This paper investigates the impact of monetary policy, particularly the repo rate, cash reserve ratio (CRR), inflation rate, and gross state domestic product (GSDP) growth, on the economic growth and inflation of Maharashtra between 2015 and 2020, with an emphasis on these parameters. Research = The role of regression and the correlation analysis is employed to investigate the relationships among the economic measures and the monetary policy indicators as based on secondary data of the Reserve Bank of India and the Government of Maharashtra. Results reveal a strong negative link of a magnitude (-0.815) between GSDP growth and inflation, indicating that better growth in the economy does have a linkage with lower inflation. Additionally, the positive correlation (0.631) between the repo rate and GSDP growth confirms somewhat a favourable effect of tightening monetary policy on growth. But the data for monetary policy rounds on inflation show it has a very small influence. Sectoral analysis identifies fundamental shifts in the economy, with increasing shares in GSDP being highlighted for agriculture. The analysis of asset quality and credit growth reveals a weak signal between the NPA ratio and credit growth. It concludes that although monetary policy has a large degree of influence on economic development, the cause of inflation is not apparent.