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Maharashtra's economy is poised for a 7.3% growth in 2024-25, outpacing the national average, as highlighted in the recently released Economic Survey of Maharashtra 2024-25. The state's key sectors, including agriculture, services, and industry, are projected to witness substantial expansion. Nominal GSDP is estimated to rise to INR 45.31 lakh crore, reflecting consistent economic progress. On the fiscal front, revenue receipts and expenditures are both on an upward trajectory, underscoring sound financial management. Additionally, banking indicators, including deposits, credit, and priority sector lending, highlight strong financial activity in the state.
Maharashtra's economy is expected to expand by 7.3% in 2024-25, surpassing India's anticipated growth rate of 6.5%, according to the Economic Survey of Maharashtra 2024-25 released earlier this week. The state's real Gross State Value Added (GSVA) projections indicate robust growth across key sectors, with agriculture and allied activities leading at 8.7%, followed by the services sector at 7.8% and industry at 4.9%. Advertisement
The nominal Gross State Domestic Product (GSDP) for 2024-25 is estimated at INR 45.31 lakh crore, while the real GSDP, calculated at constant 2011-12 prices, stands at INR 26.12 lakh crore. In the previous financial year, Maharashtra witnessed strong economic performance, with its nominal GSDP rising from INR 36.41 lakh crore in 2022-23 to INR 40.55 lakh crore in 2023-24, based on first revised estimates. Additionally, between April and December 2024, the average Consumer Price Index (CPI) for rural and urban areas in the state stood at 394.1 and 371.1, respectively.
Maharashtra's revenue receipts for 2024-25 are projected to reach INR 4,99,463 crore, marking an increase from INR 4,86,116 crore in 2023-24, as per budget and revised estimates. The state's tax and non-tax revenue, including central grants, are expected to contribute INR 4,19,972 crore and INR 79,491 crore, respectively, in the upcoming fiscal year. By January 2024, actual revenue receipts had reached INR 3,81,080 crore, accounting for 76.3% of the budget estimates.
On the expenditure side, Maharashtra's revenue expenditure for 2024-25 is projected at INR 5,19,514 crore, up from INR 5,05,647 crore in 2023-24. As of January 2024, the state had already spent INR 3,52,141 crore, representing 67.8% of the budgeted expenditure. These figures reflect a steady rise in both revenue collection and spending, underscoring Maharashtra's fiscal management and ongoing economic expansion.
As of March 31, 2024, Maharashtra's scheduled commercial banks recorded aggregate deposits of INR 46.68 lakh crore, while gross credit stood at INR 45.99 lakh crore, resulting in a Credit-Deposit Ratio of 98.5%.
For 2024-25, the state's annual credit plan for the priority sector has been set at INR 7.25 lakh crore. Within this allocation, the agriculture sector accounts for 24.4%, while the Micro, Small, and Medium Enterprises (MSME) sector holds the largest share at 60.7%.
Maharashtra's economic outlook for 2024-25 remains optimistic, with higher-than-national-average growth projections driven by strong sectoral performance. The increase in revenue receipts and controlled expenditure suggest stable fiscal management, while banking trends indicate active credit expansion. With a substantial focus on priority sector lending, particularly for MSMEs and agriculture, the state is fostering financial inclusion and economic diversification. As Maharashtra continues its economic expansion, sustained policy support and investment in key sectors will be crucial for long-term growth.
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