Maharashtra's Economic Growth Set to Surge to 7.9% in 2025-26
The state of Maharashtra is poised for a significant economic upswing, with its growth rate projected to increase from 7.3% in 2024-25 to 7.9% in 2025-26, according to the latest economic survey tabled in the state legislature on Thursday. This growth rate surpasses the national average of 7.4%, highlighting the state's robust economic momentum.
Key Drivers: Industrial and Services Sectors Compensate for Agricultural Decline
The survey reveals a sharp decline in the agricultural sector, primarily due to unseasonal rains and floods that affected 42% of the state in 2025, leading to crop destruction. As a result, the growth rate in agriculture and allied services is expected to plummet from 9.1% in 2024-25 to 3.4% in 2025-26. However, this setback has been offset by strong performances in the industrial and services sectors.
- Industrial Growth: The industrial sector is set to rise from 4.3% to 5.7%, driven by manufacturing (increasing from 4.1% to 5.9%) and construction (from 6.3% to 7.8%).
- Services Sector Boom: The services sector is projected to grow from 8.3% to 9%, with trade, hotels, transport, and communication leading at 8.3% growth.
The survey attributes this growth to a favorable price environment and record GST collections, which have bolstered the state's economic stability.
Per Capita Income on the Rise, Yet Disparities Persist
Maharashtra's per capita income is estimated to increase from Rs 3,17,800 in 2024-25 to Rs 3,47,903 by 2025-26, significantly higher than the national figure of Rs 2,19,575. Despite this, the state faces deep economic disparities:
- Only 6 out of 34 districts—Mumbai, Thane, Pune, Nagpur, Raigad, and Kolhapur—reported per capita incomes above the state average in 2024-25.
- 28 districts fell below the state average, with 11 districts even lagging behind the national per capita income of Rs 2,05,324.
- Tribal districts like Gadchiroli and Nandurbar recorded the lowest per capita incomes in Maharashtra.
Fiscal Health and Industrial Initiatives
The survey notes that Maharashtra's debt for 2025-26 is estimated at Rs 9.3 lakh crore, the highest ever, but remains within fiscal limits at 18.3% of GSDP, well below the 25% cap under state law. On the industrial front, the Magnetic Maharashtra initiative has secured 303 MoUs for investments worth Rs 26.8 lakh crore between June 2020 and October 2025, though data on project implementation is not provided.
Interestingly, the survey makes no mention of the Mukhya Mantri Majhi Ladki Bahin Yojana, a scheme costing over Rs 35,000 crore annually, focusing instead on broader economic indicators.
