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"Gujarat has taken a massive leap forward in this regard from annual PCI trend growth rate of 2.9% that had remained constant during the decade long periods of 1980-93 and 1993-2004," said the study titled 'States' Finances Convergence-2'.
Amid other high income states, Maharashtra and Haryana have clocked annual PCI trend growth rate of 7.2% and 6.9% respectively, the study said.
The states of Kerala and Punjab, the report said, also recorded PCI trend growth rate of 6% and 4.8% respectively.
Among the low income states, Bihar stayed on top with an annual PCI trend growth rate which had increased from 1.1% during 1980-93 and 1.7% during 1993-2004 to 7.2% during 2004-13.
With a median value of 12.02% of nominal gross domestic product (GDP) between FY 2006 and FY 2012, Gujarat has emerged as a leader amid high income states, while national median value of nominal GDP remained at 8.3%, the study highlighted.
The study further says that among high income states, Gujarat is second only to Maharashtra in terms of states' own tax revenue, share in Central taxes, states' own non-tax revenue and grants from the Centre, noted the study.
Clocking a growth rate of over 36%, Gujarat's own tax revenue grew from over Rs 44,250 crore to over Rs 60,200 crore during FY 2011-12 and FY 2013-14 while the state's share in Central taxes grew at over 5% from over Rs 7,700 crore to about Rs 8,200 crore.
