Economy
The economy of Maharashtra is driven by manufacturing, international trade, mass media (television, motion pictures, video games, recorded music), aerospace, technology, petroleum, fashion, apparel, and tourism. Maharashtra is the most industrialised state and has maintained the leading position in the industrial sector in India. The State is a pioneer in small scale industries. Mumbai, the capital of the state and the financial capital of India, houses the headquarters of most of the major corporate and financial institutions. India's main stock exchanges and capital market and commodity exchanges are located in Mumbai. The state continues to attract industrial investments from domestic as well as foreign institutions. Maharashtra has the largest proportion of taxpayers in India and its share markets transact almost 70% of the country's stocks.
According to most recent data, Maharashtra is considered the richest state in India. As of 2024, Maharashtra is the richest state in India, with a projected GSDP of ₹42.67 lakh crore for the 2024-25 fiscal year.
The service sector dominates the economy of Maharashtra, accounting for 61.4% of the value addition and 69.3% of the value of output in the state. The state's per-capita income in 2014 was 40% higher than the all-India average in the same year. The gross state domestic product (GSDP) at current prices for 2021–22 is estimated at $420 billion and contributes about 14.2% of the GDP. The agriculture and allied activities sector contributes 13.2% to the state's income. In 2012, Maharashtra reported a revenue surplus of ₹1524.9 million (US$24 million), with total revenue of ₹1,367,117 million (US$22 billion) and spending of ₹1,365,592.1 million (US$22 billion). Maharashtra is the largest FDI destination of India. FDI inflows in the State since April 2000 to September 2021 totalled ₹9,59,746 crore, which was 28.2% of total FDI inflows at the all-India level. With 11,308 startups, Maharashtra has the highest number of recognised startups in India.
Maharashtra contributes 25% of India's industrial output and is the most indebted state in the country. Industrial activity in state is concentrated in Seven districts: Mumbai City, Mumbai Suburban, Thane, Aurangabad, Pune, Nagpur, and Nashik. Mumbai has the largest share in GSDP (19.5%), both Thane and Pune districts contribute about same in the Industry sector, Pune district contributes more in the agriculture and allied activities sector, whereas Thane district contributes more in the Services sector. Nashik district shares highest in the agricultural and allied activities sector, but is behind in the Industry and Services sectors as compared to Thane and Pune districts.
Industries in Maharashtra include chemical and chemical products (17.6%), food and food products (16.1%), refined petroleum products (12.9%), machinery and equipment (8%), textiles (6.9%), basic metals (5.8%), motor vehicles (4.7%) and furniture (4.3%). Maharashtra is the manufacturing hub for some of the largest public sector industries in India, including Hindustan Petroleum Corporation, Tata Petrodyne and Oil India Ltd.
Maharashtra is the leading Indian state for many Creative industries including advertising, architecture, art, crafts, design, fashion, film, music, performing arts, publishing, R&D, software, toys and games, TV and radio, and video games.
Maharashtra has an above-average knowledge industry in India, with Pune Metropolitan Region being the leading IT hub in the state. Approximately 25% of the top 500 companies in the IT sector are based in Maharashtra. The state accounts for 28% of the software exports of India.
Maharashtra and particularly Mumbai is a prominent location for the Indian entertainment industry, with many films, television series, books, and other media being set there. Mumbai is the largest centre for film and television production and a third of all Indian films are produced in the state. Multimillion-dollar Bollywood productions, with the most expensive costing up to ₹1.5 billion (US$16 million), are filmed there. Marathi films used to be previously made primarily in Kolhapur, but now are produced in Mumbai.
The state houses important financial institutions such as the Reserve Bank of India, the Bombay Stock Exchange, the National Stock Exchange of India, the SEBI and the corporate headquarters of numerous Indian companies and multinational corporations. It is also home to some of India's premier scientific and nuclear institutes like BARC, NPCL, IREL, TIFR, AERB, AECI, and the Department of Atomic Energy.
With more than half the population being rural, agriculture and allied industries play an important role in the states's economy and source of income for the rural population. The agriculture and allied activities sector contributes 12.9% to the state's income. Staples such as rice and millet are the main monsoon crops. Important cash crops include sugarcane, cotton, oilseeds, tobacco, fruit, vegetables, and spices such as turmeric.
Animal husbandry is an important agriculture-related activity. The State's share in the livestock and poultry population in India is about 7% and 10%, respectively. Maharashtra was a pioneer in the development of Agricultural Cooperative Societies after independence. It was an integral part of the then Governing Congress party's vision of 'rural development with local initiative'. A 'special' status was accorded to the sugar cooperatives and the government assumed the role of a mentor by acting as a stakeholder, guarantor, and regulator, Apart from sugar, cooperatives play a crucial role in dairy, cotton, and fertiliser industries.
The banking sector comprises scheduled and non-scheduled banks. Scheduled banks are of two types, commercial and cooperative. Scheduled Commercial Banks (SCBs) in India are classified into five types: State Bank of India and its associates, nationalised banks, private sector banks, Regional Rural Banks, and others (foreign banks). In 2012, there were 9,053 banking offices in the state, of which about 26% were in rural and 54% were in urban areas. Maharashtra has a microfinance system, which refers to small-scale financial services extended to the poor in both rural and urban areas. It covers a variety of financial instruments, such as lending, savings, life insurance, and crop insurance. The three largest urban cooperative banks in India are all based in Maharashtra.