals  | 4.79
3\. Marine products  | 2.97
4\. Engineering Goods  | 2.08
5\. Ceramic products and Glassware  | 0.92
Total of top 5 commodities | 3687.56
Total export of District | 3688.76
12  | Kutch (Gujarat)  | 1\. Engineering Goods  | 821.72  | Mangos, Kutch embroidery, Kutch shawls, marine products, castor
2\. Chemicals  | 477.16
3\. Rice  | 391.44
4\. Cotton yarn, handloom products, etc.  | 331.5
5\. Mica, Coal and other ores, minerals  | 191.56
Total of top 5 commodities | 2213.38
Total export of District | 3448.67
23  | Valsad (Gujarat)  | 1\. Chemicals  | 643.9  | Chemical and paper, mangos, marine products
2\. Engineering Goods  | 297.87
3\. Cotton yarn, handloom products, etc.  | 222.27
4\. Plastic and Linoleum  | 177.37
5\. Drugs and Pharmaceuticals  | 140.26
Total of top 5 commodities | 1481.67
Total export of District | 1970.23

## State government revenue and spending

[edit]

Article 246[132] of the Indian Constitution, distributes legislative powers including taxation, between the Parliament of India and the State Legislature.[132]

The constitution does not have provision for the central government and the States to have concurrent power of taxation.[133] The tables below lists the thirteen taxes to be levied by the Central government and nineteen taxes by states including Gujarat.[133]

### Central government of India

[edit]

SL. No.  | Taxes as per Union List

|

82  | Income tax: Taxes on income other than agricultural income.
83  | Custom Duty: Duties of customs including export duties
84  | Excise Duty: Duties of excise on the following goods manufactured or produced in India namely (a)Petroleum crude (b)high speed diesel (c)motor spirit (commonly known as petrol) (d)natural gas (e) aviation turbine fuel and (f)Tobacco and tobacco products
85  | Corporation Tax
86  | Taxes on capital value of assets, exclusive of agricultural land, of individuals and companies, taxes on capital of companies
87  | Estate duty in respect of property other than agricultural land
88  | Duties in respect of succession to property other than agricultural land
89  | Terminal taxes on goods or passengers, carried by railway, sea or air; taxes on railway fares and freight.
90  | Taxes other than stamp duties on transactions in stock exchanges and futures markets
92A  | Taxes on sale or purchase of goods other than newspapers, where such sale or purchase takes place in the course of inter-State trade or commerce
92B  | Taxes on the consignment of goods in the course of inter-State trade or commerce
97  | All residuary types of taxes not listed in any of the three lists of Seventh Schedule of the Indian Constitution

[134]

### State governments

[edit]

SL. No.  | Taxes as per State List

|

45  | Land revenue, including the assessment and collection of revenue, the maintenance of land records, survey for revenue purposes and records of rights, and alienation of revenues etc.
46  | Taxes on agricultural income
47  | Duties in respect of succession to agricultural land.
48  | Estate Duty in respect of agricultural land
49  | Taxes on lands and buildings.
50  | Taxes on mineral rights.
51  | Duties of excise for following goods manufactured or produced within the State (i) alcoholic liquors for human consumption, and (ii) opium, Indian hemp and other narcotic drugs and narcotics.
53  | Electricity Duty:Taxes on the consumption or sale of electricity[135]
54  | Taxes on sale of petroleum crude, high speed diesel, motor spirit (commonly known as petrol), Natural gas aviation turbine fuel and alcohol liquor for human consumption but not including sale in the course of inter state or commerce or sale in the source of international trade or commerce such goods.
56  | Taxes on goods and passengers carried by roads or on inland waterways.
57  | Taxes on vehicles suitable for use on roads.
58  | Taxes on animals and boats.
59  | Tolls.
60  | Taxes on profession, trades, callings and employments.
61  | Capitation taxes.
62  | Taxes on entertainment and amusements to be extent levied and collected by a panchayat or Municipality or a regional council or a district council.
63  | Stamp duty

### Goods and Services Tax

[edit]

The tax came into effect from 1 July 2017 through the implementation of the One Hundred and First Amendment of the Constitution of India by the Indian government. The GST replaced existing multiple taxes levied by the central and state governments.

It an indirect tax (or consumption tax) used on the supply of goods and services. It is a comprehensive, multistage, destination-based tax: comprehensive because it has subsumed almost all the indirect taxes except a few state taxes. Multi-staged as it is, the GST is imposed at every step in the production process, but is meant to be refunded to all parties in the various stages of production other than the final consumer and as a destination-based tax, it is collected from point of consumption and not point of origin like previous taxes.

## Economy of regions

[edit]

Districts of Gujarat, 2013

* Central Gujarat
* Ahmedabad
* Vadodara
* Anand
* Chhota Udaipur
* Dahod
* Kheda
* Mahisagar
* Panchmahal

* North Gujarat
* Gandhinagar
* Aravalli
* Banaskantha
* Mehsana
* Patan
* Sabarkantha

* Saurashtra – Kutch
* Rajkot
* Amreli
* Bhavnagar
* Botad
* Devbhoomi Dwarka
* Gir Somnath
* Jamnagar
* Junagadh
* Morbi
* Porbandar
* Surendranagar
* Kutch

* South Gujarat
* Surat
* Bharuch
* Dang
* Narmada
* Navsari
* Tapi
* Valsad

|
|
|

Year  | 2021  | 2011

|
|

[24] | City  | Area  | Population  | GDP  | GDP per Capita  | Literacy  | Population  | GDP  | GDP per Capita  | Literacy[23]
01\.  | Ahmedabad | 505.00  | 8,253,000  | $68 billion  |  |  | 6,357,693  |  |  | 92.30
02\.  | Surat | 474.185  | 6,936,534  | $59.9 billion  |  |  | 4,645,384  |  |  |
03\.  | Vadodara | 454.33  | 5,240,522  |  |  |  | 3,041,791  |  |  |
04\.  |

Rajkot

| 160  | 1,934,000  |  |  |  | 1,390,640  |  |  |
05\.  | Bhavnagar | 108.27  | 712,000  |  |  |  | 605,882  |  |  |
06\.  | Jamnagar | 125.67  | 711,000  |  |  |  | 600,934  |  |  |
07\.  | Gandhinagar | 326.00  | 410,323  |  |  |  | 206,167  |  |  |
08\.  | Junagadh | 57.16  | 407,000  |  |  |  | 319,462  |  |  |
09\.  | Gandhidham | 63.49  | 406,000  |  |  |  | 247,992  |  |  |
10\.  | Anand | 47.89  | 385,291  |  |  |  | 288,092  |  |  |
11\.  | Navsari | 43.716  | 367,322  |  |  |  | 292,719  |  |  |
12\.  | Morbi | 46.58  | 360,001  |  |  |  | 251,859  |  |  |
13\.  | Nadiad | 45.16  | 330,400  |  |  |  | 225,071  |  |  |
14\.  | Surendranagar | 58.60  | 298,692  |  |  |  | 253,606  |  |  |
15\.  | Bharuch | 43.80  | 288,244  |  |  |  | 223,647  |  |  |
16\.  | Mehsana | 31.76  | 257,043  |  |  |  | 190,753  |  |  |
17\.  | Bhuj | 39.79  | 251,489  |  |  |  | 219,514  |  |  |
18\.  | Porbandar | 50.48  | 243,584  |  |  |  | 217,203  |  |  |
19\.  | Palanpur | 39.50  | 242,936  |  |  |  | 141,532  |  |  |
20\.  | Valsad | 24.10  | 231,756  |  |  |  | 170,060  |  |  |
21\.  | Vapi | 31.35  | 230,598  |  |  |  | 163,630  |  |  |
22\.  | Gondal | 74.48  | 189,797  |  |  |  | 173,353  |  |  |
23\.  | Veraval | 39.95  | 185,797  |  |  |  | 156,696  |  |  |
24\.  | Godhra | 20.16  | 173,014  |  |  |  | 143,644  |  |  |
25\.  | Patan | 17.82  | 171,614  |  |  |  | 133,744  |  |  |
26\.  | Kalol | 25.42  | 171,395  |  |  |  | 133,737  |  |  |
27\.  | Dahod | 14.00  | 159,326  |  |  |  | 130,505  |  |  |
28\.  | Botad | 10.36  | 158,985  |  |  |  | 130,327  |  |  |
29\.  | Amreli | 65.00  | 146,014  |  |  |  | 117,967  |  |  |
30\.  | Deesa | 20.81  | 135,869  |  |  |  | 111,160  |  |  |
31\.  | Jetpur | 36.00  | 129,653  |  |  |  | 118,302  |  |  |

## Energy

[edit]

Energy is an essential building block in the economic development of Gujarat. In an effort to meet the demands of rapid industrialization, the energy sector of Gujarat has undergone significant growth in past few years. Areas like resource exploration, capacity additions and sectoral reforms have been revolutionized. The energy sector can be categorized primarily into power, oil, and gas. The power sector includes generation, transmission and distribution of electricity. The power sector has grown considerably over the years and is able to support infrastructure development in the state. As far as the oil and gas sectors are concerned, the state has major contribution in areas of exploration and production, LNG terminal infrastructure, pipeline networks, refining, petroleum marketing, and city gas distribution.

### Electricity

[edit]

Electricity generation for the state of Gujarat is handled by the Gujarat State Electricity Corporation Limited. The major distributors of electricity in Gujarat are Uttar Gujarat Vij Company Ltd., Dakshin Gujarat Vij Company Ltd., Paschim Gujarat Vij Company Ltd. and Madhya Gujarat Vij Company Ltd. These institutions are subsidiaries of Guvnl with the transmission of electricity of handled by Gujarat Energy Transmission Corporation Limited.

### Installed capacity

[edit]

The total installed capacity of Gujarat is 42208 megawatts (MW). Most of the electricity in Gujarat is generated through coal. Hydropower is the second largest means of producing electricity in the state. Gujarat also has significant installed capacities of Natural Gas, Renewables and Nuclear power plants. As of 2021–22, the share of electricity generated through coal stands at 16302 MW with a percentage share of 40 percent. The share of hydropower is at 41 percentage with a capacity of 16588 MW. The contribution of natural gas stands at 16 percent with a capacity of 6587 MW. The installed capacity of renewable energy is 2 percent with a capacity of 772 MW. Finally, 559 MW is capacitated by Nuclear power having a share of 1 percentage.[136][137]

#### Renewable energy

[edit]

Main article: Solar power in Gujarat

As of March 31, 2022 the installed capacity of the renewable energy sources of Gujarat is 13578 MW. The installed capacity of wind energy stands at 6662 MW, Solar energy has an installed capacity of 6717 MW and other Renewable sources stand at 199 MW.[136]

The locations of major solar parks in Gujarat have been mentioned in the Solar power in Gujarat page.

### Nuclear energy

[edit]

Currently, the state of Gujarat has an installed nuclear power capacity of 559 MW.[138] The only nuclear power plant in Gujarat is the Kakrapar Atomic Power Station.

The two existing units at the Kakrapar atomic power station feature pressurised heavy water reactors (PHWR) of 220MW capacity each. As of May 2020, unit one of the Kakrapar atomic power station generated 30,683 million units of electricity while unit two produced 32,442 million units[139]

## Tourism

[edit]

Main article: Tourism in Gujarat

India's first world heritage city, Ahmedabad, is in Gujarat. Gujarat is the sixth largest state in India, located in the western part of India, with a coastline of 1,600 km (990 mi), which is the largest in India. It is one of the most popular states in the country, with an annual footfall of 19.81 million tourists in the fiscal years 2010–11.[140] Gujarat offers scenic beauty from Great Rann of Kutch to the hills of Saputara. It is the world's only home of pure Asiatic lions.[141]

During the Sultanate reign, Hindu craftsmanship mixed with Islamic architecture and gothic style to give rise to the Indo-Saracenic style. Many structures in the state are built in this fashion.

It is also the birthplace of Mahatma Gandhi and Sardar Vallabhbhai Patel, the great iconic figures of India's Independence movement.

Amitabh Bachchan is currently the brand ambassador of Gujarat Tourism. The ‘Khushboo Gujarat Ki' campaign by Amitabh Bachchan has grown tourism in Gujarat by 14 per cent, twice the national growth rate.[142]

The Statue of Unity has emerged as a major tourist destination in Gujarat. It attracted average 15,036 visitors in the month of November, 2019.[143][144]

## See also

[edit]

* List of companies in Gujarat

## Notes

[edit]

1. ^ Statistical Atlas of Gujarat Vol. II: Sectoral Profile, Bureau of Economics and Statistics.

## References

[edit]

1. ^ "Population Projections for India and States 2011–2036". National Commission on Population, Ministry of Health and Family Welfare. July 2020. Retrieved 23 May 2025.
2. ^ "Gujarat Budget Analysis 2025-26". PRS Legislative Research. PRS India. Retrieved 23 May 2025.
3. ^ "Gujarat Budget Analysis 2025-26". PRS Legislative Research. PRS India. Retrieved 23 May 2025.
4. ^ "Gujarat Budget Analysis 2025-26". PRS Legislative Research. PRS India. Retrieved 23 May 2025.
5. ^ "Gujarat Budget Analysis 2025-26". PRS Legislative Research. PRS India. Retrieved 23 May 2025.
6. ^ "Gujarat Budget Analysis 2025-26". PRS Legislative Research. PRS India. Retrieved 23 May 2025.
7. ^ "Gujarat Budget Analysis 2024–25". prsindia.org. Retrieved 13 March 2024.
8. ^ "SDGs India Index". NITI Aayog. 31 December 2019.
9. ^ "Sub-national HDI – Subnational HDI – Table – Global Data Lab". globaldatalab.org. Retrieved 2022-12-04.
10. ^ "Unemployment Rate in India". Centre for Monitoring Indian Economy. p. 1. Retrieved 3 November 2020.
11. ^ "Gujarat tops in share of India's exports, aided by soaring petroleum product prices". Moneycontrol. 16 June 2022. Retrieved 2022-12-04.
12. ^ "FDI". The Indian Express. 14 June 2022. Retrieved June 14, 2022.
13. ^ a b c d "Gujarat Budget Analysis 2022–23". PRS Legislative. Retrieved 12 March 2022.
14. ^ "Handbook of Statistics on Indian States". Reserve Bank of India. 15 November 2023. Retrieved 13 March 2024.
15. ^ Soupramanien, Sindhu Hariharan & Avantika (2025-04-29). "Telangana and Tamil Nadu clock highest growth in exports in FY25". BusinessLine. Retrieved 2025-05-28.
16. ^ "GSDP of Gujarat, Economic Growth Presentation and Reports | IBEF". India Brand Equity Foundation. Retrieved 2024-01-03.
17. ^ "Gujarat pips Maharashtra in power generation capacity: Report". The Times of India. 2023-03-22. ISSN 0971-8257. Retrieved 2024-01-03.
18. ^ "India: cargo traffic volume at ports by state 2022". Statista. Retrieved 2024-01-03.
19. ^ Economic Survey 2022–2023 (2023). "Unemployment Rate" (PDF).`{{cite web}}`: CS1 maint: numeric names: authors list (link)
20. ^ "Details of number of pharmaceutical drug manufacturers in States/UTs". www.pib.gov.in. Archived from the original on 2025-03-23. Retrieved 2025-05-28.
21. ^ a b Niti, ayog. "Niti aayog".
22. ^ "Milestones". Archived from the original on April 23, 2006. Retrieved June 14, 2008.
23. ^ a b "India talking of Gujarat's SEZ model: Narendra Modi". domain-b.com. 2006-11-02. Retrieved 2013-10-26.
24. ^ a b "Mukesh Ambani wants to build another ShanghaiReal Estate – Indiatimes". The Times of India. Archived from the original on 2011-10-04. Retrieved 2013-10-26.
25. ^ "National Institute of Educational Planning and Administration: Gujarat State Survey and Statistics". 14.139.60.153. Retrieved 2022-12-26.
26. ^ "Gujarat State" (PDF). Gujarat State Survey and Statistics.
27. ^ a b "GSDP of Gujarat, Economic Growth Presentation and Reports | IBEF" (PDF). India Brand Equity Foundation. Retrieved 2022-12-07.[permanent dead link]
28. ^ "Who really developed Gujarat, when and how much — trends in economic growth". counterview.org. 2012-09-15. Retrieved 2022-12-07.
29. ^ "Economy of Gujarat". statisticstimes.com. Retrieved 2022-12-07.
30. ^ "Reserve Bank of India – Publications". m.rbi.org.in. Retrieved 2022-12-10.
31. ^ "Unemployment". unemploymentinindia.cmie.com. Retrieved 2022-12-10.
32. ^ "Unemployment and Employment". pib.gov.in. Retrieved 2022-12-10.
33. ^ "GUJARAT Sector". Directorate of Economics and Statistics of the Respective State/Uts – via mospi.gov.in.
34. ^ "Reserve Bank of India – Handbook of Statistics on Indian States". m.rbi.org.in. Retrieved 2022-12-27.
35. ^ "Economy of Gujarat". statisticstimes.com. Retrieved 2022-12-04.
36. ^ Mitul Thakkar (2006-09-14). "Amul to become world's largest liquid milk brand". The Economic Times. Retrieved 2012-07-09.
37. ^ "Reserve Bank of India – Handbook of Statistics on Indian States". m.rbi.org.in. Retrieved 2023-01-16.
38. ^ "Nano project led to Gujarat as car manufacturing hub: Ratan Tata". The Economic Times. Press Trust of India. 2017-07-13. Retrieved 2018-08-20.
39. ^ Ketan Thakkar (2018-02-09). "Gujarat set to become the Detroit of India". The Economic Times. Retrieved 2018-08-20.
40. ^ "Maruti Suzuki to make first EV for Toyota in India, production starts 2025 in Gujarat - CNBC TV18". CNBCTV18. 2024-10-30. Retrieved 2025-05-17.
41. ^ "MG Motor mulls options for setting up a second India plant". The Economic Times. 2023-09-21. ISSN 0013-0389. Retrieved 2025-05-17.
42. ^ D'sa, Lenny (2024-05-23). "A tour of the Tata Passenger Electric Mobility plant in Sanand, Gujarat". www.evoindia.com. Retrieved 2025-05-17.
43. ^ "Tata Motors Agrees to Buy Ford's Gujarat Plant for $92 Million". Bloomberg.com. 2022-08-07. Retrieved 2022-12-31.
44. ^ "Tata Group to set up Rs 4,000 crore lithium-ion battery plant". Dholera Prime. 2019-07-12. Archived from the original on 2022-12-31. Retrieved 2022-12-31.
45. ^ "Gujarat: Tata Motors to produce 2 lakh electric vehicles at Ford plant". The Times of India. 2022-04-15. ISSN 0971-8257. Retrieved 2023-04-02.
46. ^ Livemint (2022-04-11). "MG Motor to invest ₹4,000 cr for 2nd plant to take capacity to 3L units". livemint.com. Retrieved 2023-04-02.
47. ^ "MG Motor India to invest $100 million to expand capacity, eyes 70 percent growth in 2023". Autocar Professional. Retrieved 2023-04-02.
48. ^ "MG Motor to invest Rs 4k cr in its second facility – The New Indian Express". The New Indian Express. 8 April 2022. Retrieved 2023-04-02.
49. ^ "MG Motor Eyes Profits in 2023, To Explore Options Going Forward". Mobility Outlook. Retrieved 2023-04-02.
50. ^ Press Trust of India. "MG Motor unveils Astor; enters highly competitive mid-size SUV segment". Archived from the original on 2021-12-01. Retrieved 2025-05-17.
51. ^ "MG Gloster production underway at Halol plant, price announcement today". India Today. 2020-10-08. Retrieved 2025-05-17.
52. ^ Desk, HT Auto (2025-02-20). "MG plans modification of Halol plant to meet rising demand for Windsor EV, February production likely to be impacted". HT Auto. Retrieved 2025-05-17. `{{cite web}}`: `|last=` has generic name (help)
53. ^ "Vibrant Gujarat 2011: Mahindra to invest Rs 3,000 cr". The Economic Times. 2011-01-12. ISSN 0013-0389. Retrieved 2023-04-02.
54. ^ Mishra, Piyush (2014-03-27). "Atul Auto to set up new unit near Ahmedabad". The Economic Times. ISSN 0013-0389. Retrieved 2023-04-02.
55. ^ "Atul Auto net up 23 pc; to double capacity at Rajkot plant". The Economic Times. 2012-11-19. ISSN 0013-0389. Retrieved 2023-04-02.
56. ^ Dave, Vimukt (16 September 2014). "Atul Auto's new facility near A'bad to produce 60,000 units per annum". Business Standard. Retrieved 13 March 2024.
57. ^ PTI (2014-09-30). "Honda Motorcycle to invest Rs1,100 crore to set up two-wheeler plant in Gujarat". livemint.com. Retrieved 2023-04-02.
58. ^ "HMSI to invest Rs 1,100 cr to set up 2-wheeler plant in Gujarat". The Economic Times. 2014-10-01. ISSN 0013-0389. Retrieved 2023-04-02.
59. ^ "Honda to Invest Rs 1,100 Crore to Set Up Two-Wheeler Plant in Gujarat". NDTV.com. 30 September 2014. Retrieved 2023-04-02.
60. ^ "Honda Motorcycle & Scooter India to invest Rs 630cr to ramp up capacity". The Times of India. 2018-10-04. ISSN 0971-8257. Retrieved 2023-04-02.
61. ^ Raj, Amrit (2015-08-18). "Hero MotoCorp plans to develop Gujarat plant into an export hub". livemint.com. Retrieved 2023-04-02.
62. ^ "Hero MotoCorp to invest Rs 1,200 cr in Gujarat unit". Business Today. 2012-03-09. Retrieved 2023-04-02.
63. ^ "Hero MotoCorp to invest Rs 2,575 cr in new plants, R&D centre". NDTV.com. 4 June 2012. Retrieved 2023-04-02.
64. ^ "Suzuki to invest Rs 30,000 cr on 2 new plants, PM Modi lays foundation stone". The Economic Times. Retrieved 2022-12-31.
65. ^ "Gujarat government extends Maruti benefits to parent firm". The Times of India. 2015-12-25. ISSN 0971-8257. Retrieved 2023-04-02.
66. ^ "japan: Suzuki announces Rs 10,440 crore investment in Gujarat for EV and battery manufacturing". The Economic Times. 20 March 2022. Retrieved 2023-04-02.
67. ^ "US-based Triton EV to invest Rs 10,800 crore in Gujarat | Ahmedabad News". The Times of India. TNN. Apr 6, 2022. Retrieved 2022-12-31.
68. ^ "Triton EV Established Its World Largest R&D Facility Near Ahmedabad". businesswireindia.com. Retrieved 2023-04-02.
69. ^ "Triton EV with Four Major Companies to Develop Asia's Biggest EV Manufacturing Hub in Gujarat with an Investment of Rs 10800 Crores". businesswireindia.com. Retrieved 2023-04-02.
70. ^ "Triton EV".
71. ^ "Electrotherm to make batteries for electric vehicles". The Economic Times. 2007-11-09. ISSN 0013-0389. Retrieved 2023-04-02.
72. ^ "Suzuki to start building second plant in Gujarat by 2021". The Times of India. 2018-10-14. ISSN 0971-8257. Retrieved 2023-04-02.
73. ^ Dilipkumar, Bhavya. "JSW Group announces EV Policy for employees, incentive of Rs 3 lakhs to buy EV vehicles". The Economic Times. Retrieved 2022-12-31.
74. ^ "Electric vehicles: JSW inks MoU with Gujarat, to invest Rs 4000 cr". Business Line. 2017-09-26. Retrieved 2023-04-02.
75. ^ Das, Sohini (2017-09-27). "JSW Energy to set up Rs 4k-cr electric car manufacturing plant in Gujarat". Business Standard. Retrieved 2022-12-31.
76. ^ "Gujarat ignites aim to be electric-vehicles hub". The Times of India. 2017-09-28. ISSN 0971-8257. Retrieved 2023-04-02.
77. ^ Umarji, Vinay (2021-12-06). "EV start-up Matter signs MoU with Gujarat govt for Rs 1,500 crore". Business Standard. Retrieved 2022-12-31.
78. ^ "EV startup Matter unveils geared electric motorcycle, plans 200 dealerships in next 12 months". The Economic Times. Retrieved 2023-01-02.
79. ^ Rudra, Tapanjana (2022-06-24). "Matter Closes $10 Mn Funding Round To Build Products, Launch EV Two-Wheeler In 2022". Inc42 Media. Retrieved 2023-01-02.
80. ^ "Wardwizard lines up Rs 500 crore investment in Gujarat". Wardwizard Innovations & Mobility Limited. 2021-12-20. Retrieved 2022-12-31.
81. ^ "WardWizard to invest ₹500 crore in Gujarat for EV ancillary units". livemint.com. 2021-12-20. Retrieved 2023-04-02.
82. ^ "WardWizard Innovations to set up country's first EV cluster in Vadodra". The Times of India. Press Trust of India. Jan 25, 2022. Retrieved 2022-12-31.
83. ^ "Renault-Nissan to invest Rs 10335 crore for small car project". India.com. 2011-12-06. Retrieved 2022-12-31.
84. ^ "About Us". Joy e-bike. Retrieved 2023-01-02.
85. ^ "Mahindra & Mahindra launches new tractor brand Trakstar from Gujarat arm". Moneycontrol. 28 August 2017. Retrieved 2023-01-02.
86. ^ "Mahindra to invest Rs 3k cr in Gujarat". Business Standard. Press Trust of India. 2011-01-12. Retrieved 2023-04-02.
87. ^ "JCB opens new factory in Gujarat with 100 mn pound investment". The Times of India. 2022-04-21. ISSN 0971-8257. Retrieved 2023-04-02.
88. ^ Thakkar, Ketan (21 April 2022). "vadodara: JCB invests Rs 1000 crore in Vadodara aimed at exports market". The Economic Times. Retrieved 2023-04-02.
89. ^ Mehta, Shramana Ganguly (2011-03-07). "World's first carbon foam battery unit comes up in Gujarat". The Economic Times. ISSN 0013-0389. Retrieved 2023-04-02.
90. ^ "Reliance Industries Limited". ril.com. Retrieved 2023-04-02.
91. ^ "Automotive impact of Reliance Industries' Rs 75,000cr investment in renewable energy explained | The Financial Express". The Financial Express. 25 June 2021. Retrieved 2023-04-02.
92. ^ "Reliance Industries to set up fuel cell giga factory". Autocar India. Retrieved 2023-04-02.
93. ^ "Reliance Industries Ltd to invest Rs 75,000-crore in clean energy business in Jamnagar". The Times of India. 2021-06-25. ISSN 0971-8257. Retrieved 2023-04-02.
94. ^ Niyati Parikh (May 28, 2022). "8 International Banks Set Up Offices At Gift City | Ahmedabad News". The Times of India. Retrieved 2022-12-05.
95. ^ "Banks in Gift IFSC, Gujarat". International Financial Service Center Authority. Retrieved 2022-12-11.
96. ^ Agarwal, Nikhil (2019-03-31). "Dena Bank, Vijaya Bank merges with Bank of Baroda: 10 things to know". mint. Retrieved 2022-12-11.
97. ^ "Offices-branches". bankofbaroda.in. Retrieved 2022-12-11.
98. ^ "Bank of Baroda Share Price, Bank of Baroda Stock Price, Bank Of Baroda Stock Price, Share Price, Live BSE/NSE, Bank Of Baroda Bids Offers. Buy/Sell Bank Of Baroda news & tips, & F&O Quotes, NSE/BSE Forecast News and Live Quotes". moneycontrol.com. Retrieved 2022-12-11.
99. ^ "Baroda Gujarat Gramin Bank". bggb.in. Retrieved 2022-12-11.
100. ^ "SGB". sgbrrb.org. Retrieved 2022-12-26.
101. ^ "Home | Gujarat Mercantile Co-operative Bank Ltd". gmcbank.in. Retrieved 2022-12-11.
102. ^ "Home". GSC Bank. Retrieved 2022-12-11.
103. ^ "Gujarat Ambuja Co-op. Bank". ambujabank.com. 20 April 2022.
104. ^ "ADC Bank :: History". adcbank.coop. Retrieved 2022-12-11.
105. ^ "RAJKOT NAGARIK SAHAKARI BANK LTD". rnsbindia.com. Retrieved 2022-12-11.
106. ^ "Shri Rajkot District Co-Operative Bank Ltd". rdcbank.org. Retrieved 2022-12-11.
107. ^ "MUFG to open first Japanese bank branch in Indian fintech zone". Nikkei Asia. Retrieved 2022-12-11.
108. ^ Parikh, Niyati (July 16, 2022). "One More Japanese Bank To Enter Gift City". The Times of India. Retrieved 2022-12-11.
109. ^ Ghosh, Shayan (2020-06-04). "Standard Chartered Bank starts operations at Gift City". mint. Retrieved 2022-12-11.
110. ^ "HSBC inaugurates international banking unit at GIFT City in Gujarat". Business Standard. 2021-01-26. Retrieved 2022-12-11.
111. ^ IFSC Banking Unit, retrieved 2022-12-11
112. ^ "HSBC inaugurates its International Banking Unit at GIFT City" (PDF). hsbc.co.in. 21 Jan 2021.
113. ^ "Citibank becomes first US bank to set up unit in IFSC at GIFT City". Business Standard. 2021-08-16. Retrieved 2022-12-11.
114. ^ "Barclays infuses over ₹3,000 crore into India unit". mint. 2021-08-26. Retrieved 2022-12-11.
115. ^ "Indian Prime Minister Modi launches Deutsche Bank's IFSC Banking Unit in Gift City, Gujarat". db.com. Retrieved 2022-12-11.
116. ^ "Deutsche Bank to commence IFSC Banking Unit at GIFT City". db.com. Retrieved 2022-12-11.
117. ^ Vora, Rutam V. (2022-07-30). "PM Modi inaugurates Deutsche Bank's IBU at GIFT-IFSC". Business Line. Retrieved 2022-12-11.
118. ^ "J.P. Morgan opens its branch in GIFT IFSC". jpmorgan.com. Retrieved 2022-12-11.
119. ^ Haswell, Asset Servicing Times reporter Carmella. "J.P. Morgan opens branch in Gujarat International Fintech City". assetservicingtimes.com. Retrieved 2022-12-11.
120. ^ Babar, Kailash (20 December 2020). "Bank of America". The Economic Times. Retrieved 2022-12-11.
121. ^ "Bank of America opens Global Business Centre at GIFT City". The Financial Express. 7 December 2019. Retrieved 2022-12-11.
122. ^ "Time to set-up a Treasury Centre in IFSC? – KPMG India". KPMG. 2021-08-02. Archived from the original on 2022-12-11. Retrieved 2022-12-11.
123. ^ Das, Saikat (9 September 2021). "JP Morgan, PNB, KPMG among latest firms at GIFT City's gates". The Economic Times. Retrieved 2022-12-11.
124. ^ "BRICS bank to open India's regional office in GIFT City in Gujarat". Business Standard. 2022-05-20. Retrieved 2022-12-11.
125. ^ "New Development Bank opens regional office in GIFT City". Business Line. 2022-05-20. Retrieved 2022-12-11.
126. ^ "ndb-launches-indian-regional-office-in-gujarat-international-finance-tec-city". ndb.int. 12 December 2022.
127. ^ "Despite Covid-19, fresh investments flowing into Gujarat's Pharma Sector". The Times of India. 2021-03-14. Retrieved 2021-05-03.
128. ^ "Gujarat tops in share of India's exports, aided by soaring petroleum product prices". Moneycontrol. 16 June 2022. Retrieved 2022-12-10.
129. ^ "EPI Report 2022" (PDF). niti.gov.in. Retrieved 25 September 2023.
130. ^ "6 of top 12 Export Districts of India are in Gujarat; Jamnagar and Surat leading the list". DeshGujarat. 2021-12-11. Retrieved 2022-12-10.
131. ^ "Top Export Districts in The Country". pib.gov.in. Retrieved 2022-12-10.
132. ^ a b The Constitution of India (Act). 26 November 1949.
133. ^ a b Distribution of Powers between Centre, States and Local Governments, archived from the original on 11 June 2007, retrieved 2009-04-18
134. ^ "Ministry of Statistics and Program Implementation – Government Of India". mospi.nic.in. Retrieved 1 July 2017.
135. ^ The Kerala Electricity Duty Act, 1963 (PDF) (ACT 23). 1963.
136. ^ a b Western Region Load Dispatch Centre Annual MIS Report 2021-22, Western Region Load Dispatch Centre
137. ^ "Gujarat Electricity Regulatory Commission 22nd Annual Report (English)" (PDF). Gujarat Electricity Regulatory Commission. 2022.
138. ^ "Ministry of Power, Annual Report 2021-22" (PDF).
139. ^ "Kakrapar Atomic Power Plant Expansion – NS Energy". Retrieved 2022-11-06.
140. ^ "Statement Showing The Details of Tourist ?Visited Gujarat During The Year 2010–11" (PDF). Gujaratourism.com. Archived from the original (PDF) on 2013-09-25. Retrieved 2013-10-26.
141. ^ "Vice President Ansari arrives at Gir Wildlife Sanctuary, IBN Live News". Ibnlive.in.com. Archived from the original on 2012-11-05. Retrieved 2012-07-09.
142. ^ "Business Line : Industry & Economy / Economy : TAAI award for Gujarat Tourism". Business Line. Archived from the original on 2012-10-26. Retrieved 2012-07-09.
143. ^ "Statue of Unity gets more visitors daily than Statue of Liberty: SSNNL". @businessline. 5 December 2019. Archived from the original on 2020-06-20. Retrieved 2019-12-22.
144. ^ "With 15k visitors a day, Statue of Unity overtakes Statue of Liberty". The Times of India. December 7, 2019. Archived from the original on 2020-06-20. Retrieved 2020-06-20.

## External links

[edit]

* Gujarat 2050 map showing major development areas
* Gujarat
* by sector

* v
* t
* e

State of Gujarat

Capital: Gandhinagar

Topics|

* Architecture
* Cinema
* Cuisine
* Culture
* Economy
* Education
* Geography
* Government
* Highest point
* History
* Language
* Literature
* People
* Politics
* Protected areas of Gujarats
* Tourism

Regions of Gujarat|

* Kutch
* Saurashtra
* North Gujarat
* Central Gujarat
* South Gujarat

Districts|

* Ahmedabad
* Amreli
* Anand
* Aravalli
* Banaskantha
* Bharuch
* Bhavnagar
* Botad
* Chhota Udaipur
* Dahod
* Dang
* Devbhumi Dwarka
* Gandhinagar
* Gir Somnath
* Jamnagar
* Junagadh
* Kutch
* Kheda
* Mahisagar
* Mehsana
* Morbi
* Narmada
* Navsari
* Panchmahal
* Patan
* Porbandar
* Rajkot
* Sabarkantha
* Surat
* Surendranagar
* Tapi
* Vadodara
* Valsad
* Vav-Tharad

Major cities|

* Ahmedabad
* Amreli
* Anand
* Ankleshwar
* Bharuch
* Bhavnagar
* Botad
* Bhuj
* Dwarka
* Gandhidham
* Gandhinagar
* Godhra
* Jamnagar
* Junagadh
* Kheda
* Mehsana
* Morbi
* Nadiad
* Navsari
* Modasa
* Patan
* Porbandar
* Rajkot
* Surat
* Surendranagar Dudhrej
* Wadhwan
* Wankaner
* Udhna
* Vadodara
* Valsad
* Vapi
* Veraval
* Visnagar

Ecoregions|

* Indus River Delta–Arabian Sea mangroves
* Khathiar–Gir dry deciduous forests
* North Western Ghats moist deciduous forests
* Aravalli West Thorn Scrub Forests
* Rann of Kutch

Economy|

* Ahmedabad Bus Rapid Transit System
* GIFT City
* Sabarmati Riverfront
* Sardar Sarovar Dam
* GSWAN
* Power stations and power organisations
* Gujarat State Petroleum Corporation
* Gujarat Gas

* India portal

* v
* t
* e

Economy of India

Companies|

* BSE SENSEX
* NIFTY 50
* NIFTY Next 50
* NIFTY 500
* GIFT Nifty

Governance|

* Ministry of Finance
* Finance ministers
* Ministry of Commerce and Industry
* Finance Commission
* Economic Advisory Council
* Central Statistical Office
* Securities and Exchange Board of India
* Enforcement Directorate
* External debt
* Foreign trade
* Foreign direct investment
* Foreign exchange reserves
* Remittances
* Taxation
* Subsidies
* Industrial licensing
* Voluntary guidelines
* NITI Aayog
* Make in India
* Atmanirbhar Bharat

Currency|

* Indian rupee
* Sign
* History
* Historical Forex
* Digital rupee
* Coinage
* Paisa
* Reserve Bank of India
* Governor
* Mint
* Inflation

Financial services|

* Banking
* Insurance
* Multi Commodity Exchange
* Bullion

History|

* Economic development
* Liberalisation
* Licence Raj
* Green revolution
* Government initiatives
* Numbering system

People|

* Billionaires
* Demography
* Income
* Poverty
* Labour law
* Pensions
* EPFO
* NPS
* PPF

By state|

* Andhra Pradesh
* Assam
* Bihar
* Delhi
* Goa
* Gujarat
* Haryana
* Himachal Pradesh
* Jammu and Kashmir
* Jharkhand
* Karnataka
* Kerala
* Ladakh
* Madhya Pradesh
* Maharashtra
* Mizoram
* Odisha
* Punjab
* Rajasthan
* Tamil Nadu
* Telangana
* Uttarakhand
* Uttar Pradesh
* West Bengal

Sectors|

* Agriculture
* Livestock
* Fishing
* Automotive
* Chemical
* Construction
* Defence
* Education
* Energy
* Electricity
* Nuclear
* Oil and gas
* Solar
* Wind
* Electronics and semiconductor
* Entertainment
* Forestry
* Gambling
* Healthcare
* Information technology
* Media
* Cinema
* FM Radio
* Television
* Printing
* Mining
* Coal
* Iron and Steel
* Pharmaceuticals
* Pulp and paper
* Retail
* Science and technology
* Biotechnology
* Space
* Telecommunications
* Textiles
* Tourism
* Transport
* Aviation
* Civil
* Ports
* Rail
* Roads
* Electricity
* Water

Regulator|

* IRDAI
* RBI
* SEBI
* IBBI

Other|

* NCLT
* NCLAT
* BIFR
* IBBI
* IBC
* SARFESI Act
* Income Tax Act
* Companies Act
* Banking Act
* Insurance Act
* FEMA
* Mumbai Consensus

* Category
* Commons
* Wikiquotes

*[v]: View this template
*[t]: Discuss this template
*[e]: Edit this template