Chief Minister Devendra Fadnavis announced Maharashtra’s goal to become a one trillion dollar economy by 2029 and a five trillion dollar economy by 2047. The state’s economy currently stands at $660 billion and needs to add $340 billion to reach the one trillion dollar mark. Fadnavis expressed confidence in achieving this target by 2029 or at the latest by 2030-31.
In response to queries in the state Assembly regarding the budget for 2026-27, Fadnavis assured that the budget remains expansionary while adhering to fiscal discipline. He highlighted key financial indicators to address concerns raised by opposition parties. The Fiscal Deficit has been maintained at 2.88% of the GSDP, well within the mandated 3% limit under the FRBM Act.
Fadnavis emphasized the importance of maintaining the Revenue Deficit below 1% of the GSDP to ensure sustainable borrowing practices. He noted that Maharashtra’s debt-to-GSDP ratio stands at 18.2%, positioning the state favorably compared to other industrialized states. The Chief Minister underscored the state’s healthy debt levels and borrowing capacity supported by a growing GSDP.
Highlighting Maharashtra’s economic achievements, Fadnavis mentioned the state’s robust revenue receipts and capital expenditure projections. He pointed out that Maharashtra’s GSDP growth rate of 7.9% in 2025-26 surpasses the country’s GDP growth. Fadnavis also acknowledged Maharashtra’s leading positions in FDI attraction, start-ups, forest cover, and GST collection.
