Maharashtra Economic Survey 2025-26

• 06 Mar 2026

Why in News?

Minister of State for Finance, Ashish Jaiswal, tabled the Economic Survey of Maharashtra 2025-26 in the State Legislature on March 5, 2026. The report presents a robust picture of the state’s economy, projecting it to grow at 7.9%, significantly outpacing the national growth estimate of 7.4%.

Key Points: 

Macro-Economic Indicators 

• GSDP Growth: The state's economy is expected to expand by 7.9% in 2025-26, up from 7.3% in the previous fiscal year. 
• Nominal GSDP: Maharashtra’s nominal Gross State Domestic Product (GSDP) is projected to reach ₹51 lakh crore ($615 billion), reinforcing its position as India’s largest sub-national economy with a 14.3% share of the national GDP. 
• Per Capita Income: Estimated to rise to ₹3,47,903 (up from ₹3.17 lakh last year), which remains substantially higher than the national average of ₹2.19 lakh. 
• Fiscal Deficit: Budgeted at 2.7% of GSDP, well within the 3% limit prescribed under fiscal responsibility (FRBM) norms. 
• Debt Stock: Projected at 18.3% of GSDP (approx. ₹9.32 lakh crore), considered manageable within the state's fiscal limits.  
• Vision 2047: The survey outlines the roadmap for Maharashtra to become a $1 trillion economy by 2030 and $5 trillion by 2047. 

Sectoral Performance 

• Services Sector: The primary driver of growth, expected to expand by 9% (up from 8.3% last year), contributing nearly 64% to the state's economy. 
• Industrial Sector: Projected to grow at 5.7% (up from 4.3%), fueled by manufacturing, infrastructure projects, and ease of doing business reforms. 
• Agriculture & Allied Activities: Growth is expected to moderate to 3.4% (compared to a high of 9.1% last year). This slowdown is attributed to a return to normal conditions following an exceptional previous year and some crop damage due to heavy rains in late 2025.  

Investment and Infrastructure 

• FDI Powerhouse: Maharashtra continues to lead India in FDI, attracting 31% of the country's total inflows between October 2019 and March 2025. 
• Key Projects: 
  • Mumbai Metropolitan Region (MMR): Planned development as an "International Economic Growth Hub" with seven new commercial centres. 
  • Connectivity: Major projects slated for completion include the Mumbai-Pune Expressway "missing link", various Metro lines in Mumbai, Nagpur, and Pune, and the Vadhavan Port connectivity corridor. 
  • Renewable Energy: Capacity has increased to 14,113 MW, supporting the state's green energy transition.  

Social & Employment Indicators 

• Labour & Employment Trends: Maharashtra continues to see strengthening employment conditions with high participation rates.  
• Unemployment Rate (UR): The state's unemployment rate has significantly declined, reaching 3.3% in 2023-24 (usual status). 
  • Urban UR: Decreased from 7.4% (2017-18) to 5.2% (2023-24). 
  • Rural UR: Decreased from 3.2% (2017-18) to 2.1% (2023-24). 
• Labour Force Participation Rate (LFPR): The overall LFPR (aged 15+) rose to 59.0%. 
• MSME Employment: Over 63.85 lakh registered MSME units in the state now provide employment to approximately 2.53 crore people. 
• Gig Economy: The survey notes that gig workers currently represent about 2% of the workforce, with a projected increase to 6.7% by 2029-30.  

Social Welfare & Safety Nets 

• Ladki Bahin Yojana: The state's flagship scheme has benefited 2.53 crore women with a total stipend distribution of over ₹33,232 crore. The 2025-26 budget has allocated a further ₹36,000 crore for its continuation. 
• Food Security: 
  • Public Distribution System (PDS): Covers 2.71 crore ration card holders, with 1.55 crore families using Aadhaar-based biometric authentication. 
  • Shivbhojan Scheme: Distributed 4.09 crore subsidised meals through 1,874 centres up to November 2025. 
• Housing: Under Pradhan Mantri Awas Yojana (PMAY), approximately 8.75 lakh urban and 16.05 lakh rural dwelling units have been completed.  

Health & Education Milestones 

• Health Indicators: 
  • Infant Mortality Rate (IMR): Improved significantly, dropping to 14 per 1,000 live births. 
  • Infrastructure Gaps: The state currently has 528 government hospitals with only 73 hospital beds per lakh population, signaling a push for future capacity expansion. 
• Education: 
  • Schooling: Over 1.04 lakh primary schools (145 lakh students) and 29,641 secondary schools (63.6 lakh students) are operational. 
  • Higher Education: Maharashtra has 87 universities and 5,579 colleges with a total enrollment of 45.31 lakh students. 
  • Jal Jeevan Mission: Over 90.3% of rural households and 98.5% of schools now have functional tap water connections.  
• Welfare Schemes: The Ladki Bahin Yojana has been allocated ₹36,000 crore for 2025-26, benefiting approximately 2.53 crore women. 

Industrial Policies in Maharashtra Economic Survey 2025-26 

• The Economic Survey 2025-26 highlights a transformative shift in Maharashtra’s industrial landscape, anchored by the newly unveiled Maharashtra Industries, Investment and Services Policy (MIISP) 2025.  
  • This policy serves as the primary roadmap to achieving a $1 trillion state economy by 2030.  
• Core Industrial Policy Framework (MIISP 2025): The MIISP 2025 moves beyond traditional manufacturing to integrate services and high-technology sectors under a unified incentive structure.  
  • Ambitious Targets: Aims to attract ₹40 lakh crore in total investments and generate 50 lakh new jobs. 
  • Zonal Incentives: Financial benefits are categorized based on regional industrial development (Zones A to D+), with backward districts receiving higher subsidies to promote balanced growth. 
  • Thrust Sectors: Special focus and higher incentives (50% to 100% of project capital) are provided for: 
    • Electric Vehicles (EV) & Components 
    • Semiconductors & Electronics 
    • Aerospace & Defence 
    • Green Hydrogen & Renewable Energy Equipment  

MSME & Entrepreneurship Support 

• The survey emphasizes that MSMEs are critical for local value addition, with over 63.85 lakh registered units providing employment to 2.52 crore people.  
• Enhanced Financial Support: Capital subsidies range from 20% to 40% of Fixed Capital Investment (FCI). 
• Interest & Power Subsidies: MSMEs are eligible for an interest subsidy of up to 5% per annum (capped at ₹10 million) and a power tariff subsidy of ₹1 per unit for three years. 
• Startup Leadership: Maharashtra maintains the highest national share of startups (17%) as of February 2026, supported by dedicated incubation and seed-funding policies.  

Infrastructure as an Industrial Multiplier  

• Industrial growth is being decoupled from Mumbai and tethered to new "Growth Hubs". International Economic Growth Hubs: Seven locations in the Mumbai Metropolitan Region (MMR) are being developed as global business centres. 
• Industrial Corridors: The Aurangabad Industrial City (AURIC) and the newly operational Samruddhi Mahamarg are highlighted as key conduits for attracting ₹2.02 lakh crore in sector-specific investments. 
• Logistics Hubs: A dedicated logistics policy offers up to 50% rental assistance and 100% electricity duty exemptions for new warehousing and supply-chain units.  

Green Energy & Sustainability Transition 

• A significant pillar of the 2025-26 strategy is reducing the operational costs of industry through sustainable energy.  
• Industrial Power Tariff Reduction: By shifting to 100% green energy for agriculture, the state aims to reduce the cross-subsidy burden on industries, lowering tariffs from ₹9.45 to ₹9.14 per unit over five years. 
• Renewable Energy & Storage Policy (2025-2035): Approved in early 2026, this policy targets 100 GW of RE capacity and introduces Battery Energy Storage Systems (BESS) to ensure 24/7 reliable power for industrial zones. 
• 5-Star GHG Rating System: New "Green Subsidies" are provided for industries adopting carbon-reduction technologies and achieving 25% water reuse.