Maharashtra Leads in FDI, Gujarat Surges in Investment
Maharashtra has retained its top position in attracting foreign direct investment (FDI) in the country. The state received FDI worth ₹6,97,304 crore between October 2019 and March 2025, accounting for 31 percent of the total FDI inflow and the highest share among all states. However, in terms of investment projects, Maharashtra trails neighboring Gujarat in both intended and actual investments over the past three years — 2022, 2023, and 2024. This was revealed in the Economic Survey of Maharashtra 2025-26 that was tabled in the state assembly on Thursday.
During 2022, 2023, and 2024, Maharashtra recorded intended investments of ₹2,14,754 crore and actual investments of ₹1,15,233 crore. In comparison, Gujarat registered intended investments of ₹2,26,565 crore and actual investments of ₹2,68,910 crore, the survey report disclosed. With these figures in place, Maharashtra has ranked second in new investments, while Gujarat leads the chart.
There was a significant controversy when the ambitious ₹1.54 lakh crore Vedanta-Foxconn semiconductor project was awarded to Gujarat back in 2022. Other major projects, such as the ₹5,000 crore bulk drug park, ₹424 crore medical devices park, and ₹22,000 crore Tata Airbus project, were also shifted to Gujarat, which sparked a political row. Following this, a committee headed by a retired judge was appointed to investigate the reasons behind the projects moving out of Maharashtra.
To position Maharashtra as a trusted global investment hub, the state government has announced ten policies, including the Maharashtra Industries, Investment & Services Policy, which was launched last year. The Maharashtra Industries, Investment & Services Policy focuses on promoting smart manufacturing, generating large-scale employment, encouraging sustainability and self-reliance, and creating a seamless business environment that fosters innovation.
Maharashtra also leads the country in the startup ecosystem. As of February 10, 2026, the state had 34,476 startups, generating 3,79,236 jobs. It ranks first in the country both in terms of the total number of startups and the employment created by them, according to the survey report.
