Imagine India as a giant quilt made up of many colorful patches. Each patch is a state or territory, and together they create a vibrant picture of the country’s economy in 2023–24. Altogether, these 33 pieces add up to about ₹301.23 lakh crore(₹301.23 Trillion), which is India’s total GDP(Current) for the year^[1].

At the very top of this patchwork is Maharashtra, whose economic “patch” alone is worth a whopping ₹40.56 lakh crore—richest state in India sometimes known as economic state of India. Just next to it, Tamil Nadu (₹27.22 lakh crore), Karnataka (₹25.57 lakh crore), Uttar Pradesh (₹25.63 lakh crore), and Gujarat (₹24.26 lakh crore) shine brightly, forming India’s powerhouse quintet.

But the story doesn’t end there. States like West Bengal (₹16.51 lakh crore), Rajasthan (₹15.22 lakh crore), Telangana (₹14.64 lakh crore), and Andhra Pradesh (₹14.22 lakh crore) follow closely, showing off bustling industries, thriving cities, and busy ports that keep the nation moving. Even smaller players—Arunachal Pradesh (₹0.39 lakh crore), Mizoram (₹0.34 lakh crore), and the Andaman & Nicobar Islands (₹0.13 lakh crore)—have their own unique contributions, reminding us that every part of India, no matter how tiny, plays a important role in making one of the top 4 economic country in the World in 2025.

India’s economic power is concentrated in its top five states, which together contribute over 42% of the national GDP. from the above donut chart, Maharashtra tops the chart with 12.09%, driven by Mumbai’s financial muscle. Tamil Nadu follows with 7.95%, blending manufacturing, tech, and culture. Karnataka contributes 7.7%, powered by Bengaluru’s global tech scene. Uttar Pradesh, the most populous state, holds 7.5%, showing strong industrial and agricultural growth. Gujarat, at 7.31%, thrives on trade and industry. These states are not just economic leaders but also innovation hubs, shaping India’s future as they balance tradition and transformation across diverse sectors and regions.

Richest State of India by its GDP(Current) 2023-24

Country	Bar	Outflows
China	-15,200	-15,200
United Kingdom	-9,500	-9,500
India	-4,300	-4,300
South Korea	-1,200	-1,200
Russian Federation	-1,000	-1,000
Brazil	-800	-800
South Africa	-600	-600
Taiwan (Chinese Taipei)	-400	-400
Nigeria	-300	-300
Vietnam	-300	-300

• These are provisional figures for the full year 2024. They are based on year-to-date HNWI movements to June 2024. Figures are rounded to the nearest 100. • ‘Millionaires’ and ‘HNWIs’ refer to individuals with liquid investable wealth of USD 1 million or more. Source: New World Wealth

China is expected to see the most millionaires leaving the country this year, with a whopping 15,200 predicted to move out. The UK is next in line to lose 9,500 millionaires by the end of 2024, followed by India with an expected loss of 4,300 millionaires. This trend shows that many wealthy people are choosing to relocate, possibly due to changes in the economy, society, politics, life style and tax.

For many years, London has been a top choice for millionaires moving from Europe, Africa, Asia, and the Middle East. However, things have changed in the last decade. More millionaires are now leaving the UK than coming in. After Brexit, from 2017 to 2023, the UK lost 16,500 millionaires. The outlook for 2024 is also concerning, with a projected net loss of 9,500 millionaires in just one year. This shift suggests big changes ahead for London’s economy and population. This trend is driven by a combination of Brexit fallout, political uncertainty, and controversial changes to the non-domicile tax rules. As a result, the UK is losing its appeal as a destination for wealthy individuals, signaling challenging times ahead for its economic and political landscape.

India is expected to see a notable decline of 4,300 millionaires leaving the country this year. Although this number is lower than the 5,100 who departed in 2023, India continues to rank among the leading countries for high-net-worth individuals (HNWIs) moving abroad. Indian millionaires frequently leave the subcontinent in search of a better quality of life, safer and cleaner environments, and access to higher-quality health and education services. These motivations drive many affluent individuals to relocate abroad, seeking opportunities that enhance their overall well-being and that of their families.

China is experiencing significant net outflows of millionaires (15200) due to its robust economy creating many new wealthy individuals. However, the slowdown in wealth growth in China in recent years suggests that these ongoing losses could have increasingly negative effects over time.

The 2023 biggest Crisis of the economy in South Asia is going on in Pakistan that has never seen such a disaster since it became apart from India(Hindustan) in august 1947 and drew a thick political border. Several challenges have occurred for the Pakistani residents in order to survive as basic food(Ata flour, rice, and vegetables), oil and gas prices are touching the sky. However, it has been perceived that those basic nourishment have 3 times lower cost in India and are affordable to Indian people. GDP nominal of India is 3700 billion dollar in 2023 while Pakistan represents almost zero billion dollar in its GDP. Moreover, liabilities and external debt that Pakistan holds as of december 2022 is $126 billion.

Impact of trade relation between India and Pakistan on Pakistan’s economy

The geographical link between India and Pakistan is the only Wagah border which lies on a grand trunk road and connects from Amritsar to Lahore. Punjab, Rajasthan, Gujarat and Jammu & Kashmir are the four states of India which share their boundary with Punjab(Pakistan), Sind(Pakistan) and POJK(Pakistan occupied Jammu Kashmir).

Over the past 75 years, these two nations which are also known as nuclear power countries have fought war about three times 1947, 1965 and 1999 only for the territory of Kashmir. And this is the primary cause of the worst trade relation between both the countries. Till 1956, India was Pakistan’s largest trading partner but just after that it started fluctuating and the war happened in 1971 which created Bangladesh as a separate state from Pakistan. The trade has completely halted between both the nations after the reorganisation act 2019 of Jammu & Kashmir. In 2018, GDP(nominal) of Pakistan was 356 billion US dollar while it dropped to 321 billion US dollar in 2019 and kept down till 300 billion US dollar in 2020. However, the economy of Pakistan became almost zero in 2023. Pakistan is still doing trade with India but through third countries especially via the United Arab Emirates which led to a hike in every product’s prices in Pakistan. For instance, if tomatoes are 20 rupees per kg in India, suppose after tax the price becomes 40 rupees per kg in UAE. Now when Pakistan is buying tomatoes from the UAE it will cost 60 rupees per kg after tax.

Conclusion

Pakistan’s economy started dying at the end of 2022 and the crisis has completely gripped all over the land. People of Pakistan are facing extreme poverty these days because prices of every goods have kept increasing. The value of Pakistani rupees has become valueless where rate of $1 = 300 PKR however rate of $1 is just 82 Indian rupee(INR). There is no comparison of economy between India and Pakistan even though both nations started growing since 1947. India has achieved $3,737 billion in its economy and is predicted to become $5,575 billion in 2028 while no prediction can be made about Pakistan’s economy. Inflation rate in Pakistan has hit 38% as of May 2023 and made the highest record in South Asia.