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.
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 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), the cumulative FDI inflows in Maharashtra were valued at US$ 10,881.60 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.
- Aggregate deposits and credit of scheduled commercial banks in Maharashtra stood at US$ 370 billion and US$ 394 billion, respectively, in 2019-20.
- In FY20, Maharashtra Industrial Development Corporation (MIDC), CIDCO and Software Technology Park of India developed 37 public IT parks and 530 private IT parks. Of the total IT parks, 190 parks are already operational with an overall investment of Rs. 199.27 billion (US$ 2.71 billion) and about 5.30 lakh employment.
- 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.
- As of November 2020, the state had a total installed power generation capacity of 43745.35 MW, of which the private sector was the biggest contributor with a capacity of 22165.51 MW, followed by 13660.97 MW from state utilities and 7918.87 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.
- In 2020-21, two new schemes, Gramin Sadak Vikas Yojana and Nagari Sadak Vikas Yojana, have been announced for construction of roads in rural and urban areas, respectively. Rs. 10 billion (US$ 135.92 million) and Rs. 15.01 billion (US$ 204.02 million) have been allocated for these schemes, respectively.
- In 2020-21, Maharashtra spent 4.3% of its budget on roads and bridges, which is comparable to the average allocation by states (4.2%) for roads and bridges (Rs 110.49 billion or US$ 1.50 billion has been allocated for construction of roads and bridges).
- In 2019, tourist arrivals in Maharashtra stood at 149.2 million (domestic) and 5.5 million (foreign).