Punjab is the second-largest producer of cotton and blended yarn, and the third-largest producer of mill-made fabrics in India. The secondary sector has been the fastest-growing sector, driven by growth in sub-sectors such as construction (with a 55 per cent share in the secondary sector) and manufacturing (with a 16 per cent share). Punjab's gross state domestic product (GSDP) was US$ 34.2 billion in 2008–09, growing at a compound annual growth rate (CAGR) of 11.4 percent between 1999–2000 and 2007–08. Distribution of households by socio-economic classification (SEC) shows that the share of households with entrepreneurs is high, and that this segment has a higher consumption potential as compared to the all-India figure.

The industrial output of agro-based industries in the state is roughly US$ 2.44 billion, contributing nearly 20 per cent to the manufacturing output and about 14 per cent to employment. The textile sector in the state is strong on all aspects of the value chain and the district of Ludhiana is often referred to as the ‘Manchester of India‘.

Outstanding investments in the state up to December 2008 stood at nearly US$ 28.9 billion, with manufacturing, power and services accounting for more than 90 per cent of the total outstanding investments.

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