Last updated on Mar, 9 2021
Maharashtra is situated in the western region of the country. It is the most industrialised state in India and has maintained its leading position in the industrial sector in the country. The state is a pioneer in small scale industries and boasts of the largest number of special export promotion zones. Maharashtra has a large base of skilled and industrial labour, making it an ideal destination for knowledge based and manufacturing sectors.
Maharashtra’s Gross State Domestic Product (GSDP) at current prices was Rs. 32.24 trillion (US$ 467.38 billion) in 2019-20. GSDP of the state increased at a CAGR (in Rs.) of ~13.16% from 2015-16 to 2019-20.
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 Government of Maharashtra has several policies in place to set up the right kind of business climate in the state. These policies aim to motivate investors to invest into various sectors in the state, thereby contributing to the overall development of the economy.
According to the Department for Promotion of Industry and Internal Trade (DPIIT), the cumulative FDI inflows in Maharashtra were valued at US$ 10881.60 million between October 2019 and September 2020.
Total exports from the state stood at US$ 33.93 billion in FY21 (until November 2020). Maharashtra exported key items such as pearls, precious and semi-precious stones, drug formulations and biologicals, gold and other precious metal jewellery, ship, boats & structures, iron & steel and motor vehicles & cars.
Maharashtra is the largest producer of sugarcane and is the most industrialised state in India and has maintained the leading position in the industrial sector in the country. Sugarcane production reached 73.08 million tonnes during 2019-20. In 2018-19, the state reportedly produced 7.7 million bales of cotton. In 2019-20 (as of April 2020), the state has also produced 428 MT of raw silk.
The following are some of the major initiatives taken by the Government to promote Maharashtra as an investment destination:
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