“Time for India to build brands, IP and more…”: Sanjeev Sanyal

Economist and author Sanjeev Sanyal reveals how individual Indian states show up for the national GDP . While some states are start performers, others, merely lagging. 

Economist, author, and member of the Economic Advisory Council to the Prime Minister, Sanjeev Sanyal says that only heavy-duty investments don't need to help turn the economic performance of a state. In the latest paper on the Relative Economic Performance of Indian States (1960-61 to 2023-24), Sanyal has revealed data on the performance of Indian states over the last 60 years.

In a revealing report, Sanyal shows how star performers like Gujarat , Maharashtra , and Delhi, two small states have displayed significant growth in per capita income – Goa and Sikkim. While Goa has displayed a relative per capita income of 290.7 in 2023-2024; Sikkim showed 319.1 for the same period. 

“It is not always that state must make the very heavy duty, serious investments for making its economy work. Sikkim and Goa have leveraged their tourism and made wealth out of fun industries. They are great examples.” Sanyal’s report also throws light on the significant non-performance of Eastern India with Bihar showing a poor PCI of just 32.8 during 2023-24.

Sanyal also reflected on the steady decline of the economy of West Bengal. While the per capita income of West Bengal in the 1960-61 era was around 127.5, it has dwindled over the years to settle at just around 83.7. “West Bengal must become a growth engine for the entire eastern region. Just as Delhi serves to be the heart center for North India, benefitting the economy of the adjoining states, West Bengal too can benefit the entire region,” Sanyal added. Sanyal also said that it was time for India to make sharp projections in terms of creating its brands and IP. “For India to become one of the leading economies of the world, it can't just remain the service center of the world,” Sanyal added.

To read the full interview, visit Republic Business.