Economy of Maharashtra

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Economy of Maharashtra
Mumbai skyline at night from sealink.jpg
Skyline of Mumbai, the capital of Maharashtra, and the financial center of India[1][2]
Statistics
GDP27.96 lakh crore (US$390 billion) (2018-19 est.)[3]
GDP rank1st
GDP growth
12% (2017-18 est.)[3]
GDP per capita
180,596 (US$2,500) (2017-18)[4]
GDP by sector
Agriculture 11.9% - 10 % for India
Industry 33.6% - 18 to 19% for India
Services 54.5% - 15 to 16% for India (2016-17)[3]
Labour force by occupation
Agriculture 51%
Industry 9%
Services 40% (2015)[5]
Public finances
4.13 lakh crore (US$57 billion)
16.5% of GSDP (2018-19 est.)[3]
Revenues2.88 lakh crore (US$40 billion) (2018-19 est.)[3]
Expenses3.67 lakh crore (US$51 billion) (2018-19 est.)[3]

Maharashtra has the largest economy in India. It is third-most urbanised state with urban population of 45% of whole population. Each year, the Government of Maharashtra publishes the Economic Survey of Maharashtra to be tabled in the budget session of the State.[6] Although highly industrialized, agriculture continues to be the main occupation in many regions the state.[7]:18 Mumbai, the capital of Maharashtra and also the financial capital of India houses the headquarters of almost all major banks, financial institutions, insurance companies and mutual funds. India's largest stock exchange Bombay Stock Exchange, oldest in Asia, is located in the city. More than 41% of the S&P CNX 500 conglomerates have corporate offices in Maharashtra. After successes in the information technology in the neighbouring states, Maharashtra has set up software parks in Pune, Mumbai, Navi Mumbai, Nagpur and Nashik, Aurangabad and Latur. Maharashtra is the second largest exporter of software with annual exports over 80,000 crores and accounts for more than 30 per cent of the country's software exports, with over 1,200 software units based in the state.[8] Maharashtra ranks first nationwide in coal-based thermal electricity as well as nuclear electricity generation with national market shares of over 13% and 17% respectively. Maharashtra is also introducing Jatropha cultivation and has started a project for the identification of suitable sites for Jatropha plantations.[9] Ralegaon Siddhi is a village in Ahmednagar District that is considered a model of environmental conservation.[10]

Infrastructure[edit]

Year Gross Domestic Product (millions of INR)
1980 Indian Rupee symbol.svg 166,310
1985 Indian Rupee symbol.svg 296,160
1990 Indian Rupee symbol.svg 644,330
1995 Indian Rupee symbol.svg 1,578,180
2000 Indian Rupee symbol.svg 2,386,720
2005 Indian Rupee symbol.svg 3,759,150[11]
2011 Indian Rupee symbol.svg 9,013,300
2014 Indian Rupee symbol.svg16,866,950

Mumbai is the major port in Maharashtra, which led to flourishing trade and industrial development since 17th century A.D. Major national highways, railways pass through state, aiding in fast movement of goods and people. The state has also added to the road network connecting district places to major trading ports and cities. Mumbai, Pune and Nagpur are the major airports in the state. Mumbai's Chhatrapati Shivaji International Airport was recorded as the busiest single runway airport in the world. Two new airports, one each in Navi Mumbai and Pune are proposed to be constructed.

Energy production[edit]

Current functioning units of Chandrapur Super Thermal Power Station
Chandrapur Super Thermal Power Station, the state's power production source

Although its population makes Maharashtra one of the country's largest energy users,[12][13] conservation mandates, mild weather in the largest population centres and strong environmental movements have kept its per capita energy use to one of the smallest of any Indian state.[14] The high electricity demand of the state constitutes 13% of the total installed electricity generation capacity in India, which is mainly from fossil fuels such as coal and natural gas.[15] Mahavitaran is responsible for distribution of electricity throughout the state by buying power from Mahanirmiti, captive power plants, other state electricity boards and private sector power generation companies.[14]

As of 2012, Maharashtra was the largest power generating state in India, with installed electricity generation capacity of 26,838 MW.[13] The state forms a major constituent of the western grid of India, which now comes under the North, East, West and North Eastern (NEWNE) grids of India.[12] Maharashtra Power Generation Company (MAHAGENCO) operates thermal power plants.[16] In addition to the state government-owned power generation plants, there are privately owned power generation plants that transmit power through the Maharashtra State Electricity Transmission Company, which is responsible for transmission of electricity in the state.[17]

Industry[edit]

Maharashtra is India's leading industrial state contributing 13% of national industrial output. 64.14% of the people are employed in agriculture and allied activities. Almost 46% of the GSDP is contributed by industry.
Maharashtra has had a long history in textiles with Mumbai being the original home of India's textile mills. Solapur, Ichalkaranji, Malegaon and Bhiwandi are some of the cities known for textile industry today . Pharmaceuticals, petrochemicals, heavy chemicals, electronics, automobiles, engineering, food processing, and plastics are some of the major industries in the state. Maharashtra is renowned for the production of three-wheelers, jeeps, commercial vehicles and cars, synthetic fibers, cold rolled products and industrial alcohol. Pune is emerging as one of the largest automobile hubs in the country. Small scale industries have also come up in a big way in the state. The state capital Mumbai and the Mumbai Metropolitan Region has historically been the most industrialized area in the state. Industrial development in the state is largely concentrated in the Pune Metropolitan Area, Nashik, Aurangabad and Nagpur. The six important industries in the state are cotton textiles, chemicals, machinery, electricals, transport and metallurgy.[18]

To attract industries to different areas of the state, the government of Maharashtra established Maharashtra Industrial Development Corporation (MIDC) in 1962. MIDC provides businesses with infrastructure such as land (open plot or built-up spaces), roads, water supply, drainage facilities etc. To date 233 areas have been developed around the state with emphasis on different sectors such as manufacturing, IT, pharmaceutical and wine.

Agriculture[edit]

Sorghum farm at Chinawal village in Maharashtra
Sugarcane weighing at a Cooperative Sugar mill in Maharashtra, India.
Ploughing in Yavatmal district

Although Maharashtra is a highly industrialized state of India, agriculture continues to be the main occupation in the state.[7]:18 Since most of the cultivable land is still rain-fed, the Southwest Monsoon season between June and September is critical to the food sufficiency and quality of life in the state. Therefore, the agricultural calendar of Maharashtra and other parts of India, is governed by Monsoon. Any fluctuations in the time distribution, spatial distribution or quantity of the monsoon rains may lead to conditions of floods or droughts causing the agricultural sector to adversely suffer. This has a cascading effect on the secondary economic sectors, the overall economy, food inflation and therefore the overall quality and cost of living for the general population.Many areas in Western Maharashtra on the Deccan plateau such as eastern Pune disytrict ,Solapur,Sangli,Satara and Ahmadnagar and the Marathwada region are particularly prone to drought.Recent years have seen a huge increase in farmers committing suicide in Maharashtra because of indebtedness resulting from monsoon failure,climate change, and at times cost of growing crops being higher than the market price.[19][20][21][7]

Irrigation facilities are being extended so that agriculture could be made less dependent upon rain water. Maharashtra has by far the largest number of Dams in India. Despite that, the net irrigated area totals only 33,500 square kilometres or about 16% of cultivable land.[22]

Principal Monsoon crops include millets such as jwari, Bajri, and Finger millet.These have been grown in the region for thousands of years.[23]In the high rain fall areas of Konkan and the eastern foothills of the Sahyadri mountains, different varieties of rice are cultivated. Other crops include Wheat, pulses, vegetables and onions.

The main Cash crops include cotton, sugarcane, turmeric, and several oil seeds including groundnut, sunflower and soybean. The state has huge areas, under fruit cultivation of which mangoes, bananas, grapes, pomogranate and oranges are the main ones.

Maharashtra was a pioneer in the development of Agricultural Cooperative Societies after independence. In fact, it was an integral part of the then Governing Congress party's vision of ‘rural development with local initiative’. A ‘special’ status was accorded to the sugar cooperatives and the government assumed the role of a mentor by acting as a stakeholder, guarantor and regulator,[24][25][26] Cooperatives play a crucial role in dairy,[27] cotton, and fertiliser industries. The members of the respective society include all farmers, small and large, supplying their produce to the processing mill, dairy etc.[28] As with dairy and sugar,cooperatives play a significant part in marketing of fruit and vegetables in Maharashtra.Since the 1980s, the amount of produce handled by Cooperative societies has increased exponentially.Common fruit and vegetables marketed by the societies include products such as bananas,mangoes,grapes ,onions and many others[29]

Over the last fifty years, the local sugar mills and other cooperative bodies have played a crucial part in encouraging political participation and as a stepping stone for aspiring politicians.[25]

Tourism[edit]

Tourism is also a major industry in Maharashtra with areas around Aurangabad, Mumbai, Pune being the most popular. Places of interest include ancient caves and monuments at Ajanta, Ellora, Elephanta and Karle-Bhaje, numerous mountain forts from the Maratha empire era such as Raigad, Sinhagad, Rajgad, Shivneri, British era hill stations such as Lonavala, Khandala, Mahabaleshwar, Matheran, and tiger reserves such as Melghat and Tadoba.

Religious tourism includes places such as Shirdi (Saibaba temple), Nashik (Hindu-Holy Place), Nanded (Gurdwara), Nagpur (Chaityabhumi), Siddhivinayak temple and Haji Ali Dargah in Mumbai and Pandharpur (Vitthal-Rukmini temple) as well as the five Jyotirlingas out of eleven and also the Shaktipeeths.

Numerous beaches, adventure tourism sites, amusement parks and water parks also add to the tourism in the state.[30]

Economy of main districts[edit]

Mumbai[edit]

Mumbai is India's largest city (by population) and is the financial and commercial capital of India as it generates 6.16% of the total GDP.[31][32][33] It serves as an economic hub of India, contributing 10% of factory employment, 25% of industrial output, 33% of income tax collections, 60% of customs duty collections, 20% of central excise tax collections, 40% of India's foreign trade and 4,000 crore (US$560 million) in corporate taxes.[34] Along with the rest of India, Mumbai has witnessed an economic boom since the liberalisation of 1991, the finance boom in the mid-nineties and the IT, export, services and outsourcing boom in the 2000s.[35] Although Mumbai had prominently figured as the hub of economic activity of India in the 1990s, the Mumbai Metropolitan Region is presently witnessing a reduction in its contribution to India's GDP.[36]

As of 2015, Mumbai's metro area GDP (PPP) was estimated at $368 billion.[37] Many of India's numerous conglomerates (including Larsen & Toubro, State Bank of India (SBI), Life Insurance Corporation of India (LIC), Tata Group, Godrej and Reliance),[32] and five of the Fortune Global 500 companies are based in Mumbai.[38] This is facilitated by the presence of the Reserve Bank of India (RBI), the Bombay Stock Exchange (BSE), the National Stock Exchange of India (NSE), and financial sector regulators such as the Securities and Exchange Board of India (SEBI).[36]

Until the 1970s, Mumbai owed its prosperity largely to textile mills and the seaport, but the local economy has since then diversified to include finance, engineering, diamond-polishing, healthcare and information technology.[39] The key sectors contributing to the city's economy are: finance, gems & jewellery, leather processing, IT and ITES, textiles, and entertainment. Nariman Point and Bandra Kurla Complex (BKC) are Mumbai's major financial centres.[36] Despite competition from Bangalore, Hyderabad and Pune, Mumbai has carved a niche for itself in the information technology industry. The Santacruz Electronic Export Processing Zone (SEEPZ) and the International Infotech Park (Navi Mumbai) offer excellent facilities to IT companies.[40]

State and central government employees make up a large percentage of the city's workforce. Mumbai also has a large unskilled and semi-skilled self-employed population, who primarily earn their livelihood as hawkers, taxi drivers, mechanics and other such blue collar professions. The port and shipping industry is well established, with Mumbai Port being one of the oldest and most significant ports in India.[41] Dharavi, in central Mumbai, has an increasingly large recycling industry, processing recyclable waste from other parts of the city; the district has an estimated 15,000 single-room factories.[42]

Mumbai has been ranked sixth among top ten global cities on the billionaire count with 28[43] and 46000 millionaires, with total wealth around $820 billion[44] 48th on the Worldwide Centres of Commerce Index 2008,[45] seventh in the list of "Top Ten Cities for Billionaires" by Forbes magazine (April 2008),[46] and first in terms of those billionaires' average wealth.[47] As of 2008, the Globalization and World Cities Study Group (GaWC) has ranked Mumbai as an "Alpha world city", third in its categories of Global cities.[48] Mumbai is the third most expensive office market in the world, and was ranked among the fastest cities in the country for business startup in 2009.[49]

Pune[edit]

As one of the largest cities of India and major centre of learning with several colleges and universities, Pune has emerged as a prominent location for IT and manufacturing. Pune has the eighth largest metropolitan economy [50] and the sixth highest per capita income in the country.[51]

Automotive companies such as Bajaj Auto, Tata Motors, Mahindra & Mahindra, Mercedes Benz, Force Motors (Firodia-Group), Kinetic Motors, General Motors, Land Rover, Jaguar, Renault, Volkswagen, and Fiat have set up greenfield facilities near Pune, leading The Independent to cite Pune as India's "Motor City".[52]

The Kirloskar Group, was the first to bring industry to Pune by setting up Kirloskar Oil Engines Ltd. in 1945 at Kirkee in Pune. The Group was originally set up in Kirloskarwadi.[53] Kirloskar Brothers Limited (One of India's largest manufacturer and exporter of pumps and the largest infrastructure pumping project contractor in Asia[54][55]), Kirloskar Oil Engines (India's largest diesel engine company[56]), Kirloskar Pneumatics Co. Ltd., and other Kirloskar companies are based in Pune.

The Hinjawadi IT Park (officially called the Rajeev Gandhi IT Park) is a project being started by MIDC to house the IT sector in Pune. When completed, the Hinjawadi IT Park is expected to encompass an area of about 2,800 acres (11 km2). The estimated investment in the project is 600 billion (US$8.3 billion).[57] To facilitate economic growth, the government made liberal incentives in its IT and ITES Policy, 2003 and leased properties on MIDC land.[58] The IT sector employs more than 4 lakh people. Software giant Microsoft intends to set up a 7 billion (US$97 million) project in Hinjawadi.[58]

World Trade Centre in Pune, Maharashtra

Pune Food Cluster development project is an initiative funded by the World Bank. It is being implemented with the help of SIDBI, Cluster Craft to facilitate the development of the fruit and vegetable processing industries in and around Pune.[59][60]

Pune has also emerged as a new startup hub in India with tech startups like Pubmatic, Firstcry.com, Storypick.com, TripHobo,[61] TastyKhana.com (acquired by Foodpanda),[62] Swipe setting up base in Pune.[63] NASSCOM in association with MIDC have started a co-working space for city based startups under its '10,000 startup' initiative at Kharadi MIDC.[64] It will incubate startup such as Kandawale from OhMyDealer in first batch.

The Meetings, Incentives, Conferencing, Exhibitions trade is expected to get a boost once the Pune International Exhibition and Convention Centre (PIECC) completes in 2017. The 97-hectare PIECC will boast a seating capacity of 20,000 with a floor area of 13,000 m2 (139,931 sq ft). It will have seven exhibition centres, a convention centre, a golf course, a five-star hotel, a business complex, shopping malls, and residences. The US$115 million project is developed by the Pimpri-Chinchwad New Town Development Authority.[65] Nowadays a growing number of automotive dealerships are springing up all over the city. They include luxury car makers like Jaguar Land Rover, Mercedes Benz, BMW, Audi, and motorcycle manufacturers like Kawasaki, KTM, Benelli, Ducati, BMW and Harley Davidson. GDP ($US) : 68 billion

Nagpur[edit]

Nagpur is the winter capital, a sprawling metropolis and the third largest city of the Indian state of Maharashtra after Mumbai and Pune. It has been proposed as one of the Smart Cities in Maharashtra. Nagpur is also called Orange city for its huge orange production in the surrounding area. It is also largest timber market of ASIA, Nagpuri timber is world-famous for its superior quality.

Nashik[edit]

Nashik is one of the fast growing cities of India[66] and has been included in Smart city project by Central Government of India[67][68]along with The Igatpuri-Nashik-Sinnar investment region[69] as an important node in the US$90 billion Delhi Mumbai Industrial Corridor Project.[70][71]Economy of the city is mainly driven by manufacturing and engineering industry and highly progressive agriculture in the areas surrounding the Nashik city[72]. Many Large scale industry giants have their manufacturing plants and units in the city with presence of companies such as Atlas Copco, Robert Bosch GmbH, CEAT Limited, Crompton Greaves, Graphite India, Schneider Electric, ThyssenKrupp, Epcos, Everest Industries, Gabriel India, GlaxoSmithKline, Hindustan Coca-Cola, Hindustan Unilever Limited, Jindal Polyster, Jyoti Structures, Kirlosker Oil Engines, KSB Pumps, Larsen & Toubro, Mahindra and Mahindra, Mahindra Sona, United Spirits Limited, Perfect Circle Industries, Mahindra Ugine Steel, Samsonite, Shalimar Paints, Siemens, VIP Industries, Indian Oil Corporation, XLO India Limited and Jindal Saw.

Apart from manufacturing, Nashik is also emerging as an investment destination for Information Technology companies. Tata Consultancy Services has invested in Nashik under the Government of India BPO promotion scheme (IBPS)[73]. Also WNS, ACRESS, Accenture, ICOMET technoloies TCS has set up Digital Impact Square, or DISQ[74], which is a social innovation center.

Nashik has a textile industry.National Bank for Agriculture and Rural Development[75]has selected Yeola Block for development of Paithani Cluster[76]. To facilitate exports, a container freight station was started at MIDC Ambad by the Central Government. The city also have pharmaceutical industry with presence of Mylan[77], Holden[78], fem and Glaxo Smith Kline. There are main five industrial zones under Maharashtra Industrial Development Corporation (MIDC)[79] in the city which are Satpur, Ambad, Sinnar, Igatpuri, Dindori and Vinchur. The proposed additional areas are Sinnar, Malegaon and Rajur Bahula. Lately, Nasik has emerged as Wine Capital of India[80] with 45 local wineries and vineyards lead by brands such as Sula Vineyards[81][82][circular reference], Yorkwinery,[83] Zampa[84] and Soma which have international recognition as Nashik Valley wines[85][circular reference] these vineyards are also developing the tourism related to wine testing and vineyards.Nashik is also known as a main exporter of pomegranates, grapes[86] and onions[87].

Nashik is a defense and aerospace manufacturing hub with Hindustan Aeronautics Limited aircraft manufacturing plant and DRDO located at Ozar[88]. Artillery Centre in Nashik is the biggest in Asia[89] Nashik is also among the two cities selected by the Central Government for establishing defence innovation centre[90]other being in Coimbatore. City is also home to The Currency Note Press[91] and India Security Press, where Indian currency and government stamp papers are printed respectively.[92][93].

GDP ($US) : 118billion

Aurangabad[edit]

The city was a major silk and cotton textile production centre. A fine blend of silk with locally grown cotton was developed as Himroo textile. Much of the silk industry has vanished over time, but some manufacturers have managed to keep the tradition alive. Paithani silk saris are also made in Aurangabad. The name of this cloth is derived from Paithan town. In 1889 a cotton-spinning and weaving mill was erected in Aurangabad city, which employed 700 people. With the opening of the Hyderabad-Godavari Valley Railways in the year 1900 several ginning factories were started. In the Jalna alone there were 9 cotton-ginning factories and 5 cotton-presses, besides two ginning factories at Aurangabad and Kannad, and one oil- press at Aurangabad. The total number of people employed in the cotton-presses and ginning factories in the year 1901 was 1,016. [1] Until 1960, Aurangabad languished as a city, remaining industrially backward. In 1960, the region of Marathwada was merged with Maharashtra . The industrial development of the Marathwada region began, propelled through designated backward area benefits. Growth began when the Maharashtra Industrial Development Corporation (MIDC) began acquiring land and setting up industrial estates. Aurangabad is a now classic example of efforts of a state government towards the balanced industrialisation of the state. [2] Major Industrial areas of Aurangabad are Chikhalthana MIDC, Shendra MIDC and Waluj MIDC. GDP ($US) : 840 million

See also[edit]

Bibliography[edit]

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External links[edit]