The state contributes about 14% to India’s nominal GDP, the highest among all states, followed by Tamil Nadu (9.4%) and Uttar Pradesh (9%).

Maharashtra continues to be India’s largest state economy, with its nominal Gross State Domestic Product (GSDP) estimated at Rs 46.22 lakh crore in 2024-25. The state’s economy is expected to grow to Rs 51 lakh crore in 2025-26, according to the Economic Survey 2025-26 presented in the state assembly on Thursday.

The survey estimates Maharashtra’s per capita income at Rs 3,17,801 for 2024-25, which is expected to rise to Rs 3,47,903 next year, reflecting steady growth. The state contributes about 14% to India’s nominal GDP, the highest among all states, followed by Tamil Nadu (9.4%) and Uttar Pradesh (9%).

Among the top ten state economies, Tamil Nadu has a GSDP of Rs 31.18 lakh crore, Uttar Pradesh Rs 29.78 lakh crore, Karnataka Rs 28.83 lakh crore, and Gujarat Rs 27.03 lakh crore. Other leading states include West Bengal, Rajasthan, Telangana, Andhra Pradesh, and Madhya Pradesh.

Maharashtra’s strong performance is driven mainly by the services and industrial sectors. Its outstanding debt is estimated at 18.3% of GSDP in 2025-26, a manageable level that keeps public finances stable under the Fiscal Responsibility and Budget Management (FRBM) framework.

For 2025-26, the state’s total receipts are projected at Rs 6,99,569 crore and total expenditure at Rs 7,00,020 crore, resulting in a small budgetary deficit of Rs 451 crore. Revenue receipts are estimated at Rs 5,60,964 crore, with revenue expenditure at Rs 6,06,855 crore, leading to a revenue deficit of 0.9% of GSDP.

Tax revenue remains the largest source of the state’s income, with SGST contributing the most. The government plans to increase capital spending on infrastructure and development projects to support long-term growth.

source/content: telegraphindia.com (headline edited)