21 States Likely To Clock 11.2% Growth In FY25

Mumbai: The capital spending by 21 key states is expected to moderate in FY25, growing by a modest 6.5 per cent to Rs 6.5 lakh crore, with an average GDP growth for these states projected at 11.2 per cent, an analysis by the National Stock Exchange of India (NSE) revealed on Friday.

These 21 states together represent over 95 per cent of India’s GDP (Rs 326 lakh crore in FY25BE). Punjab has the lowest capital spending ratio at 6.2 per cent, while Gujarat leads at 36.2 per cent. States’ reliance on market loans has dropped in recent years, thanks to higher loans from the Centre.

“The average GDP growth for these states is projected at 11.2 per cent, down from 11.8 per cent in FY24RE,” according to the NSE’s ‘State of States’ report.