Shillong, May 20: Meghalaya along with Assam and Uttar Pradesh have emerged as fastest growing economies in India over the past five years.
This was revealed in the ‘State of Indian States’, a report released yesterday by Client Associates, a wealth management firm.
According to the findings, Assam recorded the highest nominal Compound Annual Growth Rate (CAGR) at 17.3 per cent.
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Uttar came as the second fastest growing economy at 15.3 per cent.
Similarly, Meghalaya was place as the third fastest growing economy with annual growth rate of 15.3 per cent.
The report said that Meghalaya’s growth is driven by the State’s shift from traditional industries like mining and agriculture towards the services industry.
Karnataka and Manipur also posted growth rate above 15 per cent annually.
As per the report, the five year CAGR data presents a more democratised economic picture than conventional state GDP rankings.
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