Maharashtra Economic Survey 2024-25: Key Insights and What They Mean for Startups & Investors

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Maharashtra continues to assert its dominance as India’s economic powerhouse, and the recently released Economic Survey 2024-25 not only reinforces this status but also sets the tone for a forward-looking growth narrative. From impressive economic fundamentals to a vibrant startup ecosystem, robust infrastructure, and strategic policy reforms, Maharashtra is setting benchmarks for inclusive and sustainable development.

This article presents a comprehensive deep dive into the highlights of the survey, accompanied by contextual insights and implications for entrepreneurs, investors, and businesses seeking to scale in India’s most dynamic state economy.

Section 1: Macroeconomic Overview

Solid Fundamentals, Strong Outlook Maharashtra’s economy is projected to grow at 7.3% in FY25 — a rate higher than India’s overall growth estimate of 6.5%. This comes on the back of a strong 7.6% real GSDP growth in FY24. More importantly, Maharashtra’s per capita income stands at ₹2.79 lakh (FY24), nearly 47% above the national average (₹1.89 lakh), highlighting superior prosperity levels and strong consumption potential.

Category	Maharashtra	India
Population- 2011 census	11.24 crore (9.3% of India)	121.08 crore
Urbanization – 2011 census	45.2%	31.1%
Literacy Rate – 2011 census	82.3%	73%
Sex Ratio (females per 1,000 males) – 2011 census	929	943
Net Sown Area (2021-22) (lakh hectares)	16.59 (11.8% of India)	141
Major Crops	Jowar (44.4%), Cotton (34%), Wheat (3.7)	Wheat ( 115.4 metric ton) Cotton (299.26 lakh bales)
Livestock (2019 Census)	3.3 crore (6.2 of India)	53.67 crore
Forest Area (2021) (sq.km)	61,952 (8% of India)	7,75,377
Foreign Direct Investment (FDI) (2019-24)	31% of India’s total	$709.84 billion
Small & Medium Enterprises	46.74 lakh (14.3)	326.65 lakh (total MSMEs in India)
Electricity Generation (2023-24) (million kWh)	1,43,746 (8.3% of India)	17,34,375
Bank Branches (2024)	13,929 (8.8% of India)	1,59,130
Gross State Domestic Product (GSDP) (2023-24) (₹ lakh crore)	40.55 (13.5% of India)	301.22
Per Capita Income (₹) as per 31st March 2024	2,78,681	1,88,892

These figures are a testament to Maharashtra’s structural resilience and diversified growth engines, positioning it as an engine of India’s broader economic momentum.

Section 2: India’s Largest State Economy

Maharashtra by the Numbers The state accounts for 13.5% of India’s GDP — the highest share among all states. Its nominal GSDP is estimated at ₹40.56 lakh crore (~$550 billion), which places it ahead of many countries including Portugal, UAE, and Thailand.

With this scale, Maharashtra is not only the largest subnational economy in India but also one of the top 20 economic regions globally. The depth of its economy is driven by a diversified industrial base, high financial inclusion, and strong urban-rural economic linkages.

Section 3: Maharashtra on the Global Stage

Not Just a Regional Leader If Maharashtra were a standalone nation, it would rank among the top 20 global economies in terms of GDP. Mumbai — the capital — is the nerve center of India’s financial ecosystem. It hosts institutions like RBI, SEBI, BSE, NSE, and serves as the operational base for many global banks and corporations.

This global positioning enhances investor confidence, facilitates capital flows, and elevates Maharashtra’s strategic significance on the international map. Moreover, the state’s efforts to integrate into global value chains through trade and investment policies further strengthen this standing.

Section 4: GSDP Composition

A Balanced Growth Engine The GSDP composition highlights a structurally balanced economy:

• Services (58%): Dominated by trade, transport, communication, finance, real estate, education, health, and IT-enabled services.
• Industry (27%): Includes manufacturing (automobiles, electronics, pharmaceuticals), construction, electricity, gas, water supply, and mining.
• Agriculture & Allied (15%): Comprises agriculture, animal husbandry, forestry, and fishing.

Such diversification acts as a natural buffer against sector-specific downturns and underpins Maharashtra’s sustained economic momentum.

Section 5: Fiscal Health

Sound and Sustainable Public Finances Maharashtra has demonstrated fiscal prudence while pursuing economic development:

• Debt-to-GSDP ratio (FY25 BE): 17.3%, comfortably below the FRBM benchmark of 25%.
• Total Debt Stock: ₹7.83 lakh crore
• Revenue Receipts (FY24): ₹4.86 lakh crore, showing steady growth.
• Own Tax Revenue (FY24): ₹2.43 lakh crore, primarily driven by GST, excise duties, stamp duty, and registration charges.

Notably, committed expenditure (salaries, pensions, interest) forms about 60% of total expenditure — a fiscal challenge that requires efficiency reforms. Still, the state has fiscal headroom to expand capital investments and welfare spending.

Section 6: FDI Inflows

Maharashtra Leads from the Front Maharashtra continues to be the top destination for foreign direct investment:

• 31% share of India’s total FDI inflows (Oct 2019 – Sep 2024).
• Driven by investor-friendly policies, skilled workforce, and robust infrastructure ecosystem.
• FDI sectors include financial services, IT/ITeS, manufacturing, logistics, and renewable energy.

The government has complemented this with proactive facilitation through initiatives like MAITRI (single-window clearance), district investment councils, and sector-specific promotion.

Section 7: Startup Capital of India

Deep and Distributed Innovation Maharashtra has emerged as India’s most prolific startup hub:

• 26,686 DPIIT-recognized startups as of FY25 — nearly 24% of India’s total.
• 27 Unicorns — highest among all Indian states.
• Startups present in every district — highlighting democratization of entrepreneurship.

Support infrastructure includes over 125 incubators, state-backed venture funds, innovation grants (like Maharashtra Startup Week), and women-focused startup incentives. The Maharashtra State Innovation Society (MSInS) has been instrumental in coordinating startup policy and programs.

Section 8: Domestic Investment Momentum

Capital Inflows Beyond Metros In early 2024, the state conducted investment drives across 34 districts:

• 2,652 MoUs signed
• Proposed Investment: ₹96,680 crore
• Estimated Employment Generation: 2.3 lakh jobs

This decentralization of investment reflects the state’s commitment to inclusive industrial growth and job creation beyond Tier 1 cities.

Section 9: Export Performance & Infrastructure Edge

A Trade Powerhouse Maharashtra ranks second in India’s merchandise exports with a 15.4% share in FY24. Key sectors include:

• Automobiles
• Pharmaceuticals
• Chemicals
• Textiles
• Machinery and Equipment
• Software and IT Services (2nd highest software exports in India)

Infrastructure Highlights:

• JNPT: India’s largest container port (~50% of India’s container cargo handled here)
• Mumbai & Pune: International airports with cargo capabilities
• Multi-modal logistics parks, dry ports, and industrial corridors strengthen last-mile connectivity.

These trade-enabling assets position Maharashtra as a global manufacturing and services export hub.

Section 10: What This Means for Startups, Businesses & Investors Maharashtra’s economic, infrastructural, and policy foundations create an ideal launchpad for

• Startup scaling and access to capital
• Manufacturing and export-oriented ventures
• Venture capital & private equity investments
• ESG-aligned infrastructure and green economy initiatives

The state’s fiscal headroom, deep consumer base, and integrated markets provide unparalleled leverage for long-term business expansion.

At Treelife, we work with high-growth businesses, startups, funds, and global investors to navigate Maharashtra’s economic landscape — from fundraising, structuring, tax & compliance to legal enablement.

If you’re looking to grow or invest in India’s most powerful state economy, let’s talk.

We simplify the complex — so you can focus on what matters most: building, scaling and creating impact.