Mumbai, March 7: Maharashtra’s economy is projected to grow at a robust rate of 7.3% during the financial year 2024-25, according to advance estimates outlined in the state's pre-Budget Economic Survey tabled in the assembly on Friday. The report was presented by Deputy Chief Minister Ajit Pawar, who also oversees the finance portfolio.
The state’s growth forecast surpasses the overall Indian economic growth projection, which is anticipated to be around 6.5% for the same period.
Sector-wise Economic Growth
According to the Economic Survey, the agriculture and allied activities sector is expected to see significant growth at 8.7%. Meanwhile, the industry sector is anticipated to grow moderately at 4.9%, with the services sector expected to achieve growth of 7.8%.
Gross State Domestic Product (GSDP) Overview
The survey reported Maharashtra’s nominal Gross State Domestic Product (GSDP) for the financial year 2023-24 at Rs 40,55,847 crore, marking a considerable increase from Rs 36,41,543 crore recorded in 2022-23. Moreover, the real GSDP for 2023-24 was estimated at Rs 24,35,259 crore, higher than the previous year's figure of Rs 22,55,708 crore.
The Economic Survey also highlighted Maharashtra’s leading position in the national economy, revealing that its share in India's nominal GDP reached 13.5% in the revised estimates for 2023-24—the highest among all Indian states.
Per Capita Income Growth
Further underscoring the positive economic momentum, Maharashtra’s per capita income is projected to increase substantially to Rs 3,09,340 in 2024-25, up from Rs 2,78,681 in the preceding fiscal year, 2023-24.
The Economic Survey sets a positive tone ahead of the state's annual Budget, reflecting a promising economic outlook for Maharashtra in the coming financial year.
