Maharashtra’s economy is projected to grow at 7.3% in 2024-25, surpassing the estimated national growth rate of 6.5%, according to the Economic Survey 2024-25 presented by Deputy Chief Minister and Finance Minister Ajit Pawar. However, the state’s growth rate is expected to decline slightly from 7.6% in 2023-24.
The agriculture and allied sector is expected to see a strong recovery, growing at 8.7%, up from 3.2% last year. In contrast, industrial growth is set to slow to 4.9%, compared to 6.2% last year, while the services sector will expand at 7.8%, down from 8.3% in 2023-24.
Maharashtra’s debt stock is estimated at ₹7,82,991 crore for 2024-25, a rise from ₹7,11,278 crore in the revised estimates. This represents 17.3% of the state’s GSDP, staying well within the Finance Commission’s recommended 25% limit. However, the government’s interest payment burden has surged to ₹56,727 crore, up from ₹48,578 crore last year.
Expenditure on salaries is projected to increase to ₹1,59,071 crore in 2024-25, up from ₹1,42,718 crore last year, accounting for 30.6% of the GSDP. Pension payments will also rise significantly to ₹74,011 crore (14.3%), compared to ₹60,446 crore (12%) last year.
The nominal Gross State Domestic Product (GSDP) for 2023-24 is estimated at ₹40,55,847 crore, marking a rise from ₹36,41,543 crore in 2022-23. Meanwhile, the real GSDP stands at ₹24,35,259 crore for 2023-24, up from ₹22,55,708 crore in the previous year.