Maharashtra Economy Grows At 7.3% In FY25, Estimates Pre-Budget Economic Survey

Advance estimates for the financial year 2024-25 project Maharashtra's economic growth at 7.3%.

As a result, the state's growth exceeds that of the country's economy, which is predicted to expand by 6.5% in the current fiscal.

This was part of the government's pre-Budget Economic Survey tabled by Deputy Chief Minister Ajit Pawar in the assembly on Friday. He holds the finance portfolio.

According to the revised estimates, the nominal Gross State Domestic Product at current prices for 2024-25 is Rs 45,31,518 crore.

GSDP indicates the total economic output generated within a state's boundaries over a specified period, typically a financial year. The figure for 2023-24 is estimated at Rs 40,55,847 crore as against Rs 36,41,543 crore in FY22-23, said the survey.

Maharashtra leads the list of top 10 states in nominal GSDP during 2023-24, the survey said. It is followed by Tamil Nadu, Uttar Pradesh, Karnataka, Gujarat, West Bengal, Rajasthan, Telangana, Andhra Pradesh, and Madhya Pradesh.

And, according to the revised estimates, the average share of Maharashtra's contribution to the all-India nominal GDP was the highest at 13.5% in FY23-24, said the survey.

The real GSDP is estimated at Rs 24,35,259 crore for 2023-24 compared to Rs 22,55,708 crore for 2022-23, it said.

Meanwhile, Maharashtra's per capita income for 2024-25 is estimated at Rs 3,09,340 as against Rs 2,78,681 for 2023-24. The state's per capita income is less than that of Tamil Nadu at Rs 3,15,220, Karnataka's Rs 3,32,926 and Gujarat's Rs 2,97,722.

Agriculture Sector Growth At 8.7%

In the financial year 2024-25, agriculture and allied activities, industry and services sectors are expected to grow at 8.7%, 4.9% and 7.8%, respectively, it said.

In 2024-25, agriculture and allied activities are expected to grow at 8.7%.

In the kharif season of 2024-25, sowing was completed in 157.59 lakh hectares of area.

The production of cereals, pulses, oilseeds and cotton is expected to increase by 49.2%, 48.1%, 26.9% and 10.8% respectively, it said.

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.

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.

Irrigation

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.

Power Generation

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%, 7.9% and 7.3%, respectively, said the survey.

Exports And FDI

During 2023-24, the state contributed 15.4% of the country's total exports. As of January 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.

Social Welfare Schemes

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