Maharashtra continues its dominance as the largest contributor to India’s GDP, accounting for 13.9% of the national total, outpacing TN, which stands at 8.7%.
Maharashtra economy expected to grow at 7.6%,dropped from 9.4% in 2022-23
Maharashtra’s economy is projected to grow by 7.6% in the 2023-24 financial year, matching the growth rate of the Indian economy as a whole, according to the state’s latest economic survey.
Maharashtra’s GDP Dominance
The report, released on Thursday, highlights Maharashtra’s continued dominance as the largest contributor to India’s GDP, accounting for 13.9% of the national total. This figure significantly outpaces the second-highest contributor, Tamil Nadu, which stands at 8.7%.
Despite maintaining its leading position, Maharashtra has experienced a notable slowdown from the 9.4% growth recorded in 2022-23. The agricultural sector has been particularly affected, with growth declining to 1.9% from 4.5% in the previous year. Similarly, the services sector has seen a decrease in growth, falling to 8.8% from 13% in 2022-23.
Economic Growth Projections
In contrast, the industrial sector has shown improvement, with growth rising to 7.6% from 5.5% in the previous year.
The state’s gross domestic product has reached ₹40,44,251 crore, up from ₹36,45,884 crore in 2022-23 and ₹31,44,138 crore in 2021-22.
Maharashtra’s revenue receipts for 2023-24 stood at ₹4,86,116 crore, an increase from ₹4,05,678 crore in the previous year. Revenue expenditure also rose to ₹5,05,647 crore, up from ₹4,07,614 crore.
Sectoral Performance Insights
The agricultural sector faced challenges, with production decreases across several key crops. Cereals, pulses, oilseeds, and sugarcane saw declines of 23%, 10%, and 17% respectively, whilst cotton production fell by 3% compared to the previous year.
On a more positive note, the state’s irrigation potential increased to 55.60 lakh hectares by June 2022, up from 42.33 lakh hectares in the previous year. Maharashtra also maintains strong positions in livestock and poultry, ranking seventh and fifth nationally, respectively.
In the industrial sector, Maharashtra leads the country with a 19% share of startups recognised by the central government.
Revenue and Per Capita Income
The state’s per capita income grew to ₹2,77,603 in 2023-24, up from ₹2,52,389 in 2022-23. However, Maharashtra ranks sixth in per capita income nationally, trailing behind Telangana, Karnataka, Haryana, Tamil Nadu, and Gujarat.
“These figures demonstrate Maharashtra’s resilience in the face of economic challenges,” said a senior state official who requested anonymity. “While there are areas for improvement, our state continues to be a cornerstone of India’s economic growth.”
FAQ’s:
What is Maharashtra’s contribution to India’s GDP?
Maharashtra contributes 13.9% to India’s GDP.
Which sector saw the most significant decline in growth?
The agricultural sector, with growth declining to 1.9% from 4.5%.
How much did Maharashtra’s per capita income grow in 2023-24?
It grew to ₹2,77,603 from ₹2,52,389 in 2022-23.
How has Maharashtra performed in terms of startups?
Maharashtra leads the country with a 19% share of startups recognized by the central government.
What is Maharashtra’s rank in per capita income nationally?
Maharashtra ranks sixth in per capita income.
How has Maharashtra’s services sector performed?
The services sector’s growth declined to 8.8% from 13% in the previous year.
