Maharashtra targets $1 trillion economy: Scale, infrastructure and FDI depth power investor case

Maharashtra’s ambition to become a $1 trillion economy is gaining sharper articulation as policymakers and industry observers pitch the state as India’s most investable sub-national market, backed by scale, infrastructure depth and sustained foreign capital inflows.

A recent thought leadership note by consulting firm Primus Partners argues that Maharashtra’s economic fundamentals position it ahead of peers in attracting long-term global investment. The state’s nominal gross state domestic product (GSDP) is projected at roughly $578 billion in FY26, accounting for nearly 14% of India’s GDP. It also attracts close to one-third of annual foreign direct investment (FDI) inflows into the country.

The 15% growth imperative

To cross the $1 trillion mark, the state would need to sustain annual growth of around 15%, driven by capital formation, productivity gains and sectoral expansion across manufacturing, trade and financial services, the analysis suggests.

Maharashtra’s growth architecture rests on a diversified base. Services contribute about 64% of gross state value added, while nearly 8.9 million registered enterprises form a broad industrial backbone. The state’s export ecosystem, valued at nearly $66 billion, accounts for roughly 15% of India’s outbound shipments.

Infrastructure as competitive edge

Large-scale infrastructure capacity underpins the investment thesis. Maharashtra hosts extensive port connectivity, highways, rail corridors and airports, alongside an estimated $100 billion infrastructure pipeline. More than 300 industrial areas and an industrial land bank of around 250,000 acres provide project-ready capacity for manufacturing expansion.

Digital infrastructure is emerging as a parallel lever. The Mumbai–Pune corridor accounts for nearly 63% of India’s data centre capacity, strengthening the state’s credentials in data-intensive and technology-led sectors.

Policy continuity and capital absorption

Chief Minister Devendra Fadnavis said the state’s push toward the $1 trillion goal is anchored in “strong fundamentals and policy continuity.”

Primus Partners Co-founder Nilaya Varma described Maharashtra as combining “scale, stability and execution capability.”

With around 31% of cumulative FDI equity inflows into India historically directed toward the state, Maharashtra’s record of capital absorption underscores institutional depth and governance continuity — factors likely to weigh heavily as global investors reassess emerging market allocations.