Maharashtra tops GDP contribution, to grow by 7.6 pc

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Maharashtra's economy continues to be the top contributor to the national nominal GDP and is expected to grow by 7.6 per cent in 2023-24.

The growth is similar to the country's projected growth of 7.6 per cent, according to the state's latest Economic Survey report that was tabled in the state legislature on Thursday.

The average share of the state in All-India nominal GDP is the highest (13.9 per cent). The per capita state income for 2022-23 is Rs 2,52,389 as against Rs 2,19,573 for 2021-22.

The report said the agriculture and allied activities sector growth was only 1.9 per cent because it was hit by the scarcity situation.

The industry sector is expected to grow by 7.6 per cent, and the services sector, which is synonymous with cities like Mumbai and Pune, is expected to grow by 8.8 per cent.

The state's additional budget will be presented on Friday by the finance minister, Ajit Pawar. The state's gross state domestic product (GSDP) at current prices for 2023-24 has been projected at Rs 40,44,251 crore and real at Rs 24,10,898 crore.

GSDP indicates the total economic output generated within a state's boundaries over a specified period, typically a fiscal year.

The revenue receipts of the state are expected to be Rs 4,86,116 crore for 2023-24 as against Rs 4,05,678 crore for 2022-23.

The tax and non-tax revenue (including central grants) for 2023-24 are Rs 3,96,052 crore and Rs 90,064 crore respectively.

The actual revenue receipts during 2023-24 up to February were Rs 3,73,924 crore (76.9 per cent of revised estimates).