Economic Survey 2023-24: Maharashtra's growth steady at 7.6%; debt rises

According to the latest State Economic Survey, Maharashtra's economy is projected to grow by 7.6% in the 2023-24 fiscal year, aligning with India's overall economic growth. However, the state has not been able to reach or cross its mark of 9.4% achieved in 2022-23. Additionally, the state's debt-to-GSDP ratio has risen to 17.6%.

Agriculture is expected to grow by only 1.9%, with significant drops in cereal, pulse, oilseed, and sugarcane production. Cotton production, however, is predicted to increase by 3%. The services sector will grow by 8.8%, while the industrial sector will see a 7.6% rise.

Maharashtra's GSDP is projected at ₹40.44 lakh crore, with the per capita income estimated at ₹2,77,603. The state remains a top contributor to national GDP, despite slipping to sixth in per capita income.