According to official estimates, the state’s Gross State Domestic Product (GSDP) is projected to reach Rs 42,67,771 crore in 2024-25. However, in percentage terms, its economic expansion has lagged behind Karnataka, Gujarat, and Tamil Nadu during the post-pandemic period
Between 2021-22 and 2024-25, Maharashtra’s GSDP grew by nearly 43 per cent. Representational Pic/File/iStock
Despite maintaining its position as the largest state economy in India, Maharashtra has recorded the slowest economic growth among the country’s four biggest states over the past four years, the PTI reported.
According to official estimates, the state’s Gross State Domestic Product (GSDP) is projected to reach Rs 42,67,771 crore in 2024-25. However, in percentage terms, its economic expansion has lagged behind Karnataka, Gujarat, and Tamil Nadu during the post-pandemic period.
Between 2021-22 and 2024-25, Maharashtra’s GSDP grew by nearly 43 per cent. While the increase is substantial in absolute terms, it remains the lowest growth rate among the four leading state economies, as per the PTI.
In contrast, Karnataka recorded the fastest expansion during this period, with its GSDP increasing by nearly 65 per cent.
Karnataka’s technology sector drives expansion
Karnataka’s GSDP rose from Rs 17,02,227 crore in 2021-22 to a projected Rs 28,09,063 crore in 2024-25.
The state’s rapid economic growth has largely been driven by the technology and services sectors centred in Bengaluru, which has become a major hub for global IT companies and start-ups.
Gujarat and Tamil Nadu also register strong growth
Gujarat recorded the second-fastest growth among the four states, with its economy expanding by nearly 48 per cent. Its GSDP increased from Rs 18,79,826 crore in 2021-22 to Rs 27,90,000 crore in 2024-25, supported by a strong industrial and manufacturing base, as per the PTI.
Meanwhile, Tamil Nadu registered growth of around 47 per cent during the same period. Its GSDP rose from Rs 21,36,351 crore in 2021-22 to Rs 31,55,096 crore in 2024-25, making it the closest competitor to Maharashtra in overall economic size.
Maharashtra adds highest absolute value
Even though its percentage growth is lower, Maharashtra recorded the largest increase in absolute terms among the four states.
The state’s GSDP grew from Rs 29,81,024 crore in 2021-22 to Rs 42,67,771 crore in 2024-25, adding nearly Rs 12.86 lakh crore to its economy, according to the PTI.
This expansion keeps Maharashtra significantly ahead of its peers.
Based on current projections, Maharashtra’s economy remains more than Rs 11 lakh crore larger than Tamil Nadu’s.
It is also over Rs 14 lakh crore ahead of Gujarat and more than Rs 15 lakh crore larger than Karnataka.
The four states — Maharashtra, Tamil Nadu, Karnataka and Gujarat — are widely considered the primary drivers of India’s economic growth.
Experts say the strong growth in Karnataka, Gujarat and Tamil Nadu has been driven by major investments and the rise of local businesses, including start-ups, the news agency reported.
While Maharashtra has also attracted investments during the same period, analysts suggest that the full impact of these investments has not yet been reflected in the state’s GSDP growth figures.
(with PTI inputs)
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