Maharashtra’s economy is projected to grow by 7.9 per cent in 2025-26, slightly above the 7.3 per cent recorded in 2024-25. The state continues to remain India’s largest economy at the sub-national level, with strong performance in services, industry, banking activity, GST collections and investment inflows. Its per capita income is also expected to rise, reflecting steady gains in output and productivity.
Economic Growth Outlook
The Economic Survey of Maharashtra 2025-26 projects broad-based expansion across key sectors. The services sector is expected to remain the main growth driver with 9 per cent growth in 2025-26. Industrial growth is projected to improve to 5.7 per cent from 4.3 per cent in the previous year. Agriculture and allied activities are expected to moderate to 3.4 per cent after a strong expansion in 2024-25.
Per Capita Income and State Output
Maharashtra’s per capita income is estimated to increase from ₹3,17,800 in 2024-25 to ₹3,47,903 in 2025-26. The state contributes about 14 per cent of India’s GDP, supported by a diversified economy spanning agriculture, manufacturing and services. Mumbai remains the financial hub, while Pune, Nashik, Nagpur and Chhatrapati Sambhajinagar are emerging as major growth centres.
Fiscal Position and Financial Strength
The fiscal deficit is projected at 2.7 per cent of GSDP in 2025-26, compared with 2.4 per cent in 2024-25. Debt stock is expected to rise to 18.3 per cent of GSDP. Maharashtra continues to lead in aggregate bank deposits, bank credit, GST collections and start-ups. It has also attracted the highest foreign direct investment inflows between October 2019 and March 2025.
Agriculture, Welfare and Infrastructure
Agricultural output shows mixed trends despite 109 per cent of normal monsoon rainfall in 2025. Cereals, sugarcane and cotton are expected to rise, while pulses and oilseeds may decline. The state’s welfare network includes over 270 lakh ration card holders and 51,636 fair price shops. Large investments in metro systems, highways, ports, airports and industrial corridors are expected to support future growth.
Last Modified: April 28, 2026