Mumbai: Maharashtra’s economic growth is expected to be 7.6% in 2025–26 against 7.3% in 2024–25, according to the 2025–26 Economic Survey presented in the state legislature by minister of state for finance Ashish Jaiswal.
The agriculture sector has taken a beating compared to the last financial year (FY), as it is expected to drop to 3.4% in 2025–26 from last year’s growth of 9.1%, while industry (from 4.3% to 5.7%) and services (from 8.3% to 9%) are expected to grow significantly in 2025–26.
While the state has shown growth in 2024–25 and 2025–26, it is also expected to grow at a faster pace than the national trend, which has shown a growth rate of 7.4%.
The tabling of the Economic Survey is a precursor to the state budget scheduled for March 06, as the Devendra Fadnavis-led Mahayuti government tries to balance its populist commitments with the goal of making Maharashtra a $1 trillion (roughly ₹91 lakh crore as per the current exchange rate) economy in nominal terms by 2030. The state’s nominal Gross State Domestic Product (GSDP) is expected to be ₹51 lakh crore in 2025–26.
Maharashtra already has the highest GDP share among all states in India, and its per capita income of ₹3.48 lakh in 2025–26 has grown from ₹3.18 lakh in the previous FY, as per the first revised estimates. It is significantly higher than the national average of ₹2.20 lakh.
In 2024–25, the latest period for which this comparison is given in the state’s Economic Survey, Maharashtra’s per capita income was ranked fifth (behind Telangana, Karnataka, Tamil Nadu and Gujarat) among the top ten states by GDP in the country. Maharashtra’s high per capita income has mostly come from six districts — Mumbai, Thane, Pune, Nagpur, Raigad and Kolhapur — that have incomes of over ₹3 lakh. Eleven districts have incomes lower than ₹2 lakh and are below the national per capita income of ₹2.05 lakh. The remaining 19 districts fall between ₹2 lakh and ₹3 lakh.
As per the 2025–26 Budget Estimates, the debt stock of the state is expected to increase by 11.1% over the previous year. “Its percentage to the GSDP is 18.3%, which is expected to be within the prescribed limit of 25% of GSDP as per the Fiscal Responsibility and Budget Management (FRBM) Rules, 2006,” the Economic Survey has stated. The major contributor to the total debt stock is internal debt of the state, which is expected to be ₹7,39,859 crore (79.4%). The debt stock in 2025–26 is expected to be ₹9.32 lakh crore (18.3%), of which ₹64,659 crore is towards interest payments.
A sector-wise breakup of growth numbers shows that services and industry have helped improve the growth rate. Industry is expected to improve to 5.7% from 4.3% in FY 2024–25, though its growth rate in 2023–24 was 10.7%. The services sector is expected to grow at 9% in 2025–26 against 8.3% in 2024–25. The services sector had, however, dropped from 14% in 2022–23 and 8.5% in 2023–24. “The agriculture sector witnessed a significant drop due to the downpour in September–October last year, damaging over 60% of the kharif crops,” according to officials from the agriculture department.
The state GSDP for 2025–26 is estimated to be ₹51,00,597 crore, while real GSDP (at constant 2011–12 prices) is estimated at ₹28,82,699 crore. As per the first revised estimate, the nominal GSDP for 2024–25 is estimated at ₹46,22,138 crore against ₹41,18,375 crore for 2023–24, as per the second revised estimate.