Gujarat state become India’s Largest Manufacturing Hub : RBI
Highlights:
- According to RBI, Gujarat grew as India’s Largest Manufacturing Hub.
- Gujarat has left behind Maharashtra to grow as the country’s leading manufacturing hub.
- Next in line after Maharashtra, in terms of manufacturing, was Tamil Nadu with a GVA of Rs 3.43 lakh crore followed by Karnataka at Rs 2.1 lakh crore and Uttar Pradesh at Rs 1.87 lakh crore.
- Data reveals that Gujarat witnessed its Gross Value Addition (GVA) in manufacturing increase by 15.9 % yearly amidst FY12 and FY20 to reach Rs 5.11 lakh crore.
- GVA is a financial metric that covers the supply of goods and services.
- Meanwhile, Maharashtra’s annual growth rate persisted at half of Gujarat’s at 7.5 % for the same period, and its GVA for manufacturing reached Rs 4.34 lakh crore in FY-20.
- Maharashtra is still the foremost provider of services in India, with the state’s services GVA growing by 12.6 % yearly, attaining Rs 15.1 lakh crore in FY-2020.
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