Mumbai, March 5 (NationPress) The economy of Maharashtra is projected to expand by 7.9% in the fiscal year 2025-26, surpassing India's growth rate of 7.6%. This growth is attributed to a record collection of Goods and Services Tax and favorable market conditions.

Maharashtra remains the engine of growth for the nation, with the nominal Gross State Domestic Product (GSDP) anticipated to increase by 10.4% at current prices. According to the Economic Survey for 2025-26 presented by the Minister of State for Finance, Ashish Jaiswal, in the state Assembly on Thursday, the agriculture sector is forecasted to grow by 3.4%, the industrial sector by 5.7%, and the services sector by 9%.

Based on preliminary estimates, the nominal GSDP for 2025-26 is projected at Rs 51,00,597 crore, while the real GDP at constant 2011-12 prices is expected to reach Rs 28,82,699 crore.

The anticipated fiscal deficit stands at 2.7% of the GSDP, with a revenue deficit of 0.9% of GSDP and public debt at 18.3% of GSDP. Public debt is expected to rise to Rs 9,32,242 crore in 2025-26 from Rs 8,39,242 crore in 2024-25.

The revenue deficit is projected at Rs 45,891 crore and fiscal deficit at Rs 1,36,235 crore. Capital expenditure is estimated at Rs 1,50,721 crore (representing 19.9% of GSDP), which includes Rs 93,166 crore for development and Rs 57,556 crore for non-development, compared to Rs 1,66,277 crore in 2024-25. The state government has provided guarantees worth Rs 1,29,458 crore for the previous fiscal year.

In the kharif season for 2025-26, sowing was conducted on 157.27 lakh hectares. Expected growth rates include 10.6% for cereals, 22% for sugarcane, and 7% for cotton. Pulses and oilseeds are projected to grow by 28.2% and 47.4% respectively.

For the Rabi season, sowing covered 66.98 lakh hectares, with pulses and cereals expected to grow by 28.3% and 29.7% respectively, while oilseed production is anticipated to drop by 16.2% compared to 2024-25.

According to the First Revised Estimates (FRE), Maharashtra's nominal GSDP constitutes 14.0% of the All-India nominal GDP for 2024-25.

Per capita state income for 2025-26 is estimated at Rs 3,47,903, compared to the national average of Rs 2,19,575. The share of capital receipts in total receipts and the share of capital expenditure in total expenditure are expected to be 25.9% and 19.9% respectively. The 16th Finance Commission recommends Maharashtra a share of 6.441% in total central taxes during the award period (2026-27 to 2030-31).

The state is projected to receive Rs 1,09,239 crore in grants for local bodies and disaster management over the five-year award period of the 16th Finance Commission. The government has worked diligently to maintain the fiscal deficit within the three percent limit of GSDP as stipulated by the ‘Maharashtra FRBM Rules, 2006’ for over a decade.

State debts have consistently ranged between 17 to 18 percent of GSDP. In 2025-26, the fiscal deficit, revenue deficit, and debt stock are projected to be 2.7%, 0.9%, and 18.3% of GSDP respectively.

The Goods and Services Tax remains the principal revenue source for the state, contributing significantly to both the state’s own tax revenue and total revenue receipts, which have consistently exceeded nine percent of GSDP in the past four years.

According to the Budget Estimates (BE), state revenue receipts are forecasted to reach Rs 5,60,964 crore for 2025-26, up from Rs 5,36,463 crore in the revised estimates for 2024-25. Tax and non-tax revenue for 2025-26 are projected at Rs 4,77,400 crore and Rs 33,052 crore respectively, with central government grants expected to be Rs 50,511 crore.

As of December 2025-26, actual revenue receipts totaled Rs 3,71,575 crore (representing 66.2% of BE). The anticipated revenue expenditure for the state is Rs 6,06,855 crore for 2025-26, compared to Rs 5,62,999 crore in 2024-25. Up to December 2025-26, actual revenue expenditure stood at Rs 3,64,412 crore (representing 60.0% of BE).