Maharashtra Economy Projected To Grow 7.9 Per Cent In 2025–26; GSDP Expected To Reach ₹51 Lakh Crore, Says Economic Survey

Mumbai, March 5: Maharashtra’s economy is expected to grow by 7.9 per cent in the current financial year, reaffirming its position as one of the most robust and dynamic economies in the country, according to the ‘Maharashtra Economic Survey 2025–26’ presented in the state legislature on Wednesday.

The report highlights balanced growth across agriculture, industry and services sectors, along with strong infrastructure investments and reforms aimed at improving the ease of doing business.

The survey was tabled in the Legislative Assembly by the Minister of State for Finance and Planning Adv. Ashish Jaiswal and in the Legislative Council by Minister of State Pankaj Bhoyar.

State economy and income indicators

According to the report, the state’s nominal Gross State Domestic Product (GSDP) for 2025–26 is expected to reach Rs 51,00,597 crore, while the real GSDP is estimated at Rs 28,82,699 crore. Maharashtra’s per capita income is projected at Rs 3,47,903, which is significantly higher than the national average of Rs 2,19,575.

The survey also notes that Maharashtra continues to maintain the highest share in India’s Gross Domestic Product. As per the first revised estimates for 2024–25, the state accounts for about 14 per cent of the country’s nominal GDP.

Rapid infrastructure development, driven by large investments in roads, metro systems, ports, airports, industrial corridors and logistics networks, has played a crucial role in strengthening the state’s economic competitiveness.

Sector-wise growth projections

Sector-wise growth projections indicate that agriculture and allied activities are expected to grow by 3.4 per cent in 2025–26, while the industrial sector is likely to expand by 5.7 per cent.

The services sector, which remains the backbone of the state economy, is projected to grow by 9 per cent, providing significant momentum to overall economic expansion.

The report states that inflation remained relatively moderate during the year. Between April and December 2025, the average Consumer Price Index stood at 401.8 in rural areas and 376.7 in urban areas.

During this period, inflation was recorded at 2 per cent in rural regions and 1.5 per cent in urban areas. Revisions in GST rates on essential commodities are said to have had a positive impact on price stability.

Social welfare and development indicators

The survey also highlights the performance of social welfare and food security initiatives. As of December 2025, the state had 2.70 crore ration card holders served through 51,636 fair price shops. Under the ‘Shiv Bhojan’ scheme, over 4.09 crore subsidised meals had been distributed till November 2025.

In terms of social development, the state has made significant progress in housing, sanitation and water supply. Under the Pradhan Mantri Awas Yojana, 8.75 lakh houses have been completed in urban areas and 16.05 lakh houses in rural areas. More than 90 per cent of households now have access to tap water under the Jal Jeevan Mission.

Of the state’s 40,247 villages, 34,584 have been declared ODF+ under the Swachh Bharat Mission (Gramin). In urban areas, 42 cities have achieved ODF status, 82 ODF+, 257 ODF++, and 30 cities have been declared Water+ as of December 2025.

Fiscal discipline and revenue estimates

According to the budget estimates for 2025–26, Maharashtra’s total revenue receipts are expected to reach Rs 5,60,964 crore. This includes Rs 4,77,400 crore in tax revenue and Rs 33,052 crore in non-tax revenue.

The state has maintained fiscal discipline over the past decade by keeping the fiscal deficit within 3 per cent of the GSDP, and it is expected to remain at 2.7 per cent during the current financial year.

Agriculture and monsoon performance

Agriculture performance was influenced by favourable rainfall during the 2025 monsoon season, which recorded 109.1 per cent of the average rainfall. Kharif sowing was carried out over 157.27 lakh hectares. While production of cereals, sugarcane and cotton is expected to increase, the survey indicates a likely decline in pulses and oilseed production.

The government has also provided financial assistance to farmers affected by unseasonal rains and heavy rainfall. Compensation of Rs 9,022.38 crore has been approved for 1.16 crore farmers covering 94.82 lakh hectares of affected farmland. Under the Solar Agricultural Pump Scheme, 7.37 lakh solar pumps had been installed in the state by December 2025.

Investment, industry and entrepreneurship

The report highlights Maharashtra’s continued leadership in attracting investments and fostering entrepreneurship. Under the Maharashtra Industry, Investment and Services Policy 2025, the state has focused on drawing large-scale investments. By December 2025, as many as 63.85 lakh micro, small and medium enterprises had been registered, generating employment for more than 2.52 crore people.

Maharashtra also leads the country in foreign direct investment, accounting for 31 per cent of India’s total inflows. The state further holds the highest share of startups in the country, with around 17 per cent of India’s total startups operating in Maharashtra.

Energy and infrastructure growth

The state’s installed electricity generation capacity stood at 41,019 megawatts as of March 31, 2025. Renewable energy capacity has been steadily increasing, placing Maharashtra third in the country. Solar power capacity in particular has seen significant growth in recent years.

Infrastructure expansion has also continued at a rapid pace. By March 2025, the total road network in the state had reached 3.45 lakh kilometres, while the number of registered vehicles stood at 5.28 crore as of January 1, 2026.

Major infrastructure projects have also begun operations in recent months. The Mumbai–Nagpur Hinduhṛdayasamrat Balasaheb Thackeray Maharashtra Samruddhi Mahamarg became fully operational for traffic in June 2025. The Mumbai Metro Line-3 (Colaba–Bandra–SEEPZ) corridor was fully opened in October 2025 and is currently being used by an average of more than 78,000 passengers daily.

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Tourism and aviation

Tourism has also shown strong performance. According to the India Tourism Data Compendium, Maharashtra ranked first in the country in terms of foreign tourist visits in 2024. Additionally, flight operations from the Navi Mumbai International Airport commenced in December 2025, further strengthening the state’s aviation and tourism infrastructure.

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