As outlined in the Economic Survey of Maharashtra for the fiscal year 2024-25, the state is anticipated to achieve an economic growth of 7.3 percent, outpacing the expected national growth rate of 6.5 percent based on preliminary estimates. The projections for the real Gross State Value Added (GSVA) showcase significant advancements, particularly in the agriculture and allied sectors, which are expected to grow by 8.7 percent. The services sector is forecasted to expand by 7.8 percent, while the industrial sector is predicted to grow by 4.9 percent.
For 2024-25, the nominal Gross State Domestic Product (GSDP) is estimated at ₹45.31 lakh crore, with the real GSDP (adjusted to constant prices from 2011-12) estimated at ₹26.12 lakh crore.
In the previous year, 2023-24, Maharashtra experienced notable economic growth, with the nominal GSDP reaching ₹40.55 lakh crore, an increase from ₹36.41 lakh crore in 2022-23, according to the first revised estimates.
Between April and December 2024, the average Consumer Price Index (CPI), using a base year of 2003=100, was recorded at 394.1 for rural areas and 371.1 for urban regions. Year-on-year inflation rates during this timeframe were 6.0 percent in rural areas and 4.5 percent in urban areas.
Maharashtra’s revenue receipts for the fiscal year 2024-25 are projected to be ₹4,99,463 crore, an increase from ₹4,86,116 crore in 2023-24, according to budget and revised estimates. The anticipated total revenue, which includes tax and non-tax income as well as central grants, is expected to reach ₹4,19,972 crore in tax revenue and ₹79,491 crore in non-tax revenue for 2024-25. By January 2024, actual revenue receipts amounted to ₹3,81,080 crore, representing 76.3 percent of the budget estimates.
On the expenditure side, Maharashtra’s revenue expenditure for 2024-25 is estimated at ₹5,19,514 crore, compared to ₹5,05,647 crore in 2023-24. As of January 2024, the actual revenue expenditure was ₹3,52,141 crore, making up 67.8 percent of the budget estimate. These figures reflect a consistent increase in both revenue collection and expenditure, highlighting the state’s effective fiscal management and economic growth.
As of March 31, 2024, the aggregate deposits and gross credit in scheduled commercial banks in Maharashtra stood at ₹46.68 lakh crore and ₹45.99 lakh crore, respectively, giving a Credit-Deposit Ratio of 98.5 percent. The Annual Credit Plan for the priority sector in the state for 2024-25 is set at ₹7.25 lakh crore, with agriculture accounting for 24.4 percent and the Micro, Small, and Medium Enterprises (MSME) sector making up 60.7 percent of this allocation.
