R AT I N G S

States’ Ranking
2023
ABOUT THE RANKING RATINGS

BACKGROUND
When assessing any state, more often than not we end up looking at its relative economic performance. However, in the contemporary world,
other attributes such as social development, environmental conditions and governance related aspects also assume significant importance. All
these factors are crucial for holistic development of any state.

In this first edition of State Ranking 2023, we have attempted to come up with a comprehensive score covering seven pillars (Economic, Fiscal,
Social, Infrastructure, Financial Inclusion, Environment and Governance) and 46 indicators to rank the states. The ranking not only gives an
understanding of top performing states at the aggregate level but also delves further to give the top performers for each of the above listed
pillars. The ranking provides a comparative picture among the states to facilitate competitive spirit.

The selection of 46 indicators has been done ensuring that they are easy to understand and have applicability across the states. This ranking is
flexible for improvement and revisions depending on the availability of latest data and addition of new indicators to the existing set.

AIM SCOPE OBJECTIVITY

To quantitatively assess the
comparative performance of
states on various parameters.
This study evaluates the states on Ensures that ranking decisions
parameters related to social, are free from bias or subjective
economic, infrastructure, environment, judgments.
governance, government finances,
financial inclusion and covers 46
indicators.
COMPOSITE RANKING RATINGS
COMPOSITE SCORES RATINGS

Himachal Pradesh
48.1

Top Three Rankers Punjab

Uttarakhand
43.3
45.0 Arunachal Pradesh
Large States (Group A) Sikkim
49.3 34.9
Haryana Uttar Pradesh
Assam
1. Maharashtra 50.0 30.7 Meghalay
30.3
34.8
2. Gujarat Bihar Nagaland
Rajasthan 21.9 29.9
3. Tamil Nadu 37.6
Manipur
32.2
North-East, Hilly &
Mizoram
Small States (Group B) Gujarat 38.8
51.8
1. Goa
Madhya Pradesh Tripura
2. Sikkim 35.2 33.0
3. Himachal Pradesh West Bengal
35.2
Maharashtra Jharkhand
55.7 30.1

Odisha
36.7

Goa Chhattisgarh
62.8 34.8 Composite Score
Telangana 62.8
50.9
Karnataka
50.4 Andhra Pradesh
46.0
42.3

Tamil Nadu
Kerala
51.1
49.0 21.9

Note: The colour scale is Green to Yellow to Red with the highest score getting the green colour and the lowest score getting the red colour
COMPOSITE SCORES Large States (Group A)
RATINGS

North-East, Hilly & Small States (Group B)

Rank Rank
1 Maharashtra 55.7 1 Goa 62.8
2 Gujarat 51.8
Categories (Pillars) Weight 2 Sikkim 49.3
3 Tamil Nadu 51.1
Economic 0.20 Telangana 50.9 3 Himachal Pradesh 48.1
4
Fiscal 0.15
Financial Inclusion 0.15 5 Karnataka 50.4
4 Uttarakhand 43.3
Social 0.15 Haryana 50.0
6
Infrastructure 0.15
Governance 0.10 7 Kerala 49.0 5 Mizoram 38.8
Environment 0.10 Andhra Pradesh 46.0
8 6 Arunachal Pradesh 34.9
9 Punjab 45.0
10 Rajasthan 37.6 7 Meghalaya 34.8

The overall rank of states has 11 Odisha 36.7

8 Tripura 33.0
been arrived at by evaluating West Bengal 35.2
12
their performance across the 9 Manipur 32.2
13 Madhya Pradesh 35.2
above listed seven pillars. A
higher weight has been 14 Chhattisgarh 34.8 10 Assam 30.3
assigned to the ‘Economic’ 15 Uttar Pradesh 30.7
category as a sound economic 11 Nagaland 29.9
16 Jharkhand 30.1
performance has a trickle
down effect on the rest of 17 Bihar 21.9
these categories. 0 20 40 60 80 100 0 20 40 60 80 100

Source: CareEdge Research Source: CareEdge Research

• Maharashtra tops the overall
ranking of all states, with a
favourable score in social,
financial inclusion and fiscal
categories. Gujarat ranks second
and fares well in economic and
fiscal categories, while Tamil
Nadu ranks third with an edge in
social and governance categories.
• The top five spots are occupied
by the Western and Southern
states. While higher fiscal and
economic scores were the strong
points for the western states, the
southern states outperformed in
the social and environment
categories.
• In Group B, Goa tops in overall
ranking and was a front-runner in
social, infrastructure, financial
inclusion and fiscal categories.
Among the north-eastern states,
Sikkim leads due to better score
in economic, social, infrastructure
and environment categories.
CATEGORY-WISE RANKING RATINGS
ECONOMIC RATINGS

Himachal Pradesh
36.1

Top Three Rankers Punjab

Uttarakhand
30.9
31.2 Arunachal Pradesh
Large States Sikkim
62.9 42.7
Haryana Uttar Pradesh
Assam
1. Gujarat 46.8 20.4 Meghalay
23.4
27.9
2. Karnataka Bihar Nagaland
Rajasthan 27.5 24.9
3. Maharashtra 25.9
Manipur
28.0
North-East, Hilly &
Mizoram
Small States Gujarat 24.7
63.2
1. Sikkim
Madhya Pradesh Tripura
2. Goa 22.7 29.8
3. Arunachal Pradesh West Bengal
27.3
Maharashtra Jharkhand
49.3 33.3

Odisha
41.6

Goa Chhattisgarh
62.8 31.1 Economic
Telangana 63.2
39.2
Karnataka
60.3 Andhra Pradesh
32.6
41.8

Tamil Nadu
Kerala
39.6
38.8 20.4

Note: The colour scale is Green to Yellow to Red with the highest score getting the green colour and the lowest score getting the red colour
ECONOMIC Large States (Group A)
RATINGS

North-East, Hilly & Small States (Group B)

Rank Rank
1 Gujarat 63.2
1 Sikkim 62.9
2 Karnataka 60.3
Indicators Weight Goa 62.8
3 Maharashtra 49.3 2
Per Capita GSDP 0.30 Haryana 46.8
4 Arunachal Pradesh 42.7
GSDP Growth 0.10 3
Industry & Services 5 Odisha 41.6
(% Share in GSVA) 0.10 Tamil Nadu 39.6 4 Himachal Pradesh 36.1
6
Inflation 0.10
FDI 0.20 7 Telangana 39.2 Uttarakhand 30.9
5
IEMs Filed 0.10 Kerala 38.8
8
Gross Capital 0.10 Tripura 29.8
Jharkhand 33.3 6
Formation/Gross 9
Value Added Andhra Pradesh 32.6
10 7 Manipur 28.0
11 Punjab 31.2
The indicators and the respective Meghalaya 27.9
8
weights have been selected to 12 Chhattisgarh 31.1
capture the overall economic 13 Bihar 27.5 9 Nagaland 24.9
growth and also if the growth is
14 West Bengal 27.3
inclusive in nature. Investment 10 Mizoram 24.7
has a major role to play in 15 Rajasthan 25.9
propelling the growth trajectory. 16 Madhya Pradesh 22.7 11 Assam 23.4
This is reflected in higher weight Uttar Pradesh 20.4
17
for investment related indicators.
0 20 40 60 80 100 0 20 40 60 80 100

Source: CareEdge Research Source: CareEdge Research

Note:
GSDP: Gross State Domestic Product;
GSVA: Gross State Value Added; FDI:
Foreign Direct Investment; IEM:
Industrial Entrepreneur Memorandum
• Gujarat tops the ranking in
Economic category with healthy
data on per capita GSDP, GSDP
growth, FDI flows and high share
of industry and services in GSVA.
• Karnataka and Maharashtra
follow Gujarat to occupy second
and third place again benefitting
from relatively high per capita
GSDP, share of industry and
services in GSVA and strong
FDI flows.
• Southern and Western states
have broadly outperformed the
remaining counterparts.
• Sikkim and Goa are the top two
performing states in Group B.
Both these states have relatively
high per capita GSDP and higher
share of industry and services
in GSVA.
FISCAL RATINGS

Himachal Pradesh
33.8

Top Three Rankers Punjab

Uttarakhand
56.5
19.4 Sikkim Arunachal Pradesh
Large States 48.9 50.7
Haryana Uttar Pradesh
40.7 Meghalaya Assam
1. Odisha 54.7
42.8 52.3
2. Maharashtra Bihar Nagaland
Rajasthan 25.8 34.8
3. Gujarat 27.1
Manipur
55.3
North-East, Hilly &
Mizoram
Small States Gujarat 45.4
65.3
1. Goa
Madhya Pradesh Tripura
2. Uttarakhand 52.9 38.2

3. Manipur West Bengal

42.9
Maharashtra Jharkhand
65.8 42.4

Odisha
66.6

Goa Chhattisgarh
61.4 49.1 Fiscal
Telangana 66.6
52.2
Karnataka
54.7 Andhra Pradesh
41.5
43.0

Tamil Nadu
Kerala
42.4
33.9 19.4

Note: The colour scale is Green to Yellow to Red with the highest score getting the green colour and the lowest score getting the red colour
FISCAL Large States (Group A)
RATINGS

North-East, Hilly & Small States (Group B)

Rank Rank
1 Odisha 66.6
1 Goa 61.4
2 Maharashtra 65.8
Indicators Weight Uttarakhand 56.5
3 Gujarat 65.3 2
Debt/GSDP 0.30
Fiscal Deficit /GSDP 0.20 4 Karnataka 54.7
3 Manipur 55.3
Revenue Deficit /GSDP 0.10
5 Haryana 54.7
Education Expenditure / 0.05
Madhya Pradesh 52.9 4 Assam 52.3
Total Expenditure 6
Health Expenditure / 0.05
7 Telangana 52.2 Arunachal Pradesh 50.7
Total Expenditure 5
Capex / Total Expenditure 0.20 8 Chhattisgarh 49.1
Maintenance of GRF 0.05 6 Sikkim 48.9
9 West Bengal 42.9
CSF (As % of outstanding 0.05
liabilities) 10 Jharkhand 42.4 7 Mizoram 45.4
11 Tamil Nadu 42.4
8 Meghalaya 42.8
The indicators are selected to 12 Andhra Pradesh 41.5
cover three aspects: Debt and 13 Uttar Pradesh 40.7 9 Tripura 38.2
deficit sustainability, quality of Kerala 33.9
14
expenditure and debt 10 Nagaland 34.8
15 Rajasthan 27.1
management
16 Bihar 25.8 11 Himachal Pradesh 33.8

17 Punjab 19.4

0 20 40 60 80 100 0 20 40 60 80 100

Source: CareEdge Research Source: CareEdge Research

Note:
GRF: Guarantee Redemption Fund;
CSF: Consolidated Sinking Fund
• Better score on revenue and fiscal
deficit and healthy debt
management indicators (CSF &
GRF) translated into Odisha
topping the ranking in the fiscal
category.
• Maharashtra and Gujarat, ranking
second and third, enjoy lower
debt/GSDP and relatively lower
fiscal deficit. Maharashtra also
fares well in the debt management
indicators.
• Punjab ranks the lowest in Group
A as the state performs poorly in
debt sustainability as well as debt
management.
• In Group B, Goa outperforms
other states due to relatively
lower fiscal deficit and debt levels.
The state also does well in terms
of expenditure on health and
capital formation.
FINANCIAL INCLUSION RATINGS

Himachal Pradesh
33.2

Top Three Rankers Punjab

Uttarakhand
29.7
35.9 Sikkim Arunachal Pradesh
Large States 22.2 16.3
Haryana Uttar Pradesh
21.5 Meghalaya Assam
1. Maharashtra 42.6
24.0 17.2
2. Telangana Bihar Nagaland
Rajasthan 16.8 10.4
3. Tamil Nadu 39.6
Manipur
8.1
North-East, Hilly &
Mizoram
Small States Gujarat 23.1
39.4
1. Goa
Madhya Pradesh Tripura
2. Himachal Pradesh 22.3 21.3

3. Uttarakhand West Bengal

28.3
Maharashtra Jharkhand
72.3 23.5

Odisha
30.5

Goa Chhattisgarh
61.9 27.3 Financial Inclusion
Telangana 72.3
49.3
Karnataka
46.3 Andhra Pradesh
39.9
40.2

Tamil Nadu
Kerala
48.2
41.8 8.1

Note: The colour scale is Green to Yellow to Red with the highest score getting the green colour and the lowest score getting the red colour
FINANCIAL INCLUSION Large States (Group A)
RATINGS

North-East, Hilly & Small States (Group B)

Rank Rank
1 Maharashtra 72.3
1 Goa 61.9
2 Telangana 49.3
Indicators Weight
3 Tamil Nadu 48.2 2 Himachal Pradesh 33.2
Credit/GSDP 0.20
4 Karnataka 46.3
Population/No. of 0.10 3 Uttarakhand 29.7
Bank Branches 5 Haryana 42.6
NBFC Sanctions 0.20 4 Meghalaya 24.0
6 Kerala 41.8
(As % of GSDP)
Mutual Fund Penetration 0.10 7 Andhra Pradesh 39.9 Mizoram 23.1
5
Life Insurance Penetration 0.10
8 Rajasthan 39.6
Health Insurance Penetration 0.10
6 Sikkim 22.2
Balance in PMJDY 0.10 9 Gujarat 39.4
Account Per Beneficiary
10 Punjab 35.9 7 Tripura 21.3
Average Loans Disbursed 0.10
by (SHGs) during the Year 11 Odisha 30.5
8 Assam 17.2
12 West Bengal 28.3
Access to financial services, 13 Chhattisgarh 27.3 9 Arunachal Pradesh 16.3
especially for low-income Jharkhand 23.5
14
households is not only crucial 10 Nagaland 10.4
15 Madhya Pradesh 22.3
for their economic wellbeing
but also for their social 16 Uttar Pradesh 21.5 11 Manipur 8.1
upliftment. We have 17 Bihar 16.8
attempted to select indicators
which represent availability of 0 20 40 60 80 100 0 20 40 60 80 100
funds as well as the extent of Source: CareEdge Research Source: CareEdge Research
participation by the
households to avail these
financial services. • Maharashtra topped in financial • Southern states also ranked • Goa topped in Group B, with a
inclusion with best performance relatively well due to high credit huge gap in score compared with
Note:
in credit/GSDP ratio, NBFC /GSDP ratio, accessibility to bank the other states. The state was
PMJDY: Pradhan Mantri Jan Dhan sanctions and health insurance branches and loans disbursed by highest scorer across indicators
Yojana; SHGs: Self-Help Groups
penetration. It also fared relatively Self Help Groups. States in Central (except NBFC sanctions).
well in mutual fund penetration. and East India were the laggards. North-Eastern states were at the
bottom of the ladder.
SOCIAL RATINGS

Himachal Pradesh
80.5

Top Three Rankers Punjab

Uttarakhand
58.7
75.0 Sikkim Arunachal Pradesh
Large States 74.3 40.6
Haryana Uttar Pradesh
20.1 Meghalaya Assam
1. Kerala 64.4
42.2 24.0
2. Tamil Nadu Bihar Nagaland
Rajasthan 15.8 44.9
3. Punjab 50.2
Manipur
51.1
North-East, Hilly &
Mizoram
Small States Gujarat 68.0
45.5
1. Goa
Madhya Pradesh Tripura
2. Himachal Pradesh 23.4 45.2

3. Sikkim West Bengal

46.3
Maharashtra Jharkhand
63.9 18.9

Odisha
28.2

Goa Chhattisgarh
88.7 24.4 Social
Telangana 96.4
59.8
Karnataka
49.0 Andhra Pradesh
53.0
56.1

Tamil Nadu
Kerala
78.6
96.4 15.8

Note: The colour scale is Green to Yellow to Red with the highest score getting the green colour and the lowest score getting the red colour
SOCIAL Large States (Group A)
RATINGS

North-East, Hilly & Small Sates (Group B)

Rank Rank
1 Kerala 96.4
1 Goa 88.7
2 Tamil Nadu 78.6
Indicators Weight Himachal Pradesh 80.5
3 Punjab 75.0 2
Gross Enrolment Ratio 0.17 Haryana 64.4
4 Sikkim 74.3
Percentage Literate 0.17 3
5 Maharashtra 63.9
Poverty Rate 0.17
Telangana 59.8 4 Mizoram 68.0
Gini Coefficient 0.17 6
Infant Mortality Rate 0.17 7 Andhra Pradesh 53.0
5 Uttarakhand 58.7
Life Expectancy 0.17
8 Rajasthan 50.2
6 Manipur 51.1
9 Karnataka 49.0
10 West Bengal 46.3 7 Tripura 45.2
Investment in human capital 11 Gujarat 45.5
has gained significant 8 Nagaland 44.9
12 Odisha 28.2
importance in recent times to
13 Chhattisgarh 24.4 9 Meghalaya 42.2
attain sustainable and inclusive
growth. Indicators have been 14 Madhya Pradesh 23.4
10 Arunachal Pradesh 40.6
selected to represent income 15 Uttar Pradesh 20.1
equality, education and health Assam 24.0
16 Jharkhand 18.9 11
related aspects.
17 Bihar 15.8

0 20 40 60 80 100 0 20 40 60 80 100

Source: CareEdge Research Source: CareEdge Research

• Kerala emerged as the clear
winner in this category with
highest score in all the social
indicators.
• Broadly, Southern states have
outperformed in this category
occupying five spots among the
top ten due to lower poverty and
relatively better income
distribution.
• In Group B, Goa was the top
performer primarily due to lowest
poverty and infant mortality, and
high income equality. Sikkim is
highest ranker among the north
eastern states due to better
scores in health, poverty and
equality related indicators.
INFRASTRUCTURE RATINGS

Himachal Pradesh
44.8

Top Three Rankers Punjab

Uttarakhand
39.1
62.6 Sikkim Arunachal Pradesh
Large States 46.8 28.4
Haryana Uttar Pradesh
35.3 Meghalaya Assam
1. Punjab 48.1
37.4 39.6
2. Haryana Bihar Nagaland
Rajasthan 23.3 28.0
3. Gujarat 35.2
Manipur
24.7
North-East, Hilly &
Mizoram
Small States Gujarat 30.1
46.9
1. Goa
Madhya Pradesh Tripura
2. Sikkim 34.2 38.5

3. Himachal Pradesh West Bengal

39.0
Maharashtra Jharkhand
37.5 19.9

Odisha
28.2

Goa Chhattisgarh
68.4 31.5 Infrastructure
Telangana 68.4
41.0
Karnataka
37.4 Andhra Pradesh
40.9
44.1

Tamil Nadu
Kerala
45.0
44.8 19.9

Note: The colour scale is Green to Yellow to Red with the highest score getting the green colour and the lowest score getting the red colour
INFRASTRUCTURE Large States (Group A)
RATINGS

North-East, Hilly & Small Sates (Group B)

Rank Rank
1 Punjab 62.6
1 Goa 68.4
2 Haryana 48.1
Indicators Weight Sikkim 46.8
3 Gujarat 46.9 2
Per Capita Power Availability 0.30 Tamil Nadu 45.0
4 Himachal Pradesh 44.8
Total Population / No. of Airports 0.15 3
5 Kerala 44.8
Road Density 0.15
Telangana 41.0 4 Assam 39.6
Railway Density 0.15 6
Irrigated Area 0.05 7 Andhra Pradesh 40.9
5 Uttarakhand 39.1
Beds in Government Hospitals / 0.10
8 West Bengal 39.0
Total Population Tripura 38.5
Maharashtra 37.5 6
No. of Schools / Total Population 0.10 9
10 Karnataka 37.4 7 Meghalaya 37.4
We have selected indicators to 11 Uttar Pradesh 35.3
measure the strength of both 8 Mizoram 30.1
12 Rajasthan 35.2
physical as well as social
13 Madhya Pradesh 34.2 9 Arunachal Pradesh 28.4
infrastructure. Social
infrastructure assumes greater 14 Chhattisgarh 31.5
10 Nagaland 28.0
importance in the 15 Odisha 28.2
post-pandemic world . Manipur 24.7
16 Bihar 23.3 11

17 Jharkhand 19.9

0 20 40 60 80 100 0 20 40 60 80 100

Source: CareEdge Research Source: CareEdge Research

• Punjab and Haryana topped on
Infrastructure ranking, mainly due
to high power availability, railway
density and greater irrigated area.
Both lagged in terms of social
infrastructure (Hospital Beds &
Schools).
• Most Southern states fared
relatively well in health infrastructure
captured by the number of beds
in government hospitals. States in
Eastern and Central India were
the lowest scorers.
• Goa topped in Group B due to
better physical infrastructure
while Sikkim was at the second
spot primarily due to better score
for social infrastructure.
GOVERNANCE RATINGS

Himachal Pradesh
45.0

Top Three Rankers Punjab

Uttarakhand
46.2
49.4 Arunachal Pradesh
Large States Sikkim
15.6 17.4
Haryana Uttar Pradesh
Assam
1. Andhra Pradesh 40.7 64.9 Meghalaya
22.5
28.3
2. Telangana Bihar Nagaland
Rajasthan 13.7 37.7
3. Uttar Pradesh 59.4
Manipur
25.2
North-East, Hilly &
Mizoram
Small States Gujarat 36.9
42.3
1. Uttarakhand
Madhya Pradesh Tripura
2. Himachal Pradesh 57.6 23.1
3. Nagaland West Bengal
38.6
Maharashtra Jharkhand
43.4 52.6

Odisha
11.5

Goa Chhattisgarh
26.8 45.7 Governance
Telangana 67.0
66.9
Karnataka
37.7 Andhra Pradesh
67.0
39.2

Tamil Nadu
Kerala
56.8
31.0 11.5

Note: The colour scale is Green to Yellow to Red with the highest score getting the green colour and the lowest score getting the red colour
GOVERNANCE Large States (Group A)
RATINGS

North-East, Hilly & Small Sates (Group B)

Rank Rank
1 Andhra Pradesh 67.0
1 Uttarakhand 46.2
2 Telangana 66.9
Indicators Weight Himachal Pradesh 45.0
3 Uttar Pradesh 64.9 2
Ease of Doing Business 0.40 Rajasthan 59.4
4 Nagaland 37.7
NeSDA Score- Service Portal 0.20 3
5 Madhya Pradesh 57.6
Court Conviction Rate 0.20
Tamil Nadu 56.8 4 Mizoram 36.9
Police Strength 0.20 6
7 Jharkhand 52.6 Meghalaya 28.3
5
The selected indicators can be 8 Punjab 49.4
broadly classified into two 6 Goa 26.8
9 Chhattisgarh 45.7
categories viz., business
10 Maharashtra 43.4 7 Manipur 25.2
friendly environment and
public service delivery (law, 11 Gujarat 42.3
8 Tripura 23.1
police, e-service). A better 12 Haryana 40.7
governance leads to stability West Bengal 38.6 Assam 22.5
13 9
and foster trust which are
14 Karnataka 37.7
crucial for unlocking new 10 Arunachal Pradesh 17.4
investment opportunities. 15 Kerala 31.0
16 Bihar 13.7 11 Sikkim 15.6

17 Odisha 11.5

Note: 0 20 40 60 80 100 0 20 40 60 80 100

(NeSDA) Score: National e-Governance
Service Delivery Assessment Score Source: CareEdge Research Source: CareEdge Research
(Service Portal)

• Andhra Pradesh and Telangana
were at the top due to high Ease of
Doing Business (EoDB) rank and
better scores in the court conviction
rate. Despite the higher rank of
Andhra Pradesh and Telangana in
the Ease of Doing Business, both
states have shown a subdued
performance in the IEMs filed and
FDI flows.
• Overall, Eastern states (except for • Uttarakhand topped in the Group
Jharkhand) were the bottom rankers. B of states while Goa slipped to
Jharkhand has performed better the 6th rank due to low ease of
due to its better ease of doing doing business rank.
business rank. Northern states of
Punjab, Rajasthan, Haryana &
Uttar Pradesh have shown a superior
score in the e-service delivery
assessment score. Southern states
have better court conviction rate.
ENVIRONMENT RATINGS

Himachal Pradesh
75.7

Top Three Rankers Punjab

Uttarakhand
48.9
48.9 Arunachal Pradesh
Large States Sikkim
63.7 42.0
Haryana Uttar Pradesh
Assam
1. Andhra Pradesh 51.0 24.7 Meghalaya
34.6
44.1
2. Karnataka Bihar Nagaland
Rajasthan 27.4 34.2
3. Telangana 36.2
Manipur
32.0
North-East, Hilly &
Mizoram
Small States Gujarat 52.1
53.5
1. Himachal Pradesh
Madhya Pradesh Tripura
2. Sikkim 50.2 32.5
3. Goa West Bengal
24.3
Maharashtra Jharkhand
55.5 24.5

Odisha
41.7

Goa Chhattisgarh
54.6 41.4 Environment
Telangana 75.7
60.1
Karnataka
64.2 Andhra Pradesh
64.6
50.0

Tamil Nadu
Kerala
53.6
56.0 24.3

Note: The colour scale is Green to Yellow to Red with the highest score getting the green colour and the lowest score getting the red colour
ENVIRONMENT Large States (Group A)
RATINGS

North-East, Hilly & Small Sates (Group B)

Rank Rank
1 Andhra Pradesh 64.6
1 Himachal Pradesh 75.7
2 Karnataka 64.2
Indicators Weight Sikkim 63.7
3 Telangana 60.1 2
Air Quality 0.20 Kerala 56.0
4 Goa 54.6
Solid Waste Management Score 0.20 3
5 Maharashtra 55.5
Change in Forest Cover 0.20
Tamil Nadu 53.6 4 Mizoram 52.1
Renewable Installed Capacity 0.20 6
Sewage Management 0.10 7 Gujarat 53.5
5 Uttarakhand 48.9
Access to Potable Water 0.10
8 Haryana 51.0
6 Meghalaya 44.1
9 Madhya Pradesh 50.2
10 Punjab 48.9 7 Arunachal Pradesh 42.0
We have looked at quality of 11 Odisha 41.7
natural resources as well as 8 Assam 34.6
12 Chhattisgarh 41.4
waste management efforts
13 Rajasthan 36.2 9 Nagaland 34.2
taken by each state. The
quality of environment has a 14 Bihar 27.4
10 Tripura 32.5
direct bearing on social 15 Uttar Pradesh 24.7
well-being and is crucial for Manipur 32.0
16 Jharkhand 24.5 11
long-term economic
development. 17 West Bengal 24.3

0 20 40 60 80 100 0 20 40 60 80 100

Source: CareEdge Research Source: CareEdge Research

• Southern and Western states have
outperformed in the environment
category. Most Southern states
have shown relatively favourable
performance in terms of air quality,
solid waste management, forest
cover and renewable installed
capacity.
• Northern states have shown a
poor score in air quality whereas
Eastern states have performed
poorly in solid waste management.
• Himachal Pradesh tops in Group
B due to the highest renewable
installed capacity, the largest
increase in forest cover and best
sewage management capacity.
HEAT MAP RATINGS

Financial Composite
Score (Group A) Social Infrastructure Economic Fiscal Governance Environment
Inclusion Score
Note: The colour scheme for Maharashtra 63.9 37.5 72.3 49.3 65.8 43.4 55.5 55.7
these heat maps ranges from Gujarat 45.5 46.9 39.4 63.2 65.3 42.3 53.5 51.8
green (for the highest score) Tamil Nadu 78.6 45.0 48.2 39.6 42.4 56.8 53.6 51.1
to yellow to Red (for the Telangana 59.8 41.0 49.3 39.2 52.2 66.9 60.1 50.9
lowest score) for each
Karnataka 49.0 37.4 46.3 60.3 54.7 37.7 64.2 50.4
category. For example, Kerala
Haryana 64.4 48.1 42.6 46.8 54.7 40.7 51.0 50.0
has the highest score
(highlighted in green) in the Kerala 96.4 44.8 41.8 38.8 33.9 31.0 56.0 49.0
Social category whereas, Bihar Andhra Pradesh 53.0 40.9 39.9 32.6 41.5 67.0 64.6 46.0
scores the lowest hence the Punjab 75.0 62.6 35.9 31.2 19.4 49.4 48.9 45.0
score is highlighted in red. Rajasthan 50.2 35.2 39.6 25.9 27.1 59.4 36.2 37.6
Odisha 28.2 28.2 30.5 41.6 66.6 11.5 41.7 36.7
West Bengal 46.3 39.0 28.3 27.3 42.9 38.6 24.3 35.2
Madhya Pradesh 23.4 34.2 22.3 22.7 52.9 57.6 50.2 35.2
Chha�sgarh 24.4 31.5 27.3 31.1 49.1 45.7 41.4 34.8
U�ar Pradesh 20.1 35.3 21.5 20.4 40.7 64.9 24.7 30.7
Jharkhand 18.9 19.9 23.5 33.3 42.4 52.6 24.5 30.1
Bihar 15.8 23.3 16.8 27.5 25.8 13.7 27.4 21.9

Financial Composite
Score (Group B) Social Infrastructure Economic Fiscal Governance Environment
Inclusion Score
Goa 88.7 68.4 61.9 62.8 61.4 26.8 54.6 62.8
Sikkim 74.3 46.8 22.2 62.9 48.9 15.6 63.7 49.3
Himachal Pradesh 80.5 44.8 33.2 36.1 33.8 45.0 75.7 48.1
U�arakhand 58.7 39.1 29.7 30.9 56.5 46.2 48.9 43.3
Mizoram 68.0 30.1 23.1 24.7 45.4 36.9 52.1 38.8
Arunachal Pradesh 40.6 28.4 16.3 42.7 50.7 17.4 42.0 34.9
Meghalaya 42.2 37.4 24.0 27.9 42.8 28.3 44.1 34.8
Tripura 45.2 38.5 21.3 29.8 38.2 23.1 32.5 33.0
Manipur 51.1 24.7 8.1 28.0 55.3 25.2 32.0 32.2
Assam 24.0 39.6 17.2 23.4 52.3 22.5 34.6 30.3
Nagaland 44.9 28.0 10.4 24.9 34.8 37.7 34.2 29.9
METHODOLOGY RATINGS

Calculation of normalised scorefor each indicator is based on the min-max normalisation

method. The normalisation places all indicators within the range of 0 to 100 to make the data
comparable.

* 100

The normalised scores for some indicators are reversed to ensure that all scores have a
consistent direction (higher scores represent better performance).

Each indicator is assigned a weight and the category score is calculated based on the
weighted average of these indicators.

The composite score is calculated as the weighted average of the broad categories’ scores.
INDICATOR LIST RATINGS

Categories Weight Indicators Weight Period

(Pillars)

Per Capita GSDP 0.30 FY21

GSDP Growth 0.10 FY18-FY20 (Average)
Industry & Services (% Share in GSVA) 0.10 FY21
Economic 0.20 Inflation 0.10 FY20-FY22 (Average)
FDI/GSDP 0.20 FY21-FY22 (Average)
IEMs Filed/GSDP 0.10 FY21-FY22 (Average)
Gross Capital Formation to Gross Value Added (GCF/GVA) 0.10 FY20
Debt/GSDP 0.30 FY21 (RE)
Fiscal Deficit /GSDP 0.20 FY22 (RE)
Revenue Deficit /GSDP 0.10 FY22 (RE)
Fiscal 0.15 Education Expenditure /Total Expenditure 0.05 FY22 (RE)
Health Expenditure / Total Expenditure 0.05 FY22 (RE)
Capex / Total Expenditure 0.20 FY22 (RE)
Maintenance of GRF 0.05 FY22
CSF (as % of outstanding liabilities) 0.05 FY21 (RE)
Credit/GSDP 0.20 FY21
Population/No. of Bank Branches 0.10 FY22
NBFC Sanctions (As % of GSDP) 0.20 FY21
Mutual Fund Penetration – AAUM Per capita 0.10 As on September 2022
Financial 0.15 Life Insurance Penetration – Number of individual life 0.10 FY17 – FY21
Inclusion insurance policies in last 5 years as a % of total population
Health Insurance Penetration – Number of persons covered in 0.10 FY17 – FY21
the last 5 years as a percentage of total population
Balance in Pradhan Mantri Jan Dhan Yojana (PMJDY) 0.10
Account Per Beneficiary FY22
Average Loans Disbursed by Self Help Group (SHGs) during 0.10
FY22
the Year
INDICATOR LIST RATINGS

Categories Weight Indicators Weight Period

(Pillars)

Gross Enrolment Ratio (Higher Secondary) 0.17 FY22

Percentage Literate 0.17 FY21
Poverty Rate 0.17 FY12
Social 0.15 Gini Coefficient 0.17 FY21
Infant Mortality Rate 0.17 FY21
Life Expectancy 0.17 2015-19
Per Capita Power Availability 0.30 FY22
Total Population/No. of Airports 0.15 2022
Road Density 0.15 FY19
Infrastructure 0.15 Railways Density 0.15 FY21
Irrigated Area (Net Irrigated Area/Net Area Sown) 0.05 FY19
Beds in Government Hospitals / Total Population 0.10 FY20
No. of Schools / Total Population 0.10 FY22
Ease of Doing Business 0.40 2019
Governance 0.10 NeSDA Score- Service Portal 0.20 2021
Court Conviction Rate 0.20 2021
Police Strength (Total Police Per Lakh of Population) 0.20 2021
Air Quality 0.20 2021
Solid Waste Management Score 0.20 FY21
Change in Forest Cover 0.20 FY15-FY21
Environment 0.10 Renewable Installed Capacity (% in Total) 0.20 As on December 2021
Sewage Management (Capacity/Generated) 0.10 2020
Access to Potable Water 0.10 As on November 2022
Note: The time period for each indicator is chosen as per the nature of the variable and data availability

Data Sources: RBI Handbook of Statistics on Indian States, RBI State Finances Report, State Budget Documents, RBI Database on Indian Economy, Department for Promotion
of Industry and Internal Trade, Finance Industry Development Council, Association of Mutual Funds of India, Insurance Regulatory and Development Authority of India,
National Family Health Survey, Unified District Information System for Education Plus (UDISE+), Airports Authority of India, Department of Administrative Reforms and Public
Grievances, Bureau of Police Research & Development, Jal Jeevan Mission Dashboard, Central Pollution Control Board, Ministry of Power, Ministry of Statistics and
Programme Implementation, States of India (CMIE), CEIC.
 R AT I N G S

Economics Research Team

Rajani Sinha Akanksha Bhende Shambhavi Priya

rajani.sinha@careedge.in akanksha.bhende@careedge.in shambhavi.priya@careedge.in
+91-22-6754 3525 +91-22-6754 3424 +91-22-6754 3493

Media Contact

Mradul Mishra I mradul.mishra@careedge.in I +91-22-6754 3596

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