Economy of Maharashtra

Economy of Maharashtra
Skyline of Mumbai, the capital of Maharashtra and the financial center of India.[1]
CurrencyIndian Rupee ₹
1 April – 31 March
Country group
Statistics
GDP₹42.67 trillion (US$510 billion) (2023–24;est)[4][5]
GDP rank1st
GDP growth
17.05% (2023–2024; est)[6]
GDP per capita
₹332,692 (US$4,000) (2023–24; est)[7]
GDP per capita rank
12th
GDP by sector
Agriculture: 13.2%
Industry: 26.8%
Services: 60%(2020–21)[8]
Population below poverty line
Positive decrease 7.81 in poverty (2022)[9]
Steady 35.0 medium (2012)[10]
Increase 0.688 medium (2021) (12th)
Labour force by occupation
Agriculture 51%
Industry 9%
Services 40% (2015)[11]
UnemploymentPositive decrease 4.3% (Feb 2022)[12]
External
FDI stock
₹1.19 trillion (US$14 billion) (2020-21)[13]
Public finances
Negative increase18.14% of GSDP (2022–23 est.)[14]
₹−89,598 crore (US$−11 billion)
2.50% of GSDP (2022–23 est.)[14]
Revenues₹4.05 lakh crore (US$49 billion) (2022–23 est.)[14]
Expenses₹4.95 lakh crore (US$59 billion) (2022–23 est.)[14]
All values, unless otherwise stated, are in US dollars.

The economy of the state of Maharashtra is the largest in India.[15] Maharashtra is India's second most industrialised state contributing 20% of national industrial output. Almost 46% of the GSDP is contributed by industry. Maharashtra has software parks in many cities around the state, and is the second largest exporter of software with annual exports over ₹ 80,000 crores.[16]

Although highly industrialized, agriculture continues to be the main occupation in many regions of the state. 24.14% of the working age population is employed in agriculture and allied activities.[17]: 18 

Mumbai, the capital of Maharashtra and often described as the New York of India or Manhattan of India,[18] is the financial capital and the most populous city of India with an estimated city proper population of 12.5 million (1.25 crore).[19] The city is the entertainment, fashion, and commercial centre of India. Mumbai hosts the largest urban economy of any city in India. It is considered the financial capital of India with the headquarters of almost all major banks, financial institutions, insurance companies and mutual funds being based in the city. India's largest stock exchange Bombay Stock Exchange, established in 1875, is also located in the city.[20] More than 41% of the S&P CNX 500 conglomerates have corporate offices in Maharashtra.

  1. ^ SUDALAIMUTHU, S.; RAJ, S.A. (2009). Logistics Management for International Business: Text and Cases. PHI Learning. ISBN 9788120337923. Archived from the original on 14 May 2019. Retrieved 15 March 2018.
  2. ^ "World Economic and Financial Surveys World Economic Outlook Database—WEO Groups and Aggregates Information April 2020". IMF.org. International Monetary Fund. Retrieved 2 September 2020.
  3. ^ "World Bank Country and Lending Groups". World Bank. Retrieved 29 September 2019.
  4. ^ "Maharsatra GSDP likely to expand by 10% in FY 2024-25". The Economic Times. Retrieved 26 April 2023.
  5. ^ "Maharashtra Budget Analysis 2024-25".
  6. ^ "Maharashtra Budget Analysis 2023-24".
  7. ^ "Economic Survey of Maharashtra 2021-22, Government of Maharashtra" (PDF). Government of Maharashtra. 1 February 2022. p. 21. Retrieved 1 February 2022.
  8. ^ "Economic Survey of Maharashtra 2021-22, Government of Maharashtra" (PDF). Government of Maharashtra. 1 February 2022. p. 44. Retrieved 1 February 2022.
  9. ^ "SDGs India Index". NITI Aayog. 31 December 2019.
  10. ^ "India States Briefs – Maharashtra".
  11. ^ "Maharashtra Budget Analysis 2016-17" (PDF). PRS Legislative Research. Archived (PDF) from the original on 13 December 2016. Retrieved 19 November 2016.
  12. ^ "Unemployment Rate in India". Centre for Monitoring Indian Economy. Retrieved 3 November 2020.
  13. ^ "Economic Survey of Maharashtra 2021-22, Government of Maharashtra" (PDF). Government of Maharashtra. 1 February 2022. p. 165. Retrieved 1 February 2022.
  14. ^ a b c d "Maharashtra Budget Analysis 2022-23". PRS Legislative Research. Retrieved 3 April 2022.
  15. ^ "Archived copy" (PDF). Archived (PDF) from the original on 16 August 2017. Retrieved 16 August 2017.{{cite web}}: CS1 maint: archived copy as title (link)
  16. ^ "Archived copy" (PDF). Archived (PDF) from the original on 16 August 2010. Retrieved 27 July 2010.{{cite web}}: CS1 maint: archived copy as title (link)
  17. ^ Cite error: The named reference Kalamkar2011 was invoked but never defined (see the help page).
  18. ^ "Mumbai Is India's New York". NPR. Retrieved 26 February 2024.
  19. ^ "Provisional Population Totals, Census of India 2011; Cities having population 1 lakh and above" (PDF). Office of the Registrar General & Census Commissioner, India. Archived from the original (PDF) on 7 May 2012. Retrieved 26 March 2012.
  20. ^ Lavelle, K. C. (2004). The politics of equity finance in emerging markets. Oxford University Press.