Mumbai: Maharashtra’s economy is projected to grow 7.9 percent in 2025-26, slightly higher than the 7.4 percent growth expected for the national economy. This estimate was presented in the state’s pre-budget Economic Survey, which was tabled in the Maharashtra Assembly on Thursday.
The survey estimates the state’s nominal Gross State Domestic Product (GSDP) at Rs 51 lakh crore, while the real GSDP at constant prices is projected at Rs 28.82 lakh crore in 2025-26.
Services Sector Remains The Biggest Growth Driver
The services sector continues to play the biggest role in Maharashtra’s economy, contributing nearly 60 percent of the total Gross State Value Added (GSVA).
The sector is expected to grow by around 9 percent in 2025-26, mainly supported by financial services, real estate and professional services. These sectors continue to drive economic activity across the state.
Industry And Agriculture Growth Outlook
The survey estimates that the industry sector will grow by 5.7 percent during 2025-26. Meanwhile, the agriculture and allied sector is expected to grow by 3.4 percent.
For the current year 2024-25, the survey estimates the state’s nominal GSDP at Rs 46.22 lakh crore, with real growth projected at 7.3 percent compared with the previous year.
Agriculture Gets Support From Good Monsoon
Agriculture benefited from favourable monsoon conditions in 2025. Maharashtra received 109.1 percent of normal rainfall, which supported crop production across many regions.
During the kharif season, production of cereals, sugarcane and cotton is expected to rise by 10.6 percent, 22 percent and 7 percent respectively. However, production of pulses and oilseeds may decline by 28.2 percent and 47.4 percent.
In the rabi season, cereals and pulses production may grow by 28.3 percent and 29.7 percent, while oilseed production may fall by 16.2 percent.
Strong Financial And Investment Position
The survey highlights Maharashtra’s strong financial ecosystem. The state accounts for 14 percent of India’s nominal GDP in 2024-25.
Maharashtra also leads the country in FDI inflows with a 31 percent share between October 2019 and March 2025. The state holds the highest share in bank deposits (22.7 percent) and gross credit (27.8 percent) among all states.
The per capita income for 2025-26 is estimated at Rs 3,47,903, which is much higher than the national average of Rs 2,19,575.
Fiscal Discipline And Infrastructure Growth
The survey estimates revenue receipts at Rs 5,60,964 crore and revenue expenditure at Rs 6,06,855 crore in 2025-26.
The state has maintained its fiscal deficit within 3 percent of GSDP for more than a decade, following fiscal responsibility norms.
The report also highlights continued investment in roads, metro networks, ports, airports and logistics infrastructure, which is expected to strengthen Maharashtra’s position as a major economic hub.
Chief Minister Devendra Fadnavis will present the Maharashtra Budget 2026-27 in the Assembly on March 6.
