E-Paper
Maharashtra’s economy to grow at 7.3%, says state economic survey
The growth rate in the key services sector, which drives the state growth, is expected to decline to 7.8% in the current fiscal from 8.3% last year
MUMBAI: Maharashtra’s economy is expected to grow at 7.3% in 2024-25, as compared to 7.1% in the last financial year, the state’s economic survey tabled in the Maharashtra assembly on Friday said.
The growth rate in the key services sector, which drives the state growth, is expected to drop to 7.8% in the current fiscal from 8.3% last year, though agriculture and industries sectors are expected to grow at 8.7% and 4.9% respectively, from 3.3 and 6.2% last year respectively.
The state GDP rose to ₹4531,518 crore from ₹4055,847 crore last year, while the per capita income of the state grew to ₹3.09 lakh from ₹2.78 lakh last year. Twelve of the state’s 36 districts, however, remain below the national per capita income of ₹1.89 lakh in 2023-24.
Maharashtra’s per capita income is still behind Tamil Nadu ( ₹3.14 lakh), Karnataka ( ₹3.32 lakh), Gujarat ( ₹2.98 lakh), Telangana ( ₹3.57 lakh) as per figures of the last financial year.
The estimated growth of the agriculture and allied activities in 2024-25 is expected to be the highest in the last four years. It was 11.6% in 2020-21.
The state government’s revenue is expected to increase to ₹4.99 lakh crore from the preliminary estimate of ₹4.86 lakh crore last year. The revenue deficit, however, is expected to be ₹20,051 crore in the current financial year while the revenue deficit to GSDP will be 0.4%. The fiscal deficit to GSDP will be 2.4% and debt to GSDP will be 17.3% respectively.
According to the document, Metro Line 1 (Versova to Ghatkopar) saw the ridership of 500,000 a day in 2024-25, while line 2A (Dahisar-DN Nagar) and 7 (Dahisar-Andheri E) witnessed daily ridership of 152,000. The first phase of Metro 3 between Aarey and BKC has a ridership of 21,693 a day.
“By September end last year, the internet subscriber base in the state was 11.06 crore, while mobile connections were 12.56 crore. 17,552 households have Wi-Fi hotspot and 38,717 access points are available in the state,” the report has stated.
The state government spent ₹17,506 crore on Ladki Bahin scheme till December 2024 to 23.8 million people.
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