Maharashtra’s economy is projected to grow at 7.3% in 2024-25, outpacing India’s expected 6.5% GDP growth, according to the Economic Survey 2024-25 tabled by Deputy Chief Minister Ajit Pawar in the assembly. The state continues to lead the nation in nominal Gross State Domestic Product (GSDP), contributing 13.5% to the country’s GDP.
Key Highlights of Maharashtra’s Economic Growth
Sector-Wise Growth Projections:
- Agriculture & Allied Activities: 8.7%
- Industry: 4.9%
- Services Sector: 7.8%
GSDP & Per Capita Income:
- Nominal GSDP for 2024-25: ₹45.31 lakh crore (vs. ₹40.55 lakh crore in 2023-24)
- Real GSDP for 2024-25: ₹24.35 lakh crore
- Per Capita Income: ₹3,09,340 (vs. ₹2,78,681 in 2023-24)
Maharashtra continues to be India’s largest state economy, followed by Tamil Nadu, Uttar Pradesh, Karnataka, and Gujarat. However, its per capita income is lower than Tamil Nadu (₹3,15,220), Karnataka (₹3,32,926), and Gujarat (₹2,97,722).
Agriculture & Rural Economy Performance
The agriculture sector is expected to witness strong 8.7% growth in 2024-25, supported by above-average monsoon rainfall (116.8% of normal levels) and higher crop yields.
Kharif Season Production Forecasts:
- Cereals: ↑ 49.2%
- Pulses: ↑ 48.1%
- Oilseeds: ↑ 26.9%
- Cotton: ↑ 10.8%
- Sugarcane: ↓ 6.6% (decline due to reduced sowing)
Rabi Season Production Forecasts:
- Cereals: ↑ 23%
- Pulses: ↑ 25%
- Oilseeds: ↓ 22.7%
The state’s irrigation potential from major, medium, and minor reservoirs stood at 32,596 million cubic meters (74.5% of total storage capacity).
Industrial & Infrastructure Growth
Maharashtra remains India’s top state for Foreign Direct Investment (FDI), with a 31% share of total FDI inflows (2019-2024).
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Power Generation Capacity: 38,601 MW
- Thermal: 52.8%
- Renewable: 32%
- Hydro: 7.9%
- Natural Gas: 7.3%
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Forest Area: 20.1% of geographical area
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Startup Hub: 24% of all India-recognized startups
The state contributed 15.4% of India’s total exports and remains the leading milk producer (6.7% national share), egg producer (5.5% national share), and meat producer (11.3% national share).
Government Welfare & Social Schemes
- Mahatma Jyotiba Phule Jan Arogya Yojana & Ayushman Bharat: 8.45 lakh surgeries worth ₹1,143 crore (2024-25)
- Mukhyamantri Majhi Ladki Bahin Scheme: ₹17,505 crore financial assistance to women beneficiaries
Maharashtra’s economic strength, agriculture expansion, industrial growth, and robust social schemes underscore its leadership as India’s economic powerhouse.
