Maharashtra Economy and Investment Opportunities

Maharashtra is situated in the western region of the country. It is the most industrialised state in India and has maintained its leading position in the industrial sector in the country. The state is a pioneer in small-scale industries and boasts of the largest number of special export promotion zones. Maharashtra has a large base of skilled and industrial labour, making it an ideal destination for knowledge-based and manufacturing sectors.

At current prices, Maharashtra’s gross state domestic product was estimated at Rs. 54.08 trillion (US$ 577.41 billion) in FY27. GSDP of the state increased at a CAGR of 9.64% from FY16 to FY27.

Mumbai, the state's capital, is the commercial capital of India and has evolved into a global financial hub. The city is home to several global banking and financial services providers. Pune, another major city in the state, has emerged as the educational hub. Maharashtra has emerged as a key hub for IT & ITeS, electronics, and captive business outsourcing industries.

The Government of Maharashtra has several policies in place to set up the right kind of business climate in the state. These policies aim to motivate investors to invest in various sectors in the state, thereby contributing to the overall development of the economy.

According to the Department for Promotion of Industry and Internal Trade (DPIIT), between October 2019-March 2026 FDI in Maharashtra stood at Rs. 8,59,196.43 crore (US$ 107.09 billion). Maharashtra ranked first for the highest FDI reception. Total exports from the state stood at Rs. 6,14,654.37 crore (US$ 70.11 billion) in FY26.Maharashtra exported key items such as Engineering goods, gems and jewellery, drugs and pharmaceuticals, organic and inorganic, electronic goods, petroleum products and others.

As of FY26, the state had a total installed power generation capacity of 61,241.70 MW, of which the private sector was the largest contributor with a capacity of 38,826.57 MW, followed by 14,076.05 MW from state utilities and 8,339.09 MW from central utilities.

Thermal power contributed 27,838.97 MW to the total installed power generation capacity, followed by renewable power and nuclear power at 32,334.07 MW and 1,068.66 MW, respectively.

In 2023, India welcomed approximately 19.2 million tourists, with Maharashtra standing out as one of the states that attracted the highest number of international visitors, totalling 3,387,739 foreign tourists.

Market capitalisation of the NSE and BSE stood at Rs. 4,63,16,880 crore (US$ 5.23 trillion) and Rs. 4,69,80,008 crore (US$ 5.3 trillion), respectively.

The following are some of the major initiatives taken by the Government to promote Maharashtra as an investment destination:

• On April 29, 2026, Maharashtra approved its Artificial Intelligence Policy 2026, aiming to attract investments exceeding Rs. 10,000 crore (US$ 1.08 billion) and create over 1.5 lakh jobs, strengthening the state’s position as a leading hub for AI-driven innovation and investment.
• On April 24, 2026, Maharashtra outlined a roadmap to attract Rs. 30 lakh crore (US$ 320.03 billion) in investments, focusing on infrastructure, logistics and clean energy, reinforcing its position as a global investment hub and enhancing its appeal to domestic and international investors.
• In October 2025, Maharashtra signed multiple Memoranda of Understanding (MoUs) with major domestic and global firms to boost shipbuilding and maritime infrastructure, positioning Mumbai as a leading global hub for vessel manufacturing. The agreements aim to enhance coastal logistics, create large-scale employment, and expand export opportunities for “Made in India” ships through new ports, shipyards, and innovation-led maritime clusters.
• The Government of India’s Union Cabinet has sanctioned projects worth Rs. 1,73,000 crore (US$ 19.53 billion) for railway infrastructure in Maharashtra as announced on April 11, 2025, by Minister of Railways, Information & Broadcasting and Electronics & Information Technology, Mr Ashwini Vaishnaw.
• In FY27 state budget, the education, sports, arts and culture sector has been allocated Rs. 1,08,467 crore (US$ 11.57 billion). Key provisions include Rs. 10,128 crore (US$ 1.08 billion) towards assistance to non-government colleges and Rs. 2,608 crore (US$ 280 million) under the Samagra Shiksha Abhiyan to strengthen educational infrastructure and learning outcomes.
• In FY27 state budget, the rural development sector has been allocated Rs. 39,294 crore (US$ 4.19 billion). The budget includes Rs. 4,759 crore (US$ 510 million) for the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS), supporting rural livelihoods, infrastructure creation and employment generation.
• In FY27 state budget, the health and family welfare sector has been allocated Rs. 37,456 crore (US$ 3.99 billion). The budget provides Rs. 3,824 crore (US$ 410 million) towards the National Rural Health Mission to strengthen healthcare delivery, particularly in rural and underserved regions of the state.
• In FY27 state budget, the urban development sector has been allocated Rs. 26,277 crore (US$ 2.80 billion). The budget provides Rs. 2,800 crore (US$ 300 million) in grants to municipal councils under Maharashtra Nagarothan and proposes the introduction of the Maharashtra Land Title Bill to improve land governance and reduce property disputes.
• In FY27 state budget, the state government announced the implementation of a cyber security policy under the Viksit Maharashtra 2047 vision. The budget also proposes the establishment of an advanced state data centre in Nagpur to strengthen digital governance, cybersecurity and protection of government data and applications.
• In October 2024, the Maharashtra State Government of India entered into a Memorandum of Understanding (MoU) with OFB Tech Pvt Ltd for an investment of US$ 89.30 million in the textile sector at the Karanja (Ghadge) Industrial Area in Wardha district.
• In January 2024, Prime Minister Mr. Narendra Modi inaugurated and laid the foundation stone for various development projects valued at over Rs. 12,700 crore (US$ 1.52 billion) in Navi Mumbai, Maharashtra.
• The state government proposed the ‘Hindu Hruday Samrat Balasaheb Thackeray Maharashtra Samruddhi Mahamarg’, an eight-lane expressway (701 km long and 120 metres wide) connecting Mumbai and Nagpur with a total estimated cost of Rs. 55,335.32 crore (US$ 7.6 billion). Of the total land required, 92.3% land was acquired as of December 2020.

Maharashtra continues to strengthen its position as one of India’s most dynamic economic engines, supported by a diverse industrial base, strong services economy, and sustained domestic and foreign investment. The state’s leadership in tourism, manufacturing, IT and ITeS, financial services, and infrastructure has created a robust foundation for long term growth. Rising exports, the highest FDI inflows in the country, large scale infrastructure expansion, and rapid progress across industrial clusters highlight Maharashtra’s competitive advantage. Government policies focused on connectivity, clean energy, urban development, education, healthcare, and industrial modernisation are enhancing the overall business environment while creating new employment opportunities. With strategic investments in tourism revival, technology driven industries, and future ready infrastructure, Maharashtra is well placed to maintain its leadership in India’s economic landscape and drive continued growth across sectors in the years ahead.