Mumbai, March 5 (IANS) Maharashtra's economy is set to grow at 7.9 per cent in 2025-26 against the India’s growth rate of 7.6 per cent especially due to a record collection of Goods and Services Tax and favourable market conditions.
Maharashtra continues to be the growth engine of the country. The nominal Gross State Domestic Product (GSDP) at current prices is expected to grow by 10.4 per cent. According to the Economic Survey for 2025-26 presented by the Minister of State for Finance Ashish Jaiswal on Thursday in the state Assembly, the agriculture and allied sector is expected to grow at 3.4 per cent, industry sector at 5.7 per cent and services sector 9 per cent.
As per the advanced estimates nominal at current price GSDP for 2025-26 is estimated at Rs 51,00,597 crore and real GDP at constant 2011-12 prices is estimated at Rs 28,82,699 crore.
The fiscal deficit is estimated at 2.7 per cent of the GSDP, revenue deficit 0.9 per cent of GSDP and public debt 18.3 per cent of GSDP. The public debt is expected to be Rs 9,32,242 crore in 2025-26 against Rs 8,39,242 crore in 2024-25.
The revenue deficit will be Rs 45,891 crore and fiscal deficit Rs 1,36,235 crore. The capital expenditure is estimated at Rs 1,50,721 crore (19.9 per cent of GSDP) comprising Rs 93,166 crore on development and Rs 57,556 crore on non development against Rs 1,66,277 crore in 2024-25. The state government has provided guarantees worth Rs 1,29,458 crore in 2024-25.
During 2025-26, sowing took place on 157.27 lakh hectares during the kharif season. The cereals are expected to grow at 10.6 per cent, sugarcane at 22 per cent and cotton at 7 per cent. The pulses and oilseeds are expected to grow at 28.2 per cent and 47.4 per cent respectively.
During the Rabi season, sowing was completed on 66.98 lakh hectare. The pulses and cereals are set to grow at 28.3 per cent and 29.7 per cent respectively while oilseeds production will decrease by 16.2 per cent compared to 2024-25.
As per the First Revised Estimates (FRE), the share of the State’s nominal GSDP in All-India nominal GDP is highest (14.0 per cent) during 2024-25.
As per the AE, the Per Capita State Income for 2025-26 has been estimated at Rs 3,47,903 as against Rs 2,19,575 Per Capita National Income. As per 2025-26 (BE), the share of capital receipts in total receipts and the share of capital expenditure in total expenditure are expected to be 25.9 per cent and 19.9 per cent respectively. As per the recommendations of the 16th Finance Commission, the State is entitled to receive a share of 6.441 per cent in total central taxes during the award period (2026-27 to 2030-31).
The State is also expected to receive Rs 1,09,239 crore as grants-in-aid for local bodies and disaster management during the five-year award period of the 16th Finance Commission. The government has taken all the efforts to maintain fiscal deficit within the limit of three per cent of GSDP (as prescribed in ‘Maharashtra FRBM Rules, 2006’) for more than last ten years.
The debts of the State have remained in the range of 17 to 18 per cent to GSDP. As per 2025-26 (BE), the proportion of fiscal deficit, revenue deficit and debt stock to GSDP is expected to be 2.7 per cent, 0.9 per cent and 18.3 per cent respectively.
GST is the most important source of revenue for the State as it contributes a larger share to the State’s own tax revenue and total revenue receipts. The revenue receipts of the State have remained more than nine per cent of GSDP in the last four years.
As per the Budget Estimates (BE), the revenue receipts of the State are expected to be Rs 5,60,964 crore for 2025-26 as against Rs 5,36,463 crore for 2024-25 Revised Estimates (RE) The tax and non-tax revenue for 2025-26 (BE) are expected to be Rs 4,77,400 crore and Rs 33,052 crore respectively. The Grants-in-Aid from Central Government are expected to be Rs 50,511 crore.
Actual revenue receipts during 2025-26 up to December were Rs 3,71,575 crore (66.2 per cent of BE). The revenue expenditure of the State is expected to be Rs 6,06,855 crore as per 2025-26 (BE) as against Rs 5,62,999 crore in 2024-25 (RE). During 2025-26 up to December, actual revenue expenditure was Rs 3,64,412 crore (60.0 per cent of BE).
--IANS
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