Maharashtra puts up strong economic show, tops state rankings in finances

Maharashtra has been recognised as the top-performing state in the 2025 state rankings released by CareEdge Ratings, with Gujarat and Karnataka following closely behind. This annual assessment uses 50 quantitative indicators that fall under seven different categories: economic, fiscal, infrastructure, financial development, social, governance, and environment.

Maharashtra excels in financial development and demonstrates strong results in economic, fiscal, and social metrics, report by ToI showed.

In the economic category, Gujarat takes the lead, supported by its impressive per capita Gross State Domestic Product (GSDP), significant foreign direct investment (FDI) inflows, and robust industrial capital formation.


Karnataka, on the other hand, has a high ranking due to its varied economic foundation and commendable environmental practices. The rankings predominantly highlight the western and southern states as they occupy the top positions.

Goa has secured the highest place in Group B, which includes states from the north-east, hilly regions, and smaller states, consistently performing well across financial, infrastructure, economic, and social dimensions.

In terms of fiscal management, Odisha stands out for its effective debt control and manageable interest obligations, followed by Gujarat and Maharashtra in the rankings.

When it comes to infrastructure, Punjab and Haryana showcase notable achievements, while Kerala and Tamil Nadu excel in social development initiatives. Andhra Pradesh has been recognised for its governance, and Karnataka is noted for its environmental accomplishments.

The rankings do not include Union Territories and aim to present a comparative, data-centric perspective on the progress and investment attractiveness of various states.