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. 38.79 trillion (US$ 465.76 billion) in 2023-24. GSDP of the state increased at a CAGR (in US$) of 5.88% from 2015-16 to 2023-24.

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 in 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-March 2024, the FDI inflow in Maharashtra stood at US$ 202.41 billion. Maharashtra ranked first for the highest FDI reception.

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$ 67.20 billion in FY24. Maharashtra exported key items such as Engineering goods, pearls, precious and semi-precious stones, gold and other precious metal jewellery, drug formulations, and electronic goods.

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 2022-23, the state produced 8.31 million bales of cotton.

Raw Silk production in the state increased from 523 MT in 2021-22 to 620 MT in 2022-23.

As of FY21, total 43.8 million tourist arrived in Maharashtra, attracted by rich heritage, stunning landscapes, and vibrant festivals, Maharashtra is an enchanting destination that captivates visitors with its unique blend of modernity and tradition.

The following are some of the major initiatives taken by the Government to promote Maharashtra as an investment destination:

• In January 2024, Prime Minister Mr. Narendra Modi inaugurated and laid the foundation stone for various development projects valued at over Rs. 12,700 crore (US$ 1.52 billion) in Navi Mumbai, Maharashtra.
• The state government proposed the ‘Hindu Hruday Samrat Balasaheb Thackeray Maharashtra Samruddhi Mahamarg’, an eight-lane expressway (701 km long and 120 metres wide) connecting Mumbai and Nagpur with a total estimated cost of Rs. 55,335.32 crore (US$ 7.6 billion). Of the total land required, 92.3% land was acquired as of December 2020.
• An additional international airport was proposed at Navi Mumbai through public-private partnership in four phases with an estimated cost of Rs. 14,179 crore (US$ 1.95 billion) for Phase I to reduce air-traffic congestion at Chhatrapati Shivaji Maharaj International Airport, Mumbai. It is one of the largest greenfield airports planned to handle a minimum of 6 crore passengers and 15 lakh MT of freight per annum.
• 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 allocated for construction of roads and bridges).
• In 2021-22, Maharashtra allocated 17.2% of its education budget, which is higher than the average budget (15.8%) allocated by states to education (using 2020-21 BE). Rs. 74,830 crore (US$ 10.18 billion) has been allocated to the education, sports, arts and culture sectors.
• As of September 2023, the state had a total installed power generation capacity of 46,137.87 MW, of which the private sector was the largest contributor with a capacity of 24,553.6 MW, followed by 13,450.97 MW from state utilities and 8,133.30 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 13,159.73 MW, 3,331.84 MW and 879.33 MW, respectively.
• The Government of Maharashtra is promoting the development of several Special Economic Zones (SEZs) across Maharashtra for sectors such as IT/ITeS, pharmaceuticals, biotechnology, textile, automotive and auto components, gems and jewellery, and food processing. Maharashtra had 12 SEZs with valid in-principle approvals, 51 SEZs with formal approvals and 45 SEZs with notified approvals. As of October 2020, the state had 37 exporting SEZs across diversified sectors including textiles and apparel, food processing, footwear and leather products, multi-product, pharma and IT SEZs.
• In December 2020, Union Minister for Skill Development and Entrepreneurship, Mr. Mahendra Nath Pandey inaugurated the first batch of the Indian Institute of Skills in Mumbai, a joint initiative between the Ministry of Skill Development & Entrepreneurship (MSDE), Government of India and Tata Indian Institute of Skills.
• In FY20, the number of listed companies on the NSE and the BSE were 1,795 and 5,377, respectively.
• In October 2020, the Asian Development Bank (ADB) and the Government of India signed a US$ 177 million loan to upgrade 450 km of state highways and major district roads in the state.
• In August 2021, Maharashtra Chief Minister, Mr. Uddhav Thackeray launched numerous initiatives to boost the state’s tourism — launching a new boat club at Ganpatipule in Ratnagiri, a renovated MTDC resort in Sinhagad Fort in Pune, as well as launching a new website of Maharashtra Tourism Development Corporation (MTDC).
• 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).