Madhya Pradesh: State economy at a glance

The figures in this note come from the CAG State Finances Audit Report for the year ended 31 March 2024 (Report No. 3 of 2025). They cover the years the report gives, 2019-20 to 2023-24, and are not the latest estimates. Over this period the GSDP of Madhya Pradesh rose steadily, its growth rate moved up and down in line with national GDP, and agriculture and services each made up about two-fifths of GSDP.

State profile (CAG report)

• Madhya Pradesh is the second largest State by area (CAG report): 3,08,252 sq.km., 9.38 per cent of India's geographical area.
• The report says it has around 7.33 crore people, six per cent of India's population.
• The state has 55 districts in 10 administrative divisions.

GSDP (2011-12 series, current prices)

• GSDP is the value of all goods and services produced within the State in a given period.
• GSDP in ₹ crore: 9,27,855 (2019-20), 9,46,628 (2020-21), 10,92,964 (2021-22, Provisional Estimates), 12,46,471 (2022-23, Quick Estimates) and 13,63,327 (2023-24, Advance Estimates).
• Growth of GSDP over the previous year (per cent): 11.82 (2019-20), 2.02 (2020-21), 15.46 (2021-22), 14.05 (2022-23) and 9.37 (2023-24).
• For comparison, India's GDP growth at current prices was 9.60 per cent in 2023-24.
• The report says the state's growth rate showed a fluctuating trend, in line with national GDP.

Per capita income

• The per capita GSDP at current prices was 1,56,381 in 2023-24.
• This was lower than India's per capita GDP of 2,11,725.

GSVA

• Gross Value Added is the value of output produced in a financial year without the intermediary costs. The CAG notes that GVA is used by the Government of India, the International Monetary Fund and the World Bank, and is considered a better indicator of growth than GDP as it ignores taxes and subsidies.
• GSVA in ₹ crore: 8,69,608 (2019-20) rising to 12,73,440 (2023-24, Advance Estimates).
• GSVA growth (per cent): 10.99 (2019-20), 2.89 (2020-21), 15.67 (2021-22), 12.88 (2022-23) and 9.01 (2023-24).

Sectoral composition of GSDP

• Agriculture: 39.25 per cent (2019-20) to 40.04 per cent (2023-24), a marginal increase; it peaked at 42.80 per cent in 2020-21.
• Industry: 20.90 per cent (2019-20) to 19.74 per cent (2023-24), a decrease.
• Services: 39.85 per cent (2019-20) to 40.22 per cent (2023-24), a marginal increase.
• The report says the sectoral mix has by and large remained static.

Receipts and spending (2019-20 to 2023-24)

• Revenue receipts rose 58.51 per cent, from 1,47,643 crore to 2,34,026 crore.
• The share of revenue receipts from the State's tax revenue rose from about 71 per cent (2019-20) to about 77 per cent (2023-24).
• Revenue buoyancy with reference to GSDP rose from 0.69 in 2022-23 to 1.57 in 2023-24; own revenue buoyancy rose from 0.60 to 2.34.
• Revenue expenditure rose from 1,50,444 crore (16.21 per cent of GSDP) to 2,21,538 crore (16.25 per cent), making up 79 to 83 per cent of total expenditure.
• Total expenditure rose 54 per cent, from 1,80,671 crore to 2,78,887 crore.
• Capital outlay grew 93.36 per cent, from 29,241 crore to 56,539 crore, or from 3.15 to 4.15 per cent of GSDP.

Deficits (2023-24)

• The state had revenue deficits in 2019-20 (2,801 crore) and 2020-21 (18,356 crore), and has been in revenue surplus from 2021-22; the surplus was 12,488 crore (0.92 per cent of GSDP) in 2023-24, against 0.33 per cent the year before.
• Fiscal deficit: 44,485 crore (3.26 per cent of GSDP) in 2023-24, up from 41,202 crore (3.31 per cent) in 2022-23.
• Primary deficit fell to 21,386 crore (1.57 per cent of GSDP) from 21,749 crore.
• The State was within the targets specified by the XV FC for key fiscal parameters in 2023-24.