Madhya Pradesh Economy not only covers the statistical part of economy but also the human development , Economy of Madhya Pradesh has got a major shift in the recent decade with a great focus on secondary and tertiary sector. We have Bifurcated the Economy of Madhya Pradesh into following topics for the systematic study for MPPCS Exam by our students.
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Faq’s on Economy of Madhya Pradesh
What is the size of Madhya Pradesh’s economy?
Madhya Pradesh’s economy is the 10th largest in India, with a Gross State Domestic Product (GSDP) of ₹11.95 lakh crore (US$140 billion) in 2022-23.
What is the per capita income in Madhya Pradesh?
The per capita income in Madhya Pradesh was ₹155,583.49 (US$1,864) in 2023.
What are the main sectors of the Madhya Pradesh economy?
The main sectors of the Madhya Pradesh economy are:
- Agriculture: Contributes significantly to the state’s GSDP (46.98% in 2020-21) and employs a large portion of the population.
- Industry: Includes manufacturing, mining, and construction.
- Services: Includes trade, transportation, communication, finance, and other services.
What are the major crops grown in Madhya Pradesh?
The major crops grown in Madhya Pradesh include wheat, soybean, gram, sugarcane, cotton, maize, and pulses.
Is Madhya Pradesh a leading producer of any agricultural commodities?
Yes, Madhya Pradesh is a leading producer of soybeans, wheat, gram, and pulses in India.
What are the challenges faced by the agriculture sector in Madhya Pradesh?
The challenges faced by the agriculture sector include:
- Dependence on monsoon rains
- Fragmentation of land holdings
- Low productivity
- Lack of access to credit and markets
What are the major industries in Madhya Pradesh?
The major industries in Madhya Pradesh include textiles, food processing, automobile, pharmaceuticals, engineering, and cement.
Which cities in Madhya Pradesh are known for industrial activities?
Indore, Bhopal, and Jabalpur are the major industrial centers in Madhya Pradesh.
What are the government initiatives to promote industrial growth in Madhya Pradesh?
The government has launched several initiatives to promote industrial growth, including:
- Setting up special economic zones (SEZs)
- Providing incentives to investors
- Developing infrastructure
- Simplifying procedures for starting a business
What are the major service sector activities in Madhya Pradesh?
A: The major service sector activities include trade, transportation, communication, finance, real estate, and tourism.
Is tourism a significant contributor to the economy of Madhya Pradesh?
A: Yes, tourism is a growing sector in Madhya Pradesh, with the state attracting a large number of domestic and foreign tourists due to its rich cultural heritage, historical monuments, and wildlife sanctuaries.
What are the government initiatives to promote tourism in Madhya Pradesh?
The government has launched several initiatives to promote tourism, including:
- Developing infrastructure
- Promoting various tourist destinations
- Organizing events and festivals