Maharashtra - Economy
The State has been identified as the country's powerhouse and Mumbai, its capital as the center point of India's financial and commercial markets. The state's capital, Mumbai, is the commercial capital of India and has evolved into a global financial hub. The city is home to several global banking and financial service firms. Pune, another major city in the state, has emerged as the educational hub. Maharashtra has emerged as a key hub for IT and ITeS, electronics and captive business outsourcing industries. The state capital Mumbai is not only home for leading corporate houses and firms but also has Asia’s oldest Stock Exchange, the Bombay Stock Exchange.
At around 15 percent, Maharashtra contributes the most to India's GDP. Maharashtra is a crucial and important state for India to realise its 5 trillion-dollar target, a state that by itself is looking towards reaching a target of a trillion-dollar economy by 2024. Generating employment through support to tourism, manufacturing, and infrastructure-building are the low hanging fruit for any government.
About 65 percent of the total workers in the State depend on agriculture and allied activities. Principal crops grown in the State are rice, jowar, bajra, wheat, tur, mung, urad, gram and other pulses. The State ranks 11th in average size of operational holding (1.34 ha) amongst all states, as per Agriculture Census 2015-16. The total area of small & marginal (upto 2.0 ha) operational holdings was 92.20 lakh ha constituting 45.0 per cent of the total area whereas number of small and marginal operational holdings was 121.55 lakh which is 79.5 per cent of the total number of operational holdings.
Industrial sector occupies a prominent position in the economy of Maharashtra. Food products, breweries, tobacco and related products, cotton textiles, textile products, paper and paper products, printing and publishing, rubber, plastic, chemical and chemical products, machinery, electrical machinery, apparatus and appliances, and transport equipment and parts contribute substantially to the industrial production in the state.
The contribution of Industries in the State in total value of output was 18.4 per cent while that in the gross value added was about 21.4 per cent during 2008-09.
By the end of June-2010, 32 major, 186 medium and about 2,549 state sector minor irrigation projects had been completed. Another 54 major and 72 medium irrigation projects are under construction. Maharashtra has an installed capacity of 19,166 MV (31 December 2010) which was higher by 2.9 per cent than that on 31st March 2009. Total power generation was 81,345 million KWH in year 2009-10, which was higher by 6150 MKWH compared to previous year.
Maharashtra’s gross state domestic product (GSDP) at current prices accounted for 14.89 per cent of India’s gross domestic product (GDP) in 2017-18, the highest among all states. The GSDP grew at a CAGR of around 11.83 per cent from 2011-12 to 2018-19 to reach US$ 405.35 billion. The net state domestic product (NSDP) grew at a CAGR of around 11.75 per cent from 2011-12 to 2017-18 to reach US$ 340.41 billion. The budget estimate for GSDP at current price for 2019-20 is Rs 31.31 lakh crore (US$ 448.07 billion).
The state has a well-developed social, physical and industrial infrastructure. Apart from 16 airports, the state has two major and 48 minor ports. It also has a well-developed power supply grid. Maharashtra's infrastructure sector has grown significantly over the last decade, with a substantial rise in the number of industrial clusters and public-private partnership (PPP) projects.
During 2018-19, Maharashtra Industrial Development Corporation (MIDC), CIDCO and Software Technology Park of India cumulatively developed 37 public IT parks and approved 527 private IT parks. Of the total 527 IT parks, 193 parks are already operational with an overall investment of Rs 19,927 crore (US$ 2.85 billion and remaining 334 with an investment of Rs 62,217 (US$ 8.90 billion), which is expected to generate 10.81 lakh opportunities. Maharashtra accounts for approximately 35.1 per cent of the country’s output of automobiles by value.
‘Maharashtra Samruddhi Mahamarg’ is a proposed eight lane expressway (701 km long and 120 metre wide) connecting Mumbai and Nagpur, enable to cover the distance in eight hours. Total estimated cost of this project is ` 55,335.32 crore. The total land required is 9,599.99 ha of which 8,259.87 ha (86 per cent) is acquired.
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