Maharashtra Eyes 10% GSDP Growth in FY25, Targets $1 Trillion Economy by 2027-28 with Major Infra & Manufacturing Boost

Mumbai: Maharashtra is poised for significant economic growth, with projections indicating a 10% increase in its Gross State Domestic Product (GSDP) for the fiscal year 2024-25, reaching ₹42.67 lakh crore, up from ₹38.79 lakh crore in 2023-24.

This robust growth trajectory aligns with the state’s ambitious goal of becoming a $1 trillion economy by 2027-28, complementing India’s vision of achieving a $5 trillion economy.

To realize these objectives, Maharashtra has outlined a comprehensive strategy focusing on key sectors:

Manufacturing Sector: The state aims to elevate the manufacturing sector’s contribution to its GDP from the current 16% to 21% by the end of the decade.

Services Sector: Maintaining the services sector’s substantial contribution at 59% of the state’s GDP is a priority, leveraging Mumbai’s status as a financial hub and Pune’s prominence in information technology.

Infrastructure Development: Significant investments are planned for infrastructure projects, including metro expansions, coastal roads, and airport developments, to enhance connectivity and support economic activities.

In addition to these initiatives, the state has introduced the ‘Third Mumbai’ project, officially named Karnala-Sai-Chirner New Town (KSC New Town), a proposed city aimed at providing better housing, infrastructure, and robust transport facilities to accommodate the growing population of the Mumbai Metropolitan Region.