Deputy CM Ajit Pawar: Maharashtra's Economy Set To Outpace National Growth In 2024-25

Maharashtra's economy is projected to grow by 7.3% in 2024-25, according to the government's pre-Budget Economic Survey presented in the assembly on Friday. This growth rate surpasses the country's expected growth of 6.5% for the current fiscal year.

Deputy Chief Minister Ajit Pawar, who also holds the finance portfolio, tabled the Economic Survey. The survey predicts that in 2024-25, agriculture and allied activities, industry, and services sectors will grow by 8.7%, 4.9%, and 7.8%, respectively.

The nominal Gross State Domestic Product at current prices for 2023-24 is estimated at Rs 40,55,847 crore, up from Rs 36,41,543 crore in 2022-23. The revised estimate for 2024-25 is Rs 45,31,518 crore. GSDP measures the total economic output generated within a state's boundaries over a specified period, typically a fiscal year.

According to revised estimates, Maharashtra's contribution to the all-India nominal GDP was the highest at 13.5% during 2023-24. The real GSDP for 2023-24 is estimated at Rs 24,35,259 crore, compared to Rs 22,55,708 crore for 2022-23.

The per capita income of Maharashtra for 2024-25 is estimated at Rs 3,09,340, up from Rs 2,78,681 for 2023-24. Maharashtra leads the list of the top 10 states in nominal GSDP during 2023-24, followed by Tamil Nadu, Uttar Pradesh, Karnataka, Gujarat, West Bengal, Rajasthan, Telangana, Andhra Pradesh, and Madhya Pradesh.

However, Maharashtra's per capita income (Rs 2,78,681) is lower than that of Tamil Nadu (Rs 3,15,220), Karnataka (Rs 3,32,926), and Gujarat (Rs 2,97,722).

In 2024-25, agriculture and allied activities are expected to grow by 8.7%. During the kharif season of 2024-25, sowing was completed in 157.59 lakh hectares. The production of cereals, pulses, oilseeds, and cotton is expected to increase by 49.2%, 48.1%, 26.9%, and 10.8%, respectively.

The production of sugarcane is expected to decrease by 6.6% over the previous year, according to the key document.

During the rabi season for 2024-25, sowing was completed in 62.81 lakh hectares. The production of cereals and pulses is expected to increase by 23% and 25% respectively over the previous year, while the production of oil seeds is expected to decrease by 22.7% compared to 2023-24, the Economic Survey said.

Irrigation potential created up to June 2023 through major, medium and minor reservoirs stood at 32,596 million cubic metres, which was 74.5% of the total storage capacity.

The state received 116.8% of normal rainfall during the monsoon 2024. Across Maharashtra, 203 talukas received excess rainfall, 68 normal rainfall and 84 talukas received deficient rainfall, as per the survey.

Maharashtra ranks 5th in the country in milk production, accounting for 6.7% of the national output. The survey says during 2023-24, the average daily collection of milk by cooperative dairies in the state stood at 42.32 lakh litres, up from 38.45 lakh litres during 2022-23.

In egg production, it occupies the seventh place with a 5.5% share. The state ranks third in the country in meat production, contributing 11.3% of the national meat output.

Maharashtra’s forest area at the end of March 2024 was 20.1% of the geographical area.

During 2023-24, the state contributed 15.4% of the country’s total exports. As of Jan. 23, 2025, the state has the highest share of 24% of the start-ups recognised by the Centre at all India levels.

Between October 2019 and September 2024, the state topped the country in FDI inflows with a 31% share.

As of March 31, 2024, the total installed power generation capacity in the state was 38.601 megawatts of which the shares of thermal, renewable, hydro and natural gas sources stood at 52.8%, 32 per cent, 7.9% and 7.3%, respectively, said the survey.

Under the integrated Mahatma Jyotiba Phule Jan Arogya Yojana and Ayushman Bharat scheme, about 8.45 lakh surgeries and therapies were carried out with a total expenditure of Rs 1,143.26 crore up to December of fiscal 2024-25.

The government provided assistance of Rs 17,505.90 crore to women beneficiaries under the Mukhyamantri Majhi Ladki Bahin scheme up to December 2024, the survey said.

(With PTI Inputs)