Mumbai, March 5: Maharashtra's public debt is projected to reach a staggering Rs 9.32 lakh crore in 2025-26, even as the state projects strong economic growth of 7.9 per cent, exceeding the national forecast, according to the pre-budget Economic Survey presented in the Maharashtra Assembly on Thursday.
State Finance Minister Ashish Jaiswal presented the document, which highlights robust expansion driven by impressive GST inflows and a positive market sentiment, while also emphasizing the increasing burden of debt.
The outstanding public debt is expected to increase from Rs 8.39 lakh crore recorded in 2024-25, pushing the debt-to-GSDP ratio to 18.3 per cent – still within the 17-18 per cent range that the state has maintained for years.
Despite the increase in debt, the survey emphasizes fiscal discipline, projecting a fiscal deficit of 2.7 per cent of GSDP and a revenue deficit of just 0.9 per cent, comfortably below the 3 per cent ceiling mandated by the Maharashtra FRBM Rules.
The nominal GSDP at current prices is forecast to reach Rs 51 lakh crore, representing a 10.4 per cent growth, with the real GSDP (at 2011-12 prices) estimated at Rs 28.83 lakh crore.
Sectoral contributions reveal that services are leading the way with 9 per cent growth, followed by industry at 5.7 per cent and agriculture and allied activities at a modest 3.4 per cent. Capital spending is budgeted at Rs 1.51 lakh crore (19.9 per cent of GSDP), with nearly Rs 93,000 crore earmarked for development projects.
In the agricultural sector, kharif sowing spanned 157.27 lakh hectares, promising healthy gains in cereals (10.6 per cent), sugarcane (22 per cent), pulses (28.2 per cent), and oilseeds (47.4 per cent), although rabi oilseeds are expected to decline by 16.2 per cent.
Maharashtra's nominal GSDP continues to command the largest share of national GDP at 14 per cent for 2024-25, and per capita income is pegged at Rs 3,47,903 – significantly above the national average of Rs 2,19,575.
Revenue receipts are anticipated to rise to Rs 5.61 lakh crore in 2025-26, driven by Rs 4.77 lakh crore in taxes, while the state looks forward to 6.441 per cent devolution from central taxes and Rs 1.09 lakh crore in grants over the 16th Finance Commission cycle.
Up to December 2025, the state had already realized 66.2 per cent of budgeted revenue receipts and 60 per cent of revenue expenditure, signaling steady fiscal momentum despite the mounting debt load.