Mumbai: Maharashtra has retained its top position in attracting foreign direct investment (FDI) in the country. The state received FDI worth ₹6,97,304 crore between October 2019 and March 2025, accounting for 31 percent of the total FDI inflow and the highest share among all states. However, in terms of investment projects, Maharashtra trails neighboring Gujarat in both intended and actual investments over the past three years — 2022, 2023 and 2024. This was revealed in the Economic Survey of Maharashtra 2025-26 that was tabled in the state assembly on Thursday.
“During 2022, 2023 and 2024, Maharashtra recorded intended investments of ₹2,14,754 crore and actual investments of ₹1,15,233 crore. In comparison, Gujarat registered intended investments of ₹2,26,565 crore and actual investments of ₹2,68,910 crore,” the survey report disclosed.
With the figures in place, Maharashtra has ranked second position in new investments whereas Gujarat leads the chart.
There was a huge controversy when the ambitious ₹1.54 lakh crore Vedanta-Foxconn semiconductor project went to the neighboring state back in 2022. Not only that, other major projects such as ₹5,000 crore bulk drug park, ₹424 crore medical devices park and ₹22,000 crore Tata Airbus project were shifted to Gujarat which kicked up a political row. Following this, a committee headed by a retired judge was appointed to investigate the reasons behind the projects going out of Maharashtra.
As far as foreign direct investment (FDI) is concerned, Maharashtra is far ahead of all other states. The state attracted ₹1,18,422 crore in 2022–23, ₹1,25,101 crore in 2023–24, and ₹1,64,875 crore in 2024–25. Karnataka ranks second, receiving ₹83,628 crore in 2022–23, ₹54,427 crore in 2023–24, and ₹56,030 crore in 2024–25, states the report.
“According to data released by the Department for Promotion of Industry and Internal Trade (DPIIT), FDI equity inflows into Maharashtra, including Dadra and Nagar Haveli and Daman and Diu, totalled ₹7,39,306 crore between April 2000 and September 2019, accounting for 29 per cent of the country’s total FDI inflows during that period. In comparison, the state received ₹6,97,304 crore in FDI between October 2019 and March 2025,” the report noted.
To position Maharashtra as a trusted global investment hub, the state government has announced ten policies including the Maharashtra Industries, Investment & Services Policy last year. The Maharashtra Industries, Investment & Services Policy focuses on promoting smart manufacturing, generating large-scale employment, encouraging sustainability and self-reliance, and creating a seamless business environment that fosters innovation.
Maharashtra also leads the country in the startup ecosystem. As of February 10, 2026, the state had 34,476 startups, generating 3,79,236 jobs. It ranks first in the country both in terms of the total number of startups and the employment created by them, the survey report said.