As per the Economic Survey of Maharashtra 2024-25 released today, Maharashtra’s economy is projected to grow at 7.3 per cent in 2024-25, surpassing the 6.5 per cent growth rate expected for the Indian economy, according to advance estimates. The state’s real Gross State Value Added (GSVA) for key sectors indicates strong growth in agriculture and allied activities at 8.7 per cent, followed by the services sector at 7.8 per cent and industry at 4.9 per cent.
The nominal Gross State Domestic Product (GSDP) for 2024-25 is estimated at ₹45.31 lakh crore, while the real GSDP (at constant 2011-12 prices) stands at ₹26.12 lakh crore.
Maharashtra’s economy witnessed robust growth in 2023-24, with the nominal Gross State Domestic Product (GSDP) rising to ₹40.55 lakh crore, up from ₹36.41 lakh crore in 2022-23, according to the first revised estimates.
During April to December, 2024 the average Consumer Price Index (CPI) (Base year 2003=100) compiled for rural and urban areas in the state was 394.1 and 371.1, respectively. The year-on-year inflation during this period was 6.0 per cent for rural and 4.5 per cent for urban areas.
Public Finance
Maharashtra’s revenue receipts for 2024-25 are projected at ₹4,99,463 crore, up from ₹4,86,116 crore in 2023-24, according to budget estimates (BE) and revised estimates (RE), respectively.
The State’s tax and non-tax revenue, including central grants, is expected to be ₹4,19,972 crore and ₹79,491 crore, respectively, in 2024-25. As of January 2024, actual revenue receipts stood at ₹3,81,080 crore, accounting for 76.3 per cent of the budget estimate.
On the expenditure front, Maharashtra’s revenue expenditure for 2024-25 is estimated at ₹5,19,514 crore, compared to ₹5,05,647 crore in 2023-24. As of January 2024, actual revenue expenditure reached ₹3,52,141 crore, or 67.8 per cent of the budget estimate.
These figures indicate a steady rise in both revenue collection and expenditure, reflecting the State’s fiscal management and economic expansion.
Institutional Finance
As on 31st March, 2024 aggregate bank deposits and gross credit of scheduled commercial banks in the State were ₹ 46.68 lakh crore and ₹ 45.99 lakh crore respectively. Credit-Deposit Ratio of the State was 98.5 per cent as on 31st March, 2024.
Annual Credit Plan size for Priority sector of the State for 2024-25 is ₹ 7.25 lakh crore of which the share of agriculture sector is 24.4 per cent and that of ‘Micro, Small, Medium enterprises’ sector was 60.7 per cent.