In terms of the GDP per capita, Maharashtra is one of the richest states in India. The capital of Maharashtra, Mumbai is the headquarters of major banks, financial institutions, insurance companies and mutual funds. It is also known as financial capital of India, playing an important role in the economic development of the state of Maharashtra. It is also home to the biggest financial institute of Indian Economy, the Reserve Bank of India. Also the Mumbai Stock Exchange is the first and one of the oldest Stock Exchanges of Asia. Maharashtra has been one of those states who have preserved their rich cultural heritage in spite the ongoing industrialization and urbanization in the state. The high economic growth rate of the state has made it a huge contributor to the country's income. Maharashtra contributes 15 per cent of national industrial output and over 40 per cent of India's national revenue.
Even though the state has witnessed immense development through industrialization, the majority of the population is still engaged in agriculture. The important crops grown are rice, jowar, bajra, turmeric, onions, wheat, pulses, cotton, sugarcane, oil seeds, such as, groundnut, sunflower and soybean. Due to the rich fertile soil there is huge cultivation of fruits, such as, bananas, grapes, strawberries, pomegranate and mangoes. Nagpur is famous for oranges, Nasik for grapes, Bhusaval for bananas, Mahabaleshwar for strawberries and Ratnagiri for Alphonso mangoes. Due to the government efforts, the state is the recipient of many innovative agro-industrial ventures, the sugar co-operative and cooperatives for cultivating and marketing, which includes exports of grapes, mangoes, strawberries etc.
Pune is fast becoming the new IT hub after Bangalore and Hyderabad. The city is now abuzz with the tall buildings of top companies rooting for space to set up corporate offices. It is now contending for the 'Silicon Valley of India' slot against Bangalore and Hyderabad. The large investments from the government for IT development has made Pune a favourable destination for IT and software industry. Pune is also home to well-known MNC's and corporates like Wipro, TCS, Kanbay, Veritas, Infosys, Satyam, Tata Technologies, Cognizant, PCS and Mahindra British Telecom. The closeness of the city to the financial capital of India has made Pune one of the most sought-after commercial destinations in the country today.
Maharashtra is the leading Industrial state of India contributing 15% of national industrial output. Major industries in Maharashtra include chemical and allied products, electrical and non-electrical machinery, textiles, petroleum and allied products. Other important industries include metal products, wine, jewellery, pharmaceuticals, engineering goods, machine tools, steel and iron castings and plastic wares. Software industry is also coming up in a big way in Maharashtra. Pune, Mumbai, Navi Mumbai, Aurangabad, Nagpur and Nashik are being developed as IT hubs. Mumbai is home to the world's largest film industry - Hindi film industry. Maharashtra is also a leading destination for Indian and foreign automobile makers. Some of the automobile majors who have presence in the state include: Tata Motors, Mahindra & Mahindra, Mercedes-Benz, Audi, Skoda Auto, Fiat, Volkswagen and General Motors India.
Maharashtra is the richest source of manganese, contributing 40% of India's total manganese. Manganese is found in Nagpur, Bhandara and Sindhudurg. With over 80 million tons of bauxite, the districts of Kolhapur, Satara, Sangli and Thane amount to almost 20% of the bauxite found in India. With such rich minerals found in the state, Maharashtra contributes to 3.3% of India's mineral production. The major centers where minerals are in abundance are the eastern and southern parts of Maharashtra contributing to maximum development of industries based on mineral wealth in these places. Other minerals found are kainite, chromite, dolomite, limestone, coal, iron ore, granite, copper, mica, tungsten and basalt rock. Mumbai high and Uran are centers where mineral oil and natural gas is found.
Maharashtra is one of the states, which have taken active initiatives in adopting new technologies thus creating a balance between technology and manpower. This has resulted in increased productivity, profitability, stability and sustainability. The credit for all the above also goes for the efficient working of the Government of Maharashtra and the five year plans that have laid emphasis on the development of the state all the while preserving the rich cultural Heritage. The government now seeks to set up agri-business with increased and efficient infrastructure, investment and productivity.