State retains top spot in FDI

Economic growth rate on decline for last 2 years, down from 9.4% in FY22-23

- Faisal Malik

MUMBAI: Maharashtra's economy is expected to grow at 7.3% in FY2024-25, according to the Economic Survey presented in the state assembly on Friday by deputy chief minister Ajit Pawar, who holds the finance portfolio.

While the state has seen a slowdown in growth between FY2023-24 and FY2024-25, in keeping with the national trend, it has performed better than the projected 6.5% GDP growth at the all-India level.

The tabling of the Economic Survey is a pre-cursor to the state budget scheduled for March 10 as the Devendra Fadnavis-led Mahayuti government tries to balance its populist commitments with the goal of making Maharashtra a $1 trillion (roughly ₹87 lakh crore as per current exchange rate) economy in nominal terms by 2027.

The state's nominal GSDP is expected to be ₹45.3 lakh crore in FY2024-25, while the real GSDP (adjusted for inflation) is estimated to be ₹26.1 lakh crore.

Maharashtra already has the highest GDP share among all states in India, and its per capita income of ₹3.09 lakh in FY2024-25 is significantly higher than the national average of ₹2.35 lakh. In 2023-24, the latest period for which this comparison is given in the state's Economic Survey, Maharashtra's per capita GDP was ranked fifth (behind Telangana, Karnataka, Tamil Nadu and Gujarat) among the top 10 states by GDP in the country.

However, the state's economic growth rate has been on the decline for the last two years, from 9.4% in FY2022-23 to 8% in 2023-24 to, now, an estimated 7.3% in 2024-25.