Maharashtra’s Economy Set to Grow at 7.3% in 2024-25, with Agriculture Sector Expanding by 8.7%
Maharashtra’s economy is expected to grow at 7.3 per cent as per the advance estimates of 2024-25, said the government’s pre-Budget Economic Survey tabled in the assembly. The projected growth is more than that of the country’s economy which is expected to expand by 6.5 per cent in the current fiscal, as per the survey report. The Economic Survey was tabled by Deputy Chief Minister Ajit Pawar, who holds the finance portfolio.
In the financial year 2024-25, agriculture and allied activities, industry and services sectors are expected to grow at 8.7 per cent, 4.9 per cent and 7.8 per cent, respectively, it said. The nominal GSDP (Gross State Domestic Product), at current prices, for 2023-24 is estimated at Rs 40,55,847 crore as against Rs 36,41,543 crore in 2022-23, said the survey. The figure for 2024-25 is Rs 45,31,518 crore, according to the revised estimates.
GSDP indicates the total economic output generated within a state’s boundaries over a specified period, typically a fiscal year. As per revised estimates, the average share of Maharashtra’s contribution to the all-India nominal GDP was the highest at 13.5 per cent during 2023-24, 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. The per capita income of Maharashtra for 2024-25 is estimated at Rs 3,09,340 as against Rs 2,78,681 for 2023-24.
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.
Maharashtra’s per capita income (Rs 2,78,681) is less than that of Tamil Nadu (Rs 3,15,220), Karnataka’s Rs 3,32,926 and Gujarat’s Rs 2,97,722. During 2024-25, agriculture and allied activities are expected to grow at 8.7 per cent. 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 per cent, 48.1 per cent, 26.9 per cent and 10.8 per cent respectively, it said. The production of sugarcane is expected to decrease by 6.6 per cent 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 per cent and 25 per cent respectively over the previous year, while the production of oil seeds is expected to decrease by 22.7 per cent compared to 2023-24, the Economic Survey said. Irrigation potential created up to June 2023 through major, medium and minor reservoirs stood at 32,596 million cubic metres, which was 74.5 per cent of the total storage capacity. The state received 116.8 per cent 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.
Maharashtra ranks 5th in the country in milk production, accounting for 6.7 per cent 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 liters, up from 38.45 lakh liters during 2022-23. In egg production, it occupies the seventh place with a 5.5 per cent share. The state ranks third in the country in meat production, contributing 11.3 per cent of the national meat output.
Maharashtra’s forest area at the end of March 2024 was 20.1 per cent of the geographical area. During 2023-24, the state contributed 15.4 per cent of the country’s total exports. As of January 23, 2025, the state has the highest share of 24 per cent of the start-ups recognized by the Centre at all India levels. Between October 2019 and September 2024, the state topped the country in FDI inflows with a 31 per cent share.
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 per cent, 32 per cent, 7.9 per cent and 7.3 per cent, respectively, said the survey. 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.
#MaharashtraEconomy#EconomicGrowth#AgricultureGrowth#202425Forecast
#IndiaDevelopment
