In this blog, we will discuss the economy of Maharashtra. Maharashtra established on 1 May 1960. Maharashtra is a nation in India, and its capital is Mumbai. And Mumbai is also called the economic capital of India.
The population of Maharashtra is estimated to be 122 million in 2020. Here a lot of people also come from outside of the state for employment. Therefore, the number of workers and the economic trend is very high. This state is counts from the richest state in India.
The economy of Maharashtra:
Maharashtra is the 3rd most established urbanized state in India. Maharashtra’s economy is India’s largest state economy, And its GDP is ₹ 28.78 lakh crore (2019-20). We can compare the economy of Maharashtra with countries like Bangladesh and Pakistan because the GDP of Maharashtra and the economy of Maharashtra is more than these two countries.
Maharashtra’s GDP growth rate is 6%, And let’s talk GDP per capita is ₹ 207,727 in 2018 -19. Agriculture, Industry, and Services these sectors contribute to the GDP of Maharashtra. Maharashtra exports 30% of India’s software and is the second-largest software export state.
Mumbai is called the Financial Capital of India. Because the headquarters of the biggest banks of India located in Mumbai and most of the big companies, Industries are also located in Mumbai. Mumbai is also known as the wealthiest city in India.
The two stock exchanges in India they are one is the Bombay Stock Exchange (BSE), And one is the National Stock Exchange (NSE). The Bombay Stock Exchange is the oldest in Asia And located in Mumbai. The highest taxpayers in India are in Maharashtra.
Mega Projects In Maharashtra:
The economy of Maharashtra is higher And growing well than other few countries, so there are more chances of new plants coming in such states. As we know, Maharashtra is a fast-growing GDP, and many more mega projects are going to come here to strengthen Maharashtra’s economy further.
Along with Mumbai, Pune is also a developed city; for education, software exports, Industrials, and many more would have been enough here. And from Mumbai to Pune, a lot of like approx 55,000 to 60,000 people travel in every day. The journey of this is about 3 hours, and the Hyperloop project is about to begin, which will travel 3 hours in 15 to 30 minutes.
These will have the advantage that migration will happen in a short time, it will be easy for import-export due to which the trading velocity will increase, and the economy will also have a good effect. And a lot of projects are coming up so that the state’s economic situation is maintained.
Like the Pune ring road project, Mumbai Trans Harbour Link, Mumbai Coastal Road, Chatrapati Shiv Smarak, Mumbai Metro, Mumbai–Ahmedabad high-speed rail corridor And many projects are coming in the future. All these projects will help the neighbouring villages of big cities, which will improve the development of towns and help Maharashtra’s economy grow further.
Tourism Impact on India and Maharashtra Economy:
Every year, approx 1.07 million foreign tourists visit Maharashtra, And 10.7 million foreign tourists visit India, which is a few percents more than last year. The Government of India is also promoting tourism.
Japan’s growing economy is dependent on manufacturing, import-export, and tourism; by the way, if India more promotes tourism, then tourism will help in furthering the economic situation.