Economic Survey Projects 7.9% Growth for Maharashtra
The estimate is 0.6 percentage points higher than the 7.3 per cent growth recorded in 2024–25 and above the national growth projection of 7.4 per cent.
Mumbai:Maharashtra’s economy is projected to grow at 7.9 per cent in 2025–26, according to the Economic Survey of Maharashtra (ESM) tabled in the State Assembly on Thursday by Minister of State for Finance Ashish Jaiswal. The estimate is 0.6 percentage points higher than the 7.3 per cent growth recorded in 2024–25 and above the national growth projection of 7.4 per cent.
Sector-wise, agriculture and allied activities are expected to grow by 3.4 per cent, compared to 9.1 per cent as per the First Revised Estimate (FRE) for 2024–25. The industry sector is projected to expand by 5.7 per cent, up from 4.3 per cent as per the FRE for 2024–25, while the services sector is expected to grow by 9.0 per cent, compared to 8.3 per cent in 2024–25.
The survey stated that, as per the Advance Estimate (AE) for 2025–26, the Gross State Domestic Product (GSDP) is estimated at Rs 51,00,597 crore, while real GSDP is projected at Rs 28,82,699 crore. “As per the AE, the per capita State income for 2025–26 has been estimated at Rs 3,47,903, compared to the national per capita income of Rs 2,19,575,” the report said.
According to the FRE, Maharashtra’s per capita income is estimated at Rs 3,17,801 in 2024–25, up from Rs 2,85,290 in 2023–24. However, the State ranks fifth in the country in terms of per capita income.
The survey said Telangana records the highest per capita income at Rs 3,87,623, followed by Karnataka (Rs 3,80,906) and Tamil Nadu (Rs 3,61,619). Gujarat stands at Rs 3,27,195, while Maharashtra reports Rs 3,17,801. Andhra Pradesh records Rs 2,66,240, above the all-India average of Rs 2,05,824.
Despite the overall growth, district-level data highlights sharp economic disparities. Mumbai remains the richest district, with a per capita income of about Rs 5.17 lakh, followed by Thane at Rs 4.44 lakh.
Several districts continue to lag behind. Nandurbar has a per capita income of Rs 1.46 lakh, followed by Gadchiroli (Rs 1.56 lakh), Hingoli (Rs 1.71 lakh), Parbhani (Rs 1.91 lakh) and Beed (Rs 1.98 lakh).
Referring to data from the Department for Promotion of Industry and Internal Trade (DPIIT), the survey noted that Maharashtra received FDI equity inflows of Rs 7,39,306 crore between April 2000 and September 2019 (including Dadra and Nagar Haveli and Daman and Diu), accounting for 29 per cent of India’s total FDI inflows. During the subsequent period from October 2019 to March 2025, the State attracted Rs 6,97,304 crore in FDI, representing 31 per cent of the country’s total inflows, the highest share among all states.
The survey also said that, as per the Budget Estimates (BE) for 2025–26, the State’s debt stock is expected to increase by 11.1 per cent compared to the previous year. However, it will remain well within the prescribed limit of 25 per cent of GSDP under the Maharashtra Fiscal Responsibility and Budget Management Rules, 2006, with the debt-to-GSDP ratio estimated at 18.3 per cent.
According to the BE for 2025–26, the largest share of the State’s debt stock will come from internal debt, estimated at Rs 7,39,859 crore, accounting for 79.4 per cent of the total debt stock.
