Maharashtra Emerges as India's Economic Powerhouse with Record NSDP Growth
Nagpur: In a significant economic milestone, Maharashtra has solidified its position as India's leading state economy, recording the highest net state domestic product (NSDP) at over Rs 39 lakh crore for the fiscal year 2024-25. According to the Economic Survey released on Thursday, this represents a robust increase of 11.85% compared to the previous fiscal period, underscoring the state's dynamic economic expansion.
Inflation Trends and Comparative Analysis
Simultaneously, Maharashtra witnessed a remarkable decline in inflation, which nearly halved to 2.13% as of fiscal 2025-26 (April-December), down from 2024-15 levels. However, this figure remains 0.41% higher than the national average of 1.72%, indicating ongoing price pressures relative to the country as a whole. In contrast, Gujarat, often viewed as Maharashtra's closest competitor, saw its inflation plummet to 1.31% in 2025-26 from 4.42% in the last fiscal, though the survey's statistical appendix does not provide NSDP data for Gujarat and Goa.
NSDP Rankings and Per Capita Growth
In terms of NSDP, Tamil Nadu secured the second spot with over Rs 27 lakh crore, highlighting Maharashtra's substantial lead. The survey further reveals that Maharashtra's per capita NSDP grew by 11% to over Rs 3 lakh in absolute terms, reflecting improved individual economic well-being. NSDP, defined as the sum total of goods and services produced in a state minus depreciation, serves as a key indicator of regional economic health.
GST Collections and Fiscal Performance
Maharashtra's fiscal prowess is further evidenced by its GST collections, which topped the charts at Rs 3.6 lakh crore during the last financial year (2024-25), up from over Rs 3.2 lakh crore in 2023-24. For the period from April to December in 2025-26, collections stood at Rs 2.5 lakh crore, demonstrating consistent revenue generation. This robust tax performance supports the state's infrastructure and development initiatives.
Employment and Industrial Productivity
The Economic Survey also highlights Maharashtra's critical role in employment, noting that it is among seven states that provide 60% of employment in large factories. Maharashtra shares the second slot with Gujarat in this regard, while Tamil Nadu leads. Additionally, the survey mentions Maharashtra, along with states like Madhya Pradesh, Haryana, Tamil Nadu, and Uttarakhand, as displaying a higher share of large factories and increased productivity, contributing to national industrial output.
Banking Sector and AI Innovation
On the financial front, total deposits in scheduled commercial banks in Maharashtra surged to over Rs 52 lakh crore in 2025, a significant jump from more than Rs 46 lakh crore in 2024. Loans disbursed during the year stood at over Rs 51 lakh crore, with loans and deposits in 2024 being nearly neck and neck at over Rs 46,67,847 crore and Rs 46,95,201 crore, respectively. Moreover, Maharashtra accounts for 14% of the AI start-ups in the country, positioning it as a hub for technological innovation and entrepreneurship.
This comprehensive economic data from the survey paints a picture of Maharashtra as a resilient and growing economy, driving India's progress with strong fundamentals in production, taxation, employment, and innovation.
