Maharashtra's GDP Growth Projected At 7.6% For Fiscal Year 2023-24

The Maharashtra economy, which contributes the most to India's GDP, is expected to grow by 7.6% in the 2023-24 fiscal year. This growth rate matches the national estimate for India during the current tenure of the Eknath Shinde-led government.

The Economic Survey Report 2023-24 presented by the Maharashtra government highlights this projection.

According to the report, Maharashtra's agriculture and allied activities grew by 1.9%, industry by 7.6%, and the services sector expanded by 8.8%. The state's economic growth rate for 2023-24 is projected at 7.6%, an increase from 6.8% in 2022-23.

Maharashtra continues to be a leader in attracting foreign direct investment (FDI) in India. The state accounted for 16% of the country's total FDI inflows during the fiscal year 2022-23. This significant share underscores Maharashtra's pivotal role in India's economic landscape.

The Gross State Domestic Product (GSDP) at current prices is estimated at Rs 40,44,251 crore for 2023-24. At constant (2011-12) prices, it stands at Rs 24,10,898 crore. These figures highlight the substantial economic activity within the state.

The per capita income of Maharashtra at current prices was Rs 2,52,389 during the financial year 2022-23. This marks an increase from Rs 2,19,573 in the previous year. Revenue receipts are projected to be Rs 4,86,116 crore, compared to Rs 4,05,678 crore in the prior fiscal year.

The fiscal deficit is estimated to be 2.8% of GSDP, while the revenue deficit is pegged at 0.5%. Additionally, the outstanding debt stock stands at 17.6% of GSDP. These figures provide a comprehensive overview of the state's financial health.

In summary, Maharashtra's economy shows robust growth across various sectors with significant contributions from agriculture, industry, and services. The state remains a key player in attracting FDI and demonstrates strong financial metrics in terms of income and expenditure.