Maharashtra’s economy is expected to grow at 7.6 per cent in 2023-’24, as against 6.8 per cent in 2022-’23 and 9.1 per cent in 2021-’22. The growth rate is on the lines of the national economy, which is likely to grow at 7.6 per cent, as per the Economic Survey 2023-’24 presented by Deputy Chief Minister Ajit Pawar in the state assembly on the first day of the monsoon session.
However, this growth rate is not sufficient for the state to achieve its ambitious target of becoming a $1 trillion economy. The Economic Advisory Council, headed by Tata Group chairman N Chandrasekaran, has pointed out that the state economy needs to grow at 14 per cent to become a $1 trillion economy, from its current level of more than $433 billion.
Maharashtra has slipped to the rank sixth from fifth when it comes to per capita state income, which is estimated at Rs 2,52,389 in 2022-23.
Per Capita State Income means income of the people in an economic unit such as a country, a state or a city. To calculate the per capita income, the total income of a unit is divided by the population of that unit.
In this respect, Maharashtra now comes after Telangana, Karnataka, Haryana, Tamil Nadu and Gujarat. Telangana ranks at first position with per capita state income of Rs 3,11,649, Karnataka at Rs 3,04,474, Haryana Rs 2,96,592, Tamil Nadu Rs 2,75,583 and Gujarat Rs 2,73,558. There are at least 11 out of the total 36 districts in the state where the per capita income is quite less compared to the national level.
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