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Information About Maharashtra: Industries, Exports, Economy & Infrastructure Growth

Last updated on Jun, 26 2020

Economic Snapshot
Per capita Income

 

Factfile

  • Capital:Mumbai
  • Geographical Area (lakh sq km):3.08
  • State Language:Marathi, Konkani, Hindi and English
  • Literacy Rate:82.3 per cent
  • Key Industries:Pharmaceuticals, biotechnology, IT and ITeS, electronics, engineering, auto and auto components, oil and gas, food and agro processing, gems and jewellery, banking, financial services and insurance (BFSI) and textiles

MAHARASHTRA State Report | June, 2020

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) grew at a CAGR of around 12.05 per cent between 2015-16 to 2019-20 to reach US$ 303.5 billion. Net State Domestic Product (NSDP) grew at a CAGR of around 7.07 per cent between 2015-16 to 2017-18 to reach US$ 340.41 billion.

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 Department for Promotion of Industry and Internal Trade (DPIIT), cumulative Foreign Direct Investment (FDI) inflow^^ in the state stood at US$ 137.93 billion between April 2000 and March 2020. Total merchandise export from the state stood at US$ US$ 74 billion during 2018-19 and US$ 49.94 billion during April-December 2019.

Key sectors:

  • In March 2019, Sindhudurg airport was made operational, making it the first in the Konkan region and bringing it on the country's air map.
  • In May 2020, 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.
  • As of February 2020, Maharashtra had 12 special economic zone (SEZs) with valid in-principle approvals, 48 SEZs with formal approvals, and 31 exporting SEZs and 42 SEZs with notified approvals.
  • The state produced 7.83 million bales of cotton in 2018-19**. In 2018-19P, the state also produced 519 MT of raw silk.
  • Till March 2019, 249 SEZs were proposed. 30 out of these were executed with an investment of Rs 36,352 crore (US$ 5.27 billion) and generated employment of about 5.9 lakh.
  • During 2018-19, Maharashtra Industrial Development Corporation (MIDC), CIDCO and Software Technology Park of India cumulatively developed 37 public IT parks and approved 527 private IT parks. Of the total 527 IT parks, 193 parks are already operational with an overall investment of Rs 19,927 crore (US$ 2.85 billion). Remaining 334 parks will be developed at an investment of Rs 62,217 (US$ 8.90 billion) and is expected to generate 10.81 lakh opportunities.
  • Maharashtra accounts for approximately 35.1 per cent of the country’s output of automobiles by value.
  • The state launched Unlimited Maharashtra advertising campaign through newspapers and television channels to attract tourists during summer vacations. A half-hour ferry ride across Mumbai harbor takes visitors to view the superbly carved 1,300 years old cave temple on the little island of Elephanta, a favourite picnic spot.
  • In 2018, the state had 119.2 million domestic tourist arrivals and 5.08 million foreign tourist arrivals.

 

Note: ^ - Includes Maharashtra, Dadra & Nagar Haveli and Daman & Diu, * - As per 3rd Estimates, P – Provisional, **-in lakhs bales of 170 kgs each

Factfile

  • Capital:Mumbai
  • Geographical Area (lakh sq km):3.08
  • State Language:Marathi, Konkani, Hindi and English
  • Literacy Rate:82.3 per cent
  • Key Industries:Pharmaceuticals, biotechnology, IT and ITeS, electronics, engineering, auto and auto components, oil and gas, food and agro processing, gems and jewellery, banking, financial services and insurance (BFSI) and textiles