Manufacturing Industry Set to Expand, Services to Decline

Maharashtra’s manufacturing sector is set to expand by 6.9% for 2022-23 against 4.2% in 2021-22, as per the economic survey of the state for 2022-23.

Construction and mining/quarrying, which along with manufacturing, form some of the broad categories in the industrial sector, are expected to grow by 4.4% against 0.9%-1.3% in the previous year. Overall, Maharashtra’s industrial sector is expected to grow by 6.1% from 3.8% in 2021-22. 

Up to November 2022, the number of industrial projects approved was 211, with an overall investment of Rs 35,870 crore. In sharp contrast, Gujarat, with 168 projects, has attracted investments worth Rs 62,425 crore in foreign direct investment (FDI), remaining in the forefront, while Gujarat received FDI of Rs 26,866 crore. In 2021-22, the state received Rs 1.15 lakh crore in FDI, while Gujarat received only Rs 20,169 crore. 

The state had initiated the Maha-Parvana, a single permission system through its Maharashtra Industry, Trade, and Investment Facilitation Cell (MAITRI), to process proposals of FDI and new industrial units with investments over Rs 50 crore. Up to January 2023, it had received 2.78 lakh applications, of which 2.69 applications were processed.

MAITRI also resolved 3,905 grievances out of the 3,945 grievances it received. 

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