Maharashtra's Economy Likely to Grow 7.9% in 2025-26: Economic Survey

Maharashtra's economy is expected to grow at 7.9 per cent in 2025-26, slightly higher than the projected 7.4 per cent growth of the national economy, according to the government's pre-budget Economic Survey tabled in the state assembly on Thursday.

The survey said the state's nominal Gross State Domestic Product (GSDP) is estimated at Rs 51 lakh crore, while real GSDP at constant prices is projected at Rs 28.82 lakh crore in 2025-26.

The services sector remains the biggest driver of the state economy, accounting for nearly 60 per cent of the total Gross State Value Added (GSVA). The sector is expected to grow around 9 per cent in 2025-26, led by financial, real estate and professional services, it said.

The survey projected industry sector growth at 5.7 per cent and agriculture and allied activities at 3.4 per cent during the year.

For 2024-25, the survey estimated the state's nominal GSDP at Rs 46.22 lakh crore, with real GSDP growth pegged at 7.3 per cent over the previous year.

The agriculture sector saw favourable monsoon conditions in 2025, with the state receiving 109.1 per cent of normal rainfall during the monsoon period, benefiting crop production across several regions.

The report also highlighted growth in allied agricultural activities, noting that the state ranks fifth in the country in milk production with 6.7 percent share. The state ranks third in meat production with 11.6 per cent share and seventh in the country in egg production with 5.5 per cent share.

During the kharif (June to October) season of 2025-26, the production of cereals, sugarcane and cotton is expected to increase by 10.6 per cent, 22 per cent and 7 per cent respectively. Production of pulses and oil seeds is expected to go down by 28.2 per cent and 47.4 per cent, respectively, over the previous year.

During the rabi (October to April) season of 2025-26, the production of cereals and pulses is expected to grow by 28.3 per cent and 29.7 per cent, respectively, whereas that of oil seeds is expected to decrease by 16.2 per cent over the previous year.

During 2024-25, the irrigation potential utilised was 50.55 lakh hectares, the report said.

Maharashtra's diversified economy - supported by services, industry, agriculture, infrastructure and finance - continues to show stable growth momentum despite global and domestic challenges, it added.

The survey also noted that Maharashtra accounted for the highest share of 14 per cent in India's nominal GDP in 2024-25, highlighting the state's significant contribution to the national economy.

The per capita income in the state for 2025-26 is estimated at Rs 3,47,903, considerably higher than the national per capita income of Rs 2,19,575, it said.

On the fiscal front, the state's revenue receipts are estimated at Rs 5,60,964 crore in 2025-26, while revenue expenditure is projected at Rs 6,06,855 crore. The government has maintained the fiscal deficit within 3 per cent of the GSDP for over a decade, in line with the fiscal responsibility norms.

The survey said Maharashtra continues to attract significant investment and remained the top state in foreign direct investment (FDI) inflows between October 2019 and March 2025 with a 31 per cent share.

Infrastructure expansion has also continued across sectors, including roads, metro systems, ports, airports and logistics networks, strengthening the state's economic competitiveness, the survey said.

Meanwhile, Maharashtra has the highest share in bank deposits (22.7 per cent) and gross credit (27.8 per cent) among all states, reflecting its strong financial ecosystem.

The survey also highlighted improvements in employment indicators, with the unemployment rate declining to 3.3 per cent in 2023-24, while the labour force participation rate rose to 59 per cent.

The report noted that sustained infrastructure investments, policy reforms and sectoral growth initiatives are expected to help Maharashtra maintain its position as a leading economic hub in India.

Chief Minister Devendra Fadnavis will present the state budget 2026-27 in the assembly on March 6.