Maharashtra’s Economy - Business Outrank

As per the state economic survey placed in the Maharashtra assembly, the economy of the state is expected to grow at 7.3% in 2024-25 which is better than 7.1% in the preceding financial year. It is expected that the services sector will decelerate to 7.8% growth; whereas, the agricultural sector is anticipated to grow by 8.7%, which is the highest in four years. The industrial sector is expected to grow by 4.9%, which is lower than the last year’s rate. The state’s GDP has jumped to ₹45.31 lakh crore from ₹40.55 lakh crore last year, and per capita income has also risen to ₹3.09 lakh, but it is still behind Tamil Nadu, Karnataka, Telangana, and Gujarat. Nevertheless, there are still 12 districts in the state whose per capita incomes are below the national average of ₹1.89 lakh in the financial year 2023-24. The state government has expected the revenue collections of ₹4.99 lakh crore from the previous year ₹4.86 lakh crore. Nevertheless, the revenue deficit is expected to rise to ₹20,051 crore, with the fiscal deficit to GSDP ratio expected to be 2.4% and the debt-to-GSDP ratio expected to be 17.3%. Regarding infrastructure, the Metro ridership is still on the rise, and Versova-Ghatkopar Metro Line 1 has 500,000 daily commuters, while Metro Line 2A and 7 have 152,000 daily riders. The first phase of Metro 3 registered 21,693 daily passengers. Maharashtra also has 11.06 crore internet subscribers and 12.56 crore mobile connections by September 2024. On the other hand, the state has invested ₹17,506 crore on the Ladki Bahin scheme which has covered 23.8 million women.

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