Maharashtra's Economy Expected To Grow 7.3 Per Cent In 2024-25, Exceeding National GDP Projection

Maharashtra’s economy is set to grow at 7.3 per cent in 2024-25, surpassing India’s projected GDP growth of 6.5 per cent, according to the Economic Survey tabled in the state Assembly on 7 March, ANI reported.

The western state, which boasts the largest Gross State Domestic Product (GSDP) among Indian states, is expected to maintain strong economic momentum, driven by agriculture, industry, and services.

According to central government's projections, the Indian economy is expected to grow by 6.5 percent in 2024-25, compared to 8.2 percent growth in 2023-24.

Meanwhile, the Reserve Bank of India (RBI) has estimated the country’s real GDP growth for 2024-25 at 6.6 per cent.

"Maharashtra’s economy will grow faster than the country’s economy, which is good news for the state," the state government said in a note.

Agriculture and allied sectors are expected to expand by 8.7 per cent, attributed to a good monsoon and advanced farming technologies.

The industrial sector is forecast to grow by 4.9 per cent, supported by manufacturing, mining, and government initiatives to bolster industrialisation.

The services sector—which includes IT, banking, financial services, and tourism—is anticipated to grow at 7.8 per cent, reinforcing its role as the state’s economic backbone.

Maharashtra’s revenue expenditure for 2024-25 is projected at Rs 5,19,514 crore, reflecting increased spending on education, healthcare, water supply, and public utilities.

The state aims to boost infrastructure with capital receipts estimated at 24.1 per cent of total receipts, and capital expenditure at 22.4 per cent of total expenditure.

The fiscal deficit is projected at 2.4 per cent of GSDP, indicating a balanced and sustainable approach to economic planning.

The Maharashtra Annual Plan 2024-25 has earmarked Rs 1,92,000 crore in total expenditure, with Rs 23,528 crore allocated to District Annual Plans to strengthen rural and urban infrastructure.

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