Maharashtra · State
India's largest state economy and tax base; strong own-revenue and a deep industrial + financial-services core. High absolute debt, but serviced comfortably against a large GSDP.
Point-in-time — grades are reviewed each cycle; every change publishes as a dated action. Snapshot 22 June 2026.
Sources: State finances — RBI Study of State BudgetsP · State grade & factor scores — Gravitywell opinionE
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