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Maharashtra has a flourishing economy which is based on the edifice of a strong infrastructure. The state has a sound economic and social infrastructure. The economic infrastructure includes the roads, airports, railways, ports, telecom and power. Education and training, tourism and health services are included in the social infrastructure.
Maharashtra accounts for about 17 percent of the foreign direct investment that is received by the country, and 13 percent of the national industrial output. The state's favourable economic policies of 1970s have flourished the business and economy of Maharashtra, thereby making it the leading industrial state of the country. 46 percent of the gross domestic product of Maharashtra is contributed by the industry. The state governments have also contributed to the growth and development of the economy and infrastructure.
But despite being a highly industrialized state, agriculture is the main occupation of the people of Maharashtra. Approximately 64 percent of the labour force of Maharashtra is employed in agriculture. The principal food produce of Maharashtra are jowar, wheat, bajra, rice, onions, mangoes, oranges, bananas, grapes and pulses. Tobacco, groundnut, sugarcane, turmeric and cotton are the primary cash crops of the state. The total area used for the cultivation of crops is about 33,500 square kilometers.
The two main industries in Maharashtra are textiles and sugar. Maharashtra's sugar industry has made great progress in the cooperative sector. Pharmaceuticals, food processing, electronics, petrochemicals, chemicals, and automobiles are the major industries of the state. Other important industries in Maharashtra are jewellery, metal products, wine, machine tools, plastic wares, engineering goods, and steel and iron castings. The animal husbandry is also an important industry in Maharashtra. The cattle are reared for milk and milk products, flesh and leather.
Mumbai, the capital city of Maharashtra, is known as the financial capital of the country. It has played a pivotal role in the business and economy of Maharashtra and India. Mumbai has a good collection of various industries like the cotton industry, electricity, the chemical industry, manufacturing, electrical machinery and transport equipments. The metropolis also abounds in small scale industries like power loom, handloom, blacksmithing, dyeing and painting, soap making and carpentry.
Mumbai has the three most important financial centers of India such as the Mumbai Stock Exchange, the Reserve Bank of India and the National Stock Exchange. The Mumbai Stock Exchange was founded in 1875, and it serves as the barometer of India's business and economy. The stock exchange was completely computerized in the year 1995. Mumbai is one of the cities in India that is developing very rapidly as far as economy is concerned.
From its establishment in 1 April1935, Mumbai has served as the head office of RBI. The RBI is called as the mother of all the banks and financial institutions in the country. The National Stock Exchange was formed due to the suggestions of various financial institutions. The purpose behind that was to make the easy access to the stock markets available equally for all the investors. The NSE started its work in the Wholesale Debt Market in June 1994. Besides these financial centers, Mumbai contains the headquarters of most of the banks and financial organizations.
There are many huge information technology parks situated in Pune, Mumbai, Nashik, Aurangabad and Nagpur. Maharashtra ranks first in the generation of nuclear and thermal electricity. Mumbai is the center of Indian film industry which is popularly known as Bollywood, and also the television industry.
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