Introduction
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 stood at Rs. 26.62 trillion (US$ 366.67 billion) in 2020-21AE. GSDP of the state increased at a CAGR (in Rs.) of 6.42% from 2015-16 to 2020-21AE.
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. 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 and March 2021, FDI inflow in Maharashtra stood at US$ 23,432.35 million, accounting for ~28% 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$ 58.41 billion in FY21. Maharashtra exported key items such as pearls, precious and semi-precious stones, drug formulations and biologicals, gold and other precious metal jewellery, motor vehicles & cars and iron & steel.
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).
- In 2019-20, the state produced 6.64 million bales of cotton. In 2019-20, the state also produced 409 MT of raw silk.
- As of April 2021, the state had a total installed power-generation capacity of 44,176.12 MW, of which the private sector was the biggest contributor with a capacity of 22,571.24 MW, followed by 13,660.97 MW from state utilities and 7,943.91 MW from central utilities.
- 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.
- In October 2020, Asian Development Bank (ADB) and Government of India signed a US$ 177 million loan to upgrade 450 km of state highways and major district roads in the state.
- 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 2019, tourist arrivals in Maharashtra stood at 149.2 million (domestic) and 5.5 million (foreign).
FACTFILE
Capital
MumbaiGeographical Area (lakh sq km)
3.08State Language
Marathi, Konkani, Hindi and EnglishLiteracy Rate
82.3 per centKey Industries:
Pharmaceuticals
Biotechnology
IT and ITeS
Auto and auto components
Textiles
Engineering
Oil and gas
Food and agro processing
Gems and jewellery
Banking
Financial services
Insurance (BFSI)
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