Mumbai, March 5 Maharashtra's public debt is set to climb to a staggering Rs 9.32 lakh crore in 2025-26, even as the state projects a strong 7.9 per cent economic growth that edges past the national forecast, according to the pre-budget Economic Survey presented in the Maharashtra Assembly on Thursday.
Minister of State for Finance, Ashish Jaiswal, tabled the document, which paints a picture of robust expansion fueled by impressive GST inflows and buoyant market sentiment, while underscoring the rising burden of borrowings.
The outstanding public debt is expected to jump 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 the state has maintained for years.
Despite the uptick 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.
Nominal GSDP at current prices is forecast to touch Rs 51 lakh crore, marking 10.4 per cent growth, with real GSDP (at 2011-12 prices) estimated at Rs 28.83 lakh crore.
Sectoral contributions reveal services leading the charge 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 percent of GSDP), with nearly Rs 93,000 crore earmarked for development projects.
On the farm front, 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), though rabi oilseeds face a 16.2 per cent dip.
Maharashtra's nominal GSDP continues to command the largest slice of national GDP at 14 per cent for 2024-25, and per capita income is pegged at Rs 3,47,903 -- well above the national average of Rs 2,19,575.
Revenue receipts are anticipated to rise to Rs 5.61 lakh crore in 2025-26, bolstered 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.
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