Key Sectors

• Aggregate deposits and credit of scheduled commercial banks in Maharashtra stood at US$ 370 billion and US$ 394 billion, respectively, in 2019-20.
• Maharashtra Industrial Development Corporation (MIDC), CIDCO and Software Technology Park of India developed 37 public IT parks, which are functioning in the state with an investment of ~Rs. 18,000 crore (US$ 2.5 billion).
  • MIDC approved 546 private IT parks with proposed investment of Rs. 92,484 crore. Of this, 199 parks are already operational with an overall investment of Rs. 29,729 crore (US$ 4.1 billion) and employ ~7.75 lakh people (until November 2020).
• As of May 2023, the state had a total installed power-generation capacity of 45,562.14 MW, of which the private sector was the largest contributor with a capacity of 24167.20 MW, followed by 13450.97 MW from state utilities and 7943.97 MW from central utilities. Thermal power contributed 28,766.97 MW to the total installed power-generation capacity, followed by renewable power, hydropower and nuclear power at 14,293.80 MW, 3,331.84  MW and 690.00 MW, respectively.
• The Vehicle Scrappage Policy, a government-funded programme was launched in August 2021 to replace old vehicles with modern & new vehicles on Indian roads. The state of Maharashtra is outlining SOPs (that will be soon rolled out) for setting up digitised scrapping centers.
• In December 2020, Bhabha Atomic Research Centre (BARC), in Mumbai, developed the indigenous ‘Ruthenium 106 Plaque’, a therapy for eye cancer, to treat ocular tumour.
• On September 8, 2021, the Central government approved production-linked incentive (PLI) for the textile sector with a budgetary outlay of Rs. 10,683 crore (US$ 1.45 billion) which is likely to benefit Gujarat, U.P., Maharashtra, Tamil Nadu, Punjab, Andhra Pradesh, Telangana, and Odisha.
• In December 2020, Union Minister for Skill Development and Entrepreneurship, Mr. Mahendra Nath Pandey inaugurated the first batch of Indian Institute of Skills in Mumbai, a joint initiative between Ministry of Skill Development & Entrepreneurship (MSDE), Government of India and Tata Indian Institute of Skills.
• Under the State Budget 2021-22, the government spent 5.2% of its budget on roads and bridges, which is higher than the average allocation by states (4.3%) for roads and bridges (Rs. 22,608 crore or US$ 3.06 billion has been allocated for construction of roads and bridges).
• Under the State Budget 2021-22, the government has approved construction of the Pune-Nashik medium high-speed railway line with a proposed length of 235 kms and estimated cost of Rs. 16,039 crore (US$ 2.18 billion); Nashik Metro Neo Project, a total length of 33 kms and estimated cost Rs. 2,100 crore (US$ 286.03 million); Metrolite system in Thane city at an estimated cost of Rs. 7,165 crore (US$ 975.92 million) and Pimpri Chinchwad to Nigdi Corridor project at an estimated cost of Rs. 946.73 crore (US$ 128.95 million).
• In 2021, tourist arrivals in Maharashtra stood at 43.6 million (domestic) and 0.2 million (foreign). The state government is now reviving the tourism sector post COVID by launching various tourist spots and upgradations of the existing ones.
• In May 2022, the state government of Maharashtra signed MOUs with 23 international firms to receive investments worth Rs. 30,379 crore (US$ 3.91 billion).