As of FY22, the pharmaceutical industry accounted for over 21% of exports in Madhya Pradesh.
Madhya Pradesh is an agrarian state. Primary sector’s contribution to the state’s Gross Value Added (GVA) increased from 33.85% in 2011-12 to 46.98% in 2020-21.
At current prices, the Gross State Domestic Product (GSDP) of Madhya Pradesh is estimated at Rs. 1,387,117crore trillion (US$ 169.36 billion) in 2023-24, registering an annual growth of 10% over FY21. Between 2015-16 and 2023-24, The GSDP increased at a CAGR (in Rs.) of 12.49. 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 reached 25,603 thousand tonnes in 2019-20.
The state is rich in natural resources, fuels, minerals, agriculture, and biodiversity. Upcoming theme based special economic zone (SEZs near Jabalpur, industry parks in Indore and food parks at multiple locations aim to promote sectoral growth. The state is rich in minerals and has the highest stone, diamond and copper reserves in India, notwithstanding noteworthy reserves of coal, coal-bed methane, manganese, and dolomite. Further, the state is home to over 280 pharmaceutical units operating in the industrial areas of Dewas, Indore, Pithampur, Mandideep and Malanpur.
Madhya Pradesh State Industrial Development Corporation Limited (MPSIDC) is the nodal agency for industrial growth in the state. It is the central point to coordinate, activate and ensure implementation of mega infrastructure projects.
As of January 2023, Madhya Pradesh had a total installed power generation capacity of 25,790.73 MW, comprising 7,211.62 MW under state utilities, 6,959.54 MW under central utilities and 11,620.57 MW under the private sector. Of the total installed power generation capacity, 16419.54 MW was contributed by thermal power, 3223.66 MW (hydropower) and 5874.53 MW (renewable power).
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$ 528.89 million between October 2019- March 2023.
As of February 2021, 10 investments (industrial entrepreneurs memorandum) worth US$ 184.20 million were filed in the state.
Below are some of the major initiatives taken by the Government to promote Madhya Pradesh as an investment destination:
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.