The Service Sector in Maharashtra

The tertiary (services) sector — trade, transport, communication, banking and finance, real estate, IT, tourism, entertainment, education, health and public administration — is the largest contributor to Maharashtra's income, and its strength is anchored in Mumbai.

Finance and banking (BFSI) — Mumbai, India's financial capital. Mumbai is the undisputed financial capital of India. It hosts the Reserve Bank of India (RBI), the country's two major stock exchanges — the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) — the headquarters of many banks, insurance companies and mutual funds, and the SEBI regulator. This makes the banking, financial services and insurance (BFSI) industry a defining part of the state's, and the nation's, service economy.

Information technology (IT/ITES). Maharashtra is a leading centre for information technology and IT-enabled services, with major clusters in Pune and Mumbai (and a growing presence in Nagpur), supported by IT parks and special zones. IT and ITES are among the fastest-growing, highest-value parts of the service sector.

Trade and transport. As the country's commercial gateway, the state has a huge trade, wholesale and retail sector and heavy transport and logistics activity, served by its ports, the country's busiest airports and dense road and rail networks.

Tourism. Maharashtra has a rich tourism base — the World Heritage caves of Ajanta and Ellora, hill stations (Mahabaleshwar, Matheran, Lonavala), the Konkan beaches, pilgrimage centres (Shirdi, Pandharpur, Nashik), forts of the Maratha period, and Mumbai itself — and the state actively promotes tourism, including agro- and eco-tourism, as an income and employment generator. …