Economy
Madhya Pradesh's gross state domestic product (nominal GDP) for 2010–11 was 259,903 crore (approximately US$ 47,120). The per-capita figure was US$ 583: the fourth lowest in the country. Between 1999 and 2008, the annualized growth rate of the state was very low: 3.5%. Subsequently, the state's GDP growth rate has improved significantly, rising to 8% during 2010-11 and 12% during 2011-12.
The state has an agrarian economy. The major crops of Madhya Pradesh are wheat, soybean, gram, sugarcane, rice, maize, cotton, rapeseed, mustard and arhar. Minor Forest Produce (MFP), such as tendu leaves used to roll beedi, sal seed, teak seed, and lak also contribute to state's rural economy.
Madhya Pradesh has 5 Special Economic Zones (SEZs): 3 IT/ITeS (Indore, Gwalior), 1 mineral-based (Jabalpur) and 1 agro-based (Jabalpur). In October 2011, approval was given to 14 proposed SEZs, out of which 10 were IT/ITeS-based. Indore is the major commercial center of the state. Because of the state's central location, a number of consumer goods companies have established manufacturing bases in MP.
The state has the largest reserves of diamond and copper in India. Other major mineral reserves include those of coal, coalbed methane, manganese and dolomite.
Madhya Pradesh has 6 Ordnance Factories, 4 of which are located at Jabalpur (Vehicle Factory, Grey Iron Foundry, Gun Carriage Factory, Ordnance Factory Khamaria) and one each at Katni and Itarsi. The factories are run by the Ordnance Factories Board, and manufacture a variety of products for the Indian Armed Forces.
The state's tourism industry is growing, fueled by wildlife tourism and a number of places of historical and religious significance. Sanchi and Khajuraho are frequented by external tourists. Besides the major cities, Bhedaghat, Bhimbetka, Bhojpur, Maheshwar, Mandu, Orchha, Pachmarhi, Kanha and Ujjain are the other popular tourist destinations.
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“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)
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