Maharashtra's latest economic survey predicts a GDP growth of 7.6% for the fiscal year 2023–2024. This matches the projected growth of the Indian economy. However, it is less than the 9.4% growth seen in 2022–2023.
The state's per capita income is expected to rise from INR 2,52,389 in 2022–2023 to INR 2,77,603 in 2023–2024. Despite this increase, Maharashtra fell from fifth to sixth place among Indian states in terms of per capita income. It is now falling behind Telangana, Karnataka, Haryana, Tamil Nadu, and Gujarat.
Of the 36 districts in Maharashtra, Mumbai has the highest per capita income at INR 4 lakh. Thane, Pune, Nagpur, and Raigad follow, with incomes ranging from INR 2.5 lakh to INR 3.5 lakh.
However, the state's debt load has also increased, rising from INR 6,49,699 crore in 2022–2023 to INR 7,11,278 crore. The state government's debt is expected to rise further, from INR 6,29,235 crore in 2022–2023 to INR 7,11,278 crore.
The state is expected to earn INR 4,86,116 crore in revenue in 2023–2024, up from INR 4,05,678 crore in 2022–2023. Revenue spending is projected to increase to INR 5,05,647 crore from INR 4,07,614 crore.
Deputy Chief Minister Ajit Pawar presented the economic survey to the Maharashtra legislature on the opening day of the monsoon session. He will deliver the complete state budget for the rest of the 2024–25 fiscal year on Friday, June 28.
Maharashtra remains the most attractive state for foreign direct investment (FDI), yet a slight decline in investment is expected. Investment is projected to decrease from INR 1,18,422 crore in 2022–2023 to INR 1,14,964 crore in 2023–2024.
Maharashtra continues to be the largest contributor to India's GDP, accounting for 13.9%, far surpassing Tamil Nadu's 8.7%. The state's GDP increased from INR 36,45,884 crore in 2022–2023 to INR 40,44,251 crore in 2023–2024.
The services sector, Maharashtra's largest industry, is expected to grow by 8.8%, which is a significant decrease from the previous year. The decline is attributed to reduced performance in trade, lodging and dining, and real estate services.
The industrial sector is projected to grow by 7.6%, with the manufacturing sector expanding from 2.1% to 7.5%. However, the construction sector is expected to contract from 14.5% to 6.2%
Agriculture and related activities are expected to grow by 1.9% in 2023–2024. The crop subsector is projected to experience negative growth of 1.5% due to insufficient and erratic monsoon rainfall.
Maharashtra received only 86.4% of its normal rainfall. As a result, production of cereals, oilseeds, pulses, and sugarcane is predicted to decline by 23%, 10%, 2%, and 17%, respectively. Cotton production is also expected to decrease by 3%.
It should be noted that although the fiscal year ended in March, the economic survey includes growth estimates verified by the Maharashtra accountant general by September or October each year.