As of FY22, the pharmaceutical industry accounted for over 21% of exports in Madhya Pradesh.
Madhya Pradesh is located in central India. The state is bound on the north by Uttar Pradesh, on the east by Chhattisgarh, on the south by Maharashtra, and on the west by Gujarat and Rajasthan. It is among the fastest growing states in the country. At current prices, the Gross State Domestic Product (GSDP) of Madhya Pradesh is estimated at Rs. 1,387,117 crore trillion (US$ 169.36 billion) in 2023-24. The GSDP increased at a CAGR (in Rs.) of 12.49% from 2015-16 to 2021-22. Net State Domestic Product (NSDP) of Madhya Pradesh was about Rs. 8.27 trillion (US$ 113.94 billion) in 2020-21. Between 2015-16 and 2020-21, state’s NSDP grew at a CAGR of around 11.22%.
Madhya Pradesh is rich in natural resources - fuel, minerals, agriculture, and biodiversity. It is also the only diamond producing state in the country. Diamond production in the state stood at 38,437 carats in 2018-19.
Madhya Pradesh offers distinctive monetary and strategy/policy incentives for organizations under the Industrial Promotion Policy-2014 other than strategies/policies for information technology (IT), biotechnology, tourism, and special economic zone (SEZs). To pull in investors and promote entrepreneurs, the State Government has selected TRIFAC, an agency that encourages a single window system, for speedy approvals of different clearances and consents.
Exports from the state stood at US$ 3,770.08 million in FY23 (until August 2022).
According to the Department for Promotion of Industry and Internal Trade (DPIIT), cumulative FDI inflow in Madhya Pradesh was valued at US$ 529.89 million between October 2019- March 2023.
Note: ^in lakhs bales of 170 kgs each, MMT - Million Metric Tonne
The number of start-ups in India have increased from 300-400 in 2014 to 70,000 in eight years, stated Mr. Narendra Modi, Prime Minister at the launch of the Madhya Pradesh government’s Start-Up Policy 2022 and a start-up portal event.