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As India progresses towards being a developed nation by FY47, its eight states will have an economy worth over $1 trillion, according to estimates released by India Ratings and Research (Ind-Ra).
According to Ind-Ra, Karnataka, Gujarat, and Tamil Nadu will be the next states to reach the $1 trillion milestone, after Maharashtra. Uttar Pradesh, on the other hand, will only accomplish the goal by FY42, as reported by The Economic Times.
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It's possible that the states won't reach their $1 trillion economic targets. By FY28, Maharashtra intends to reach a $1 trillion economy; Uttar Pradesh, Tamil Nadu, and Karnataka will follow in 2030 and 2032, respectively.
The local rating agency stated, "Ind-Ra estimates that of the 28 states, Maharashtra, Karnataka, and Gujarat would be the first ones to achieve the $1 trillion mark, and this would happen in FY39."
In FY23, Karnataka surpassed Uttar Pradesh to become the third-largest state economy.
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