Maharashtra's economy likely to grow 7.9% in 2025-26: Economic Survey

Maharashtra's economy is projected to grow 7.9% in 2025-26 with per capita income rising to ₹3.47 lakh, driven largely by strong services sector growth

Maharashtra's economy is expected to grow at 7.9 per cent in 2025-26 while the per capita income is projected to reach ₹3.47 lakh, as per the Economic Survey tabled in the state legislature on Thursday ahead of the Budget.

The agriculture and allied sector is expected to grow by 3.4 per cent in the present financial year. Industry is expected to grow by 5.7 per cent and the services sector by 9 per cent during this period, the survey said, adding that the services sector continues to drive the state's economy.

According to the budget estimates for 2025-26, the state's revenue receipts are expected to be ₹5,60,964 crore, including ₹4,77,400 crore tax revenue and ₹33,052 crore non-tax revenue.

 

The state has maintained its fiscal deficit within 3 per cent of GSDP, and it is estimated at 2.7 per cent in 2025-26.

Maharashtra continues to remain one of the strongest and most dynamic economies in the country, driven by balanced growth in agriculture, industry and services, large investments in infrastructure, and reforms aimed at improving the ease of doing business, the survey report said.

Minister of State for Finance and Planning Ashish Jaiswal tabled the survey for 2025-26 in the legislative assembly, while Minister of State Pankaj Bhoyar presented it in the legislative council.

The state's nominal Gross State Domestic Product (GSDP) for 2025-26 is expected to be ₹51 lakh crore, while the real GSDP is estimated at ₹28.82 lakh crore.

The per capita income is expected to reach ₹3,47,903, significantly higher than the national per capita income of ₹2,19,575, the survey said.

The state continued to contribute the highest share to India's GDP at 14 per cent in 2024-25. The report attributed this to rapid development of infrastructure including metro rail, ports, airports, industrial corridors and logistics facilities.

Between April and December 2025, the average Consumer Price Index (CPI) stood at 401.8 in rural areas and 376.7 in urban areas. Inflation during this period was 2 per cent in rural areas and 1.5 per cent in urban areas, the report said, adding that changes in GST rates on essential commodities had a positive impact on prices.

As of December 2025, the state has 2.70 crore ration card holders and 51,636 fair price shops. Under the Shiv Bhojan scheme, over 4.09 crore meals were served till November 2025.

Under the Pradhan Mantri Awas Yojana, 8.75 lakh houses in urban areas and 16.05 lakh houses in rural areas have been completed in the state.

More than 90 per cent of households have received tap water connections under the Jal Jeevan Mission.

During the 2025 monsoon season, Maharashtra received 109.1 per cent of normal rainfall. Sowing during the kharif season covered 157.27 lakh hectares.

Production of cereals, sugarcane and cotton is expected to increase, while pulses and oilseeds may see a decline.

The state government approved ₹9,022.38 crore compensation for 1.16 crore farmers affected by unseasonal rains and excessive rainfall across 94.82 lakh hectares.

As of December 2025, some 7.37 lakh solar agricultural pumps have been installed in the state.

Under the Maharashtra Industry, Investment and Services Policy 2025, the state is focusing on attracting large-scale investments, the survey said.

Till December 2025, some 63.85 lakh micro, small and medium enterprises (MSMEs) were registered in the state, generating over 2.52 crore jobs.

Maharashtra also leads the country with 31 per cent share in total foreign direct investment (FDI) and 17 per cent share in India's startups.

As of March 31, 2025, the state's installed power generation capacity stood at 41,019 MW, with renewable energy capacity increasing steadily, placing Maharashtra third in the country, the report said.

The total length of roads in the state reached 3.45 lakh km by March 2025.

The Mumbai-Nagpur Samruddhi Expressway became fully operational in June 2025, while Mumbai Metro Line-3 (Colaba-Bandra-SEEPZ) was fully opened in October 2025, carrying over 78,000 passengers daily, the report noted.

According to the India Tourism Data Compendium, Maharashtra ranked first in the country in foreign tourist visits in 2024. The Navi Mumbai International Airport also began flight operations in December 2025, the survey said.