Maharashtra’s economy set to grow at 7.3% in 2024-25, outpacing national growth: Economic Survey 

Maharashtra's economy set to grow at 7.3% in 2024-25, leading in agriculture, industry, services, and social sectors.

Maharashtra’s economy is projected to grow at 7.3% in the financial year 2024-25, surpassing the national growth estimate of 6.5%, according to the state’s pre-Budget Economic Survey tabled in the assembly on Friday (March 7, 2025). Deputy Chief Minister Ajit Pawar, who holds the finance portfolio, presented the survey, which highlights robust growth across key sectors.  

The agriculture and allied activities sector is expected to grow at 8.7%, while industry and services are projected to expand by 4.9% and 7.8%, respectively. Maharashtra’s nominal Gross State Domestic Product (GSDP) for 2024-25 is estimated at ₹45.31 lakh crore, up from ₹40.55 lakh crore in 2023-24. The state continues to lead the nation with the highest contribution to India’s nominal GDP at 13.5%.  

The per capita income for 2024-25 is estimated at ₹3,09,340, a significant rise from ₹2,78,681 in the previous financial year. However, Maharashtra’s per capita income trails behind Tamil Nadu (₹3,15,220), Karnataka (₹3,32,926), and Gujarat (₹2,97,722).  

In agriculture, the kharif season saw sowing completed in 157.59 lakh hectares, with cereal, pulse, oilseed, and cotton production expected to rise by 49.2%, 48.1%, 26.9%, and 10.8%, respectively. However, sugarcane production is projected to decline by 6.6%. During the rabi season, sowing covered 62.81 lakh hectares, with cereal and pulse production expected to increase by 23% and 25%, respectively, while oilseed output may drop by 22.7%.  

Maharashtra received 116.8% of normal rainfall during the 2024 monsoon, with 203 talukas experiencing excess rainfall. The state’s irrigation potential reached 32,596 million cubic metres, utilising 74.5% of total storage capacity.  

In milk production, Maharashtra ranks fifth nationally, contributing 6.7% of total output, with daily milk collection rising to 42.32 lakh litres in 2023-24. The state also holds the seventh position in egg production and ranks third in meat production, contributing 11.3% to the national output.  

Maharashtra remains a leader in industrial and social sectors, contributing 15.4% to India’s total exports in 2023-24. The state also accounts for 24% of the country’s recognised start-ups as of January 2025. Between October 2019 and September 2024, Maharashtra topped the nation in Foreign Direct Investment (FDI) inflows with a 31% share.