Mumbai, March 5 (NationPress) The public debt of Maharashtra is projected to soar to an astonishing Rs 9.32 lakh crore by the fiscal year 2025-26. This comes despite the state's optimistic forecast of a robust 7.9 percent economic growth, surpassing the national expectations, as highlighted in the pre-budget Economic Survey presented in the Maharashtra Assembly on Thursday.

The document was introduced by Ashish Jaiswal, the Minister of State for Finance, who illustrated a scenario of substantial expansion driven by impressive GST revenues and positive market conditions, while also pointing out the increasing burden of state borrowings.

The anticipated public debt is expected to rise from Rs 8.39 lakh crore recorded in 2024-25, which will elevate the debt-to-GSDP ratio to 18.3 percent—still maintaining the historical range of 17-18 percent.

Despite this increase in debt, the survey underscores a commitment to fiscal discipline, with a projected fiscal deficit of 2.7 percent of GSDP and a revenue deficit of merely 0.9 percent, well below the 3 percent ceiling set by the Maharashtra FRBM Rules.

The nominal GSDP at current prices is estimated to reach Rs 51 lakh crore, reflecting a growth of 10.4 percent, while the real GSDP (at 2011-12 prices) is projected at Rs 28.83 lakh crore.

Sectoral growth contributions indicate that services are leading with a 9 percent growth, followed by industry at 5.7 percent and agriculture at a modest 3.4 percent. Capital expenditure is planned at Rs 1.51 lakh crore (19.9 percent of GSDP), with almost Rs 93,000 crore allocated for development projects.

In the agricultural sector, kharif sowing has covered 157.27 lakh hectares, indicating promising increases in cereals (10.6 percent), sugarcane (22 percent), pulses (28.2 percent), and oilseeds (47.4 percent), despite a 16.2 percent decrease in rabi oilseeds.

Maharashtra's nominal GSDP continues to hold the largest share of the national GDP at 14 percent for 2024-25, with per capita income estimated at Rs 3,47,903, significantly higher than the national average of Rs 2,19,575.

Revenue collections are expected to rise to Rs 5.61 lakh crore in 2025-26, supported by Rs 4.77 lakh crore in taxes. Additionally, the state anticipates a 6.441 percent devolution from central taxes and Rs 1.09 lakh crore in grants during the 16th Finance Commission cycle.

As of December 2025, Maharashtra had successfully realized 66.2 percent of its projected revenue receipts and 60 percent of revenue expenditures, showcasing steady fiscal progress in light of the escalating debt.