Maharashtra’s economy is projected to grow at 7.3 pc in the financial year 2024-25, surpassing India’s estimated 6.5 pc growth rate.
This forecast, presented in the state’s pre-Budget Economic Survey, highlights a strong economic performance across key sectors, including agriculture, industry, and services. Deputy Chief Minister Ajit Pawar, who also holds the finance portfolio, tabled the survey in the assembly.
The agriculture and allied sector is expected to see significant growth of 8.7 pc, while the industry sector is projected to expand by 4.9 pc. The services sector, which plays a crucial role in Maharashtra’s economy, is expected to grow at 7.8 pc.
These figures indicate a stable and resilient economic outlook for the state, which continues to maintain its position as India’s largest contributor to the national GDP.
The nominal Gross State Domestic Product (GSDP) for 2023-24 is estimated at ₹40.55 lakh crore, up from ₹36.41 lakh crore in 2022-23. For 2024-25, it is expected to further rise to ₹45.31 lakh crore.
Maharashtra’s share in India’s nominal GDP stood at 13.5 pc during 2023-24, the highest among all states.
The per capita income in Maharashtra is also set to rise, reaching an estimated ₹3,09,340 in 2024-25, compared to ₹2,78,681 in the previous year. However, the state’s per capita income remains lower than Tamil Nadu’s ₹3,15,220, Karnataka’s ₹3,32,926, and Gujarat’s ₹2,97,722.
Maharashtra continues to lead in economic performance, followed by Tamil Nadu, Uttar Pradesh, Karnataka, Gujarat, and West Bengal. The state is also a major contributor to India’s exports, accounting for 15.4 pc of the total export share in 2023-24.
Additionally, Maharashtra has the highest number of startups recognized by the central government, with a 24 pc share as of January 2025.
In the agricultural sector, Maharashtra witnessed a strong kharif season in 2024-25, with sowing completed in 157.59 lakh hectares.
The production of cereals, pulses, oilseeds, and cotton is expected to increase by 49.2 pc, 48.1 pc, 26.9 pc, and 10.8 pc, respectively. However, sugarcane production is estimated to decline by 6.6 pc.
The rabi season has also shown promising trends, with sowing completed in 62.81 lakh hectares. The production of cereals and pulses is projected to increase by 23 pc and 25 pc, respectively, while oilseed production may decline by 22.7 pc.
The state’s irrigation capacity stood at 32,596 million cubic meters as of June 2023, covering 74.5 pc of the total storage capacity.
In terms of livestock production, Maharashtra ranks fifth in the country in milk production, contributing 6.7 pc of the national output.
The average daily collection of milk by cooperative dairies increased to 42.32 lakh liters in 2023-24 from 38.45 lakh liters in the previous year. The state also holds the third position in meat production, accounting for 11.3 pc of the national share.
The state received 116.8 pc of its normal rainfall during the 2024 monsoon, with 203 talukas experiencing excess rainfall, 68 receiving normal rainfall, and 84 facing deficient rainfall. Maharashtra’s forest area remained at 20.1 pc of its total geographical area as of March 2024.
Maharashtra continues to attract foreign investments, leading the country with a 31 pc share of total Foreign Direct Investment (FDI) inflows between October 2019 and September 2024.
The state has also made significant progress in the energy sector, with an installed power generation capacity of 38,601 megawatts as of March 2024. The energy mix comprises 52.8 pc thermal, 32 pc renewable, 7.9 pc hydro, and 7.3 pc natural gas-based power generation.
The state government has also focused on social welfare schemes. Under the Mahatma Jyotiba Phule Jan Arogya Yojana and Ayushman Bharat scheme, 8.45 lakh surgeries and therapies were conducted with an expenditure of ₹1,143.26 crore up to December 2024-25.
Additionally, financial assistance of ₹17,505.90 crore was provided to women beneficiaries under the Mukhyamantri Majhi Ladki Bahin scheme.
Follow us
