Maharashtra economy country's largest, outstanding debt stock to be 18.3 pc of GSDP: Economic Survey

Mumbai, Mar 5 (PTI) Maharashtra's economy remains the country's largest with a nominal Gross State Domestic Product (GSDP) estimated at Rs 46.22 lakh crore in 2024-25, which is expected to grow to Rs 51 lakh crore as per the Economic Survey 2025-26 tabled in the assembly on Thursday.

As per the survey, which was tabled in the assembly by minister of state for finance Ashish Jaiswal and in the council by MoS Pankaj Bhoyar, Maharashtra's per capita income at current prices is estimated at Rs 3,17,801 in 2024-25, which is expected to reach Rs 3,47,903 in 2025-26 , reflecting steady economic growth.

Maharashtra accounts for the highest share of about 14 per cent in India's nominal GDP, followed by Tamil Nadu (9.4 per cent) and Uttar Pradesh (9.0 per cent), it said.

Among the top ten state economies, Tamil Nadu has a nominal GSDP of about Rs 31.18 lakh crore, followed by Uttar Pradesh (Rs 29.78 lakh crore), Karnataka (Rs 28.83 lakh crore) and Gujarat (Rs 27.03 lakh crore). Other states in the top ten include West Bengal (Rs 18.15 lakh crore), Rajasthan (Rs 17.04 lakh crore), Telangana (Rs 16.40 lakh crore), Andhra Pradesh (Rs 15.93 lakh crore) and Madhya Pradesh (Rs 15.03 lakh crore).

In terms of per capita income, states such as Telangana, Karnataka, Gujarat and Tamil Nadu report higher levels compared with the national average, reflecting strong performance in the services and industrial sectors, the survey said.

"Maharashtra continues to maintain its position as the country's largest state economy, driven primarily by strong growth in the services and industrial sectors. Maharashtra's outstanding debt stock is estimated to be 18.3 percent of Gross State Domestic Product (GSDP) in 2025-26," the survey said.

Maharashtra's public finances remain stable with the state maintaining its debt and deficit levels within the limits prescribed by the Fiscal Responsibility and Budget Management (FRBM) framework, according to the Economic Survey.

"The state's outstanding debt stock is estimated at about 18.3 per cent of the Gross State Domestic Product (GSDP) in 2025-26, indicating a manageable debt profile compared with the prescribed benchmark," the survey said, noting that prudent fiscal management and steady revenue mobilisation have helped the state maintain sustainability in its public finances.

As per the Budget Estimates for 2025-26, the state's total receipts are estimated at Rs 6,99,569 crore, while total expenditure is projected at Rs 7,00,020 crore, resulting in a budgetary deficit of Rs 451 crore.

The survey said revenue receipts are estimated at Rs 5,60,964 crore, while revenue expenditure is projected at Rs 6,06,855 crore, leading to a revenue deficit of Rs 45,891 crore, which is 0.9 per cent of GSDP.

The fiscal deficit is estimated at Rs 1,36,235 crore for 2025-26, equivalent to 2.7 per cent of GSDP, which is within the 3 per cent limit prescribed under the FRBM Act.

Tax revenue continues to be the largest component of the state's revenue receipts, accounting for a major share, with State Goods and Services Tax (SGST) contributing the highest share among the state's own taxes.

The survey also noted that the government is focusing on improving the quality of expenditure by increasing capital outlay on infrastructure and development projects, which is expected to support long-term economic growth. PTI MR BNM