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Maharashtra is one of the most advanced industrial states in India accounting for almost 15 per cent of the total industrial output of the country. 64.14% of its workforce is engaged in agriculture and other allied activities. Its industrial sector is quite strong and contributes nearly 46% to the GSDP. Chief industries include petroleum, chemicals, textiles, metal products, pharmaceuticals, machine tools, engineering goods, steel and iron castings. Crops cultivated in large quantities in Maharashtra are groundnut, sugarcane, mangoes, turmeric, grapes, bananas, oranges, wheat, rice,
Mumbai, the capital city of Maharashtra is an important business city and has the headquarters of all the prime financial institutions, banks and insurance companies operating in India. Bombay Stock Exchange, the oldest stock exchange in Asia and the largest in India is located in Mumbai.
Its IT sector has witnessed substantial growth over the years. Maharashtra has established software parks in Mumbai, Pune, Nasik, Aurangabad and Nagpur. At present, the state is the second largest exporter of software and accounts for 20% of India's software exports.
The coast of Maharashtra has been serving as a ship building centre since long and has several companies operating shipyards. To name a few, there is Bharati Shipyard at Ratnagiri, Rajapur Shipyards at Rajapur and so on. It has emerged as one of the most potential sectors for development and growth.
In generating thermal electricity, Maharashtra is the leading state in India. Even in the nuclear power sector, it is doing extremely well. It accounts for 13 percent of thermal power and 17 percent of nuclear power produced in the country.
During the period between 2006-07, the state registered an annual average growth percentage of 9.7 and it is noteworthy that it is the first state to progress at a rate above 9 percent.
The Net State Domestic Product of Maharashtra for the fiscal year 2006-07 stood at US$ 1.0 million and its per capita income for the same period was US$ 1,008. The State contributes 40 per cent of the national fiscal receipts and 8.17 per cent to the total GDP. Of the country's total investment, the state accounts for 20 per cent.
Growth Rate of Maharashtra as Against the All India Level in the Financial Year 2006-07
| Sector |
India (GDP) |
Maharashtra (GSDP) |
| Agriculture and allied activities |
2.6 |
5.8 |
| Industry |
8.9 |
10.3 |
| Services |
10.7 |
9.1 |
| Total |
9 |
8.7 |
Of the proposed total investment under FDI in India, Maharashtra continues to be at the top position. FDI approved projects are mainly in the field of services ( 24 per cent), IT ( 21 per , infrastructure (12 per cent), automobiles (10 per cent).
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