The Traditional and Financial Story of Maharashtra

Posted in Financial by Adolf on Jan 7,2014 36

The Pride of Western India 

Maharashtra, a state based in the western region of  India bordered by the Arabian Sea in the west, and surrounded by the states of Gujarat, Madhya Pradesh, Chhattisgarh, Karnataka, Andhra Pradesh and Goa clockwise from west. It is the second most thickly settled state after Uttar Pradesh and third largest state by area in India. It is rich both culturally and economically. It’s the wealthiest state in India which accounts for 15% of the country's industrial output and 13.3% of its GDP. The state is affluent on various aspects like industry, tourism, culture and heritage. The state came into form on May 1st 1960, mainly comprising the Marathi speaking population, spread in the area span of 308,000 km² with geographic feature of sea, Deccan and plains.


Mumbai is capital of Maharashtra and also the financial capital of India. In other words it is the backbone of India’s economy. The Bombay Stock Exchange and the National Stock Exchange are both located here. Headquarters of all major banks, financial institutions, insurance companies, leading airlines are also located in the city. Maharashtra has a set-up of software parks in Mumbai, Pune, Navi Mumbai, Aurangabad, Nagpur and Nashik. Major industries in this state include chemical and allied products, electrical, non-electrical machinery, textiles, petroleum and allied products. Other vital industries include metal products, wine, jewellery, pharmaceuticals, engineering goods, machine tools, steel and iron castings and plastic wares. On the agricultural front, food crops comprise mangoes, grapes, bananas, oranges, wheat, rice, jowar, bajra and pulses. Cash crops include groundnut, cotton, sugarcane, turmeric, and tobacco. The city of Mumbai is also home to the largest film industry, Bollywood. The state also ranks first countrywide in coal-based thermal electricity as well as nuclear power generation with national market shares of over 13% and 17% respectively. Tours and travel industry too has a lot of scope as it has several places of interest like the iconic Gateway of India, The Bandra-Worli Sea Link, Chatrapati Shivaji Terminus in Mumbai. Tourist attractions like Ajanta Ellora caves, ISCKON Temple, Marine Drive, Haji Ali Mosque, Hotel Taj, etc. Several hill stations like Mahabaleshwar and Matheran; several forts and national parks also hold up the pride of the state. Sihangad, Pratapgad, Sindhudurg, Raigad are the forts and national parks are Tadoba Tiger Project, Pench and Sanjay Gandhi National Park. The culture of the state also upholds a very specific place. Konkan region and its language and culture have made its own modest contribution to enrich India’s multiculturalism. Gifted with its rich culture and traditions, the state has different types of dance forms like Lavani and Koli dance forms with its mesmerizing music and rhythmic movements. Dhangri Gagi dance pays respect to their God by the Dhangars of Solapur. Dindi and Kala are the religious folk dances, which shows of religious spirit of Lord Krishna. Tamasha is the folk dance that is very popular all over the state. It has given iconic leaders like Shivaji Maharaj a great historical figure, Dr. Babasaheb Ambedkar who shaped the constitution of India, Sachin Tendulkar the cricket legend and Lata Mangeshkar who is renowned worldwide as the Nightingale of India.

However there are some dark clouds hovering on the growth of the state as the gross state domestic product, a measurement of the fiscal production of the state, has been hauled down as agriculture and allied sector growth has fallen to -2.1% in 2012-13, from 4.6% in the earlier year. The growth of construction companies, finance and banking sectors also showed a slowdown in the recent span. The report noted a dip in the growth of the construction industry at 11.2% in 2012-13 from 12.4 in 2011-12, and in the finance and insurance sector to 9.8% from the earlier 10.2%. The bright side is that the manufacturing sector posted a growth of 5.1% up from the earlier 2.5%. Hence with few jolts, ups and downs the state of Maharashtra is progressing at steady pace.

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