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 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.
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. 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), 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.
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 69.31 million tonnes during 2019-20. In 2019-20, the state produced 6.64 million bales of cotton. In 2019-20, the state also produced 409 MT of raw silk.
The following are some of the major initiatives taken by the Government to promote Maharashtra as an investment destination: