Maharashtra's GSDP Growth In line with State Survey Estimations

Maharashtra, the leading contributor to India's national nominal GDP, is projected to experience a 7.6 percent economic growth in 2023-24, mirroring the country's anticipated growth rate of 7.6 percent, according to the state's latest Economic Survey. The agriculture and allied activities sector, impacted by the "scarcity situation," is expected to grow by 1.9 percent. Meanwhile, the industry sector is anticipated to expand by 7.6 percent and the services sector by 8.8 percent over the last fiscal year.

The Economic Survey 2023-24 was presented by Deputy Chief Minister Ajit Pawar, who also oversees the finance portfolio, during the Maharashtra legislature's monsoon session. This marks an improvement from the previous year's growth rate of 6.8 percent. The state's gross state domestic product (GSDP) at current prices for 2023-24 is projected at Rs 40,44,251 crore, while the real GSDP is estimated at Rs 24,10,898 crore. GSDP represents the total economic output generated within the state's boundaries over a specified period, typically a fiscal year.

Maharashtra's average share in the all-India nominal GDP is the highest at 13.9 percent. The per capita state income for 2022-23 was Rs 2,52,389, an increase from Rs 2,19,573 in the previous fiscal year. The state's fiscal metrics include a fiscal deficit to GSDP ratio of 2.8 percent, a revenue deficit to GSDP ratio of 0.5 percent, and a debt stock to GSDP ratio of 17.6 percent.

The total anticipated expenditure for annual schemes in the last financial year is Rs 2,31,651 crore, with Rs 20,188 crore allocated towards district annual schemes. These figures highlight the state's financial commitment to ongoing and future developmental projects.