Maharashtra is biggest state economy: Brickwork Report
As per latest report published by credit rating agency Brickwork Ratings, Maharashtra is the biggest economy among the states in India.
Maharashtra accounts for 16.87 lakh crore rupees in terms of gross state domestic product (GSDP) and is followed by Tamil Nadu and Uttar Pradesh.
Key highlights of Report
- Maharashtra’s GSDP has grown by 11.69 per cent in the financial year 2014-15. It earns approximately 70 per cent of its total receipts through tax revenues highest among the bigger states and is followed by Gujarat and Tamil Nadu.
- Manufacturing sector: In FY 2014-15, Gujarat and Maharashtra accounted for 27.26 per cent and 25.18 per cent of GSDP respectively. They led other state economies in terms of level of contribution from the manufacturing sector.
- Other states with higher manufacturing sector share are Tamil Nadu (19.1%), Jharkhand (18.8%) and Haryana (18.1%).
- Services sector: Karnataka leads in the growth of services sector in India. It is largely attributed to the growth in the IT/BPO/ KPO sector. It is followed by Tamil Nadu, Maharashtra and Andhra Pradesh.
- Fastest-growing states: Bihar (17.06%), Madhya Pradesh (16.86%) and Goa (16.43%).
- Slowest-growing states: Telangana (5.3%), Punjab (10.16%), Rajasthan (11%).
- Agriculture Sector: Though being mainstay sector of most states employing 40-60 per cent of the workforce directly or indirectly, it has been neglected sector.
Brickwork Ratings report is based on multi-state research analysis of finances of all the states. It looks into state government’s willingness and ability to honour debt obligations along with analysis of political, economic, financial, budgetary and institutional parameters.