Welcome to the Growth Story of Maharashtra’s Economy

When it comes to foreign direct investment (FDI), Maharashtra remains the top choice with a steady influx of capital. However, the quantum of FDI has seen a slight dip of 15% in the past year, with inflows amounting to Rs 1 lakh crore for the fiscal year 2023-24 as compared to Rs 1.18 lakh crore in 2022-23 and Rs 1.14 lakh crore in 2021-22.

On the other hand, the micro, small, and medium enterprises (MSME) sector in the state has been thriving. As of January 9, 2024, there were 33.07 lakh registered MSMEs on the Centre’s Udayan portal, collectively employing around 1.2 crore workers. Maharashtra boasts 32 lakh micro enterprises, 90,599 small enterprises, and 11,509 medium enterprises. The micro enterprises alone employ 94.2 lakh workers, while small and medium enterprises provide employment to 16.7 lakh and 12.6 lakh workers, respectively.

The state is also making significant strides in promoting cluster-based development for MSMEs. By March 2024, 2.4 crore MSMEs were registered on the portal, with 16.9% of them hailing from Maharashtra. Under the Micro and Small Enterprises Cluster Development Programme, the Centre has approved 46 projects for establishing common facility centers in the state, releasing a grant of Rs 247 crore for the same. Currently, 24 of these projects are operational, benefiting numerous MSMEs.

Moreover, Maharashtra leads the way in fostering entrepreneurial spirit, boasting the highest number of startups recognized by the Department for Promotion of Industry and Internal Trade (DPIIT), Government of India.

As we witness the continued growth and development of Maharashtra’s economy, it is evident that the state’s commitment to fostering innovation, entrepreneurship, and sustainable economic development is paying off.