Maharashtra retains top spot in FDI: State Economic Survey

Maharashtra tops FDI in India for 2024-25 with ₹1.13 lakh crore, yet lags in project commencement, trailing Gujarat and Odisha.

MUMBAI: Maharashtra has maintained its top position in receiving foreign direct investment (FDI). In 2024-25, the state received FDI worth ₹1.13 lakh crore, the highest among all states in India, according to the Economic Survey of Maharashtra 2024-25, tabled in the state legislature on Friday.

Maharashtra retains top spot in FDI: State Economic Survey

The state received ₹6.46 lakh crore as cumulative FDI in the last three years, 31% of the total FDI equity inflow across the country. In all these years, Maharashtra was ahead of the other states in FDI — ₹1.18 lakh crore (2022-23), ₹1.25 lakh crore (2023-24) and ₹1.13 lakh crore (2024-25), according to the report.

On the other hand, Maharashtra continued to trail neighbouring Gujarat in actual commencement of business, judged by the value of the projects. According to the report, investment projects are divided into two parts. The first part is about investment intentions and other details, while the second part is about actual commencement of business.

Going by the statistics, 158 projects worth ₹26,557 crore commenced in Maharashtra in 2024, with Odisha in first position with 26 projects worth ₹42,610 crore, and Gujarat in second position with 125 projects worth ₹30,997 crore.

In 2023, the number of actual projects that commenced in Maharashtra was 189, worth ₹56,652 crore, but in Gujarat 183 projects commenced business, worth ₹67,381 crore. In 2022 too, 198 projects worth ₹41,083 crore commenced in Maharashtra, fewer than in Andhra Pradesh and Gujarat. In Andhra Pradesh, 46 projects worth ₹45,301 crore commenced business and in Gujarat 153 projects worth ₹42,341 crore.

This is despite the highest number of projects having expressed their intentions to make investments in Maharashtra in the last three years — 232 projects in 2022, 264 projects in 2023, and 131 projects in 2024 till July.

Between January 2022 and July 2024, 627 industrial projects with an intended investment of ₹2.12 lakh crore were to establish their projects as per Part A acknowledgments, and 545 industrial projects with an investment of ₹1.24 lakh crore have reported commencement of business as per Part B acknowledgements, the Economic Survey report pointed out.

The report further revealed that the growth rate of electricity consumption in Maharashtra is 43.6%, whereas the growth rate in electricity generation is only 38.5%. The total installed capacity in the state increased from 31,291 MW in 2013-14 to 38,601 MW in 2023-24, a growth rate of 23.4%.

During the kharif season of 2024-25, sowing was completed on 15.76 million hectares, about 0.6% more, against 15.66 million hectares during the previous year. The area under cereals, pulses and oilseeds is expected to increase while the area under cotton and sugarcane is expected to decrease, compared to the previous year, revealed the Economic Survey report.

“During the rabi season of 2024-25, about 6.28 million hectares has been sown, about 7% more (5.87 million hectares) than the previous year. An increase in the area of cereals and pulses, and a decrease in the area of oilseeds is expected, compared to the previous year. The estimated area under horticulture crops in the state was 2.17 million hectares in 2023-24, a decrease of 2.9% compared to the previous year 2022-23 (2.24 million hectares),” it further added.