Mumbai: The Economic Survey of Maharashtra 2025-26, tabled in both Houses of the State Legislature on Wednesday, projects that the state economy will grow by 7.9 per cent during the current financial year, maintaining its growth momentum for the fifth consecutive year. With the economy crossing the ₹51-lakh-crore mark, Maharashtra continues to remain India’s largest state economy, supported by a diversified structure spanning agriculture, industry and services.
According to the Advance Estimates presented in the survey, Maharashtra’s nominal Gross State Domestic Product (GSDP) is expected to reach ₹51,00,597 crore in 2025-26, while the real GSDP (at constant 2011-12 prices) is estimated at ₹28,82,699 crore.
The survey notes that recent economic expansion has been supported by large investments in infrastructure, including roads, metro systems, ports, airports, industrial corridors and logistics networks, along with reforms aimed at improving the ease of doing business and expanding digital governance.
Services sector drives growth
The Economic Survey indicates that the services sector remains the primary growth engine of the state economy.
During 2025-26, real Gross State Value Added (GSVA) is expected to grow:
- Agriculture and allied activities: 3.4 per cent
- Industry: 5.7 per cent
- Services: 9.0 per cent
The stronger performance of the services sector reflects the importance of financial services, trade, information technology, logistics and urban economic activity, particularly in cities such as Mumbai, Pune, Thane and Nagpur.
Industry, including manufacturing, electricity and construction, is projected to grow at 5.7 per cent, while agriculture and allied activities are expected to grow at 3.4 per cent, reflecting the continued dependence of farming on monsoon conditions and irrigation coverage.
GST remains largest revenue source
The survey’s public finance section highlights that Goods and Services Tax (GST) remains the most important source of revenue for the state government, contributing the largest share to Maharashtra’s own tax revenue.
According to the Budget Estimates for 2025-26, the state’s total revenue receipts are expected to reach ₹5,60,964 crore, compared with ₹5,36,463 crore in the revised estimates for 2024-25.
Of this:
- Tax revenue is expected to be ₹4,77,400 crore
- Non-tax revenue is projected at ₹33,052 crore
The survey also states that grants-in-aid from the Central Government are expected to amount to ₹50,511 crore.
Actual revenue receipts up to December 2025 stood at ₹3,71,575 crore, representing 66.2 per cent of the annual budget estimate.
Government spending continues to rise
The survey indicates that revenue expenditure of the state government is expected to reach ₹6,06,855 crore in 2025-26, compared with ₹5,62,999 crore in 2024-25.
Revenue expenditure includes spending on salaries, pensions, subsidies, welfare schemes and administrative costs.
Actual revenue expenditure up to December 2025 was ₹3,64,412 crore, which accounts for 60 per cent of the annual budget estimate.
The survey also notes that capital receipts are expected to constitute 25.9 per cent of total receipts, while capital expenditure is expected to account for 19.9 per cent of total expenditure, indicating continued investment in infrastructure and development projects.
Fiscal deficit within FRBM limits
According to the survey, Maharashtra has maintained fiscal discipline under the Fiscal Responsibility and Budget Management (FRBM) framework.
For 2025-26, the fiscal deficit is estimated at 2.7 per cent of GSDP, which remains within the legally permitted limit of 3 per cent.
The revenue deficit is projected at 0.9 per cent of GSDP, while the state’s debt stock is estimated at 18.3 per cent of GSDP.
The report notes that Maharashtra’s debt has remained in the range of 17 to 18 percent of GSDP over the past several years.
Maharashtra leads in investment and exports
The Economic Survey also highlights the strength of the state’s industrial and investment ecosystem.
According to the report, Maharashtra accounted for 31 per cent of India’s total foreign direct investment (FDI) inflows between October 2019 and March 2025, maintaining its position as the top destination for foreign investment in the country.
The state also contributes 15 per cent of India’s total exports, underscoring its role as a major industrial and trading hub.
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MSMEs provide over 2.5 crore jobs
The survey highlights the importance of the micro, small and medium enterprises (MSME) sector in the state economy.
As of December 2025, a total of 63.85 lakh MSMEs were registered on the Udyam portal in Maharashtra.
These include:
- 62.11 lakh micro enterprises
- 1.55 lakh small enterprises
- 0.18 lakh medium enterprises
Together, these enterprises provide employment to approximately 252.84 lakh people, making the MSME sector one of the largest sources of employment in the state.
Growth of IT and startup ecosystem
The survey also highlights the rapid expansion of Maharashtra’s technology ecosystem.
Software exports from the state reached ₹1,74,798 crore up to January 2026, reflecting the strong presence of the IT sector.
Since the launch of the IT and ITES Policy 2023, the state has established 37 public IT parks, attracting investments of about ₹18,595 crore and generating around 2.7 lakh jobs.
The survey also states that Maharashtra has the highest share of startups in India at 17 per cent as of February 2026.
Budget to follow on March 6
The Economic Survey provides the economic backdrop for the Maharashtra Budget for 2026-27, which will be presented in the Legislative Assembly on March 6.
The budget is expected to outline the government’s revenue projections, expenditure priorities and development programmes for the coming financial year, building on the economic trends highlighted in the survey.
