At US$ 384 billion, Maharashtra is India’s biggest economy and contributes 15% to India’s GDP. It is also home to one of India’s most developed automobiles and auto components sector, as Maharashtra accounts for almost 35.1% of India’s automobile output by value.
Maharashtra is situated on the west coast of India. The state shares borders with Gujarat, Madhya Pradesh, Chhattisgarh, Andhra Pradesh, Karnataka, Goa and the Union Territory of Dadra and Nagar Haveli.
At current prices, Maharashtra’s gross state domestic product was estimated at Rs. 31.98 trillion (US$ 430.62 billion) in 2021-22AE.
Mumbai, the state's capital, is the commercial capital of India and has evolved into a global financial hub. The city is home to several global banking and financial services providers. Pune, another major city in the state, has emerged as the educational hub. The state government has taken numerous initiatives to upgrade the education system such as slashing of school fees by 15% for the year 2021-22, planning on recruiting 3,064 professors in the state and allotting 1% education and job quota to COVID orphans. Maharashtra has emerged as a key hub for IT & ITeS, electronics, and captive business outsourcing industries.
The state has a well-developed social, physical, and industrial infrastructure. Apart from 16 airports, the state has two major and 48 minor ports. It also has a well-developed power supply grid. Maharashtra's infrastructure sector has grown significantly over the last decade, with a substantial rise in the number of industrial clusters and public private partnership (PPP) projects.
According to the Department for Promotion of Industry and Internal Trade (DPIIT), between October 2019-June 2022, FDI inflow in Maharashtra stood at US$ 44,405.66 million, accounting for ~27.94% of the total FDI inflow in India. During Magnetic Maharashtra 2.0 in June 2020, the state attracted investment proposals of` Rs. 1.13 lakh crore (US$ 15.23 billion) with expected employment >2.50 lakh.
Total exports from the state stood at US$ 31.65 billion in FY23 (until August 2022). Maharashtra exported key items such as pearls, precious and semi-precious stones, gold and other precious metal jewellery, iron & steel and Drug Formulation.