The monument depicts the moment the Argentinean legend lifted the 1986 World Cup and has already drawn some unfavourable reviews from fans on social media.
A bust of Cristiano Ronaldo drew worldwide ridicule for its dubious likeness to the Portuguese forward last year and a number of people have called Maradona's statue 'worse than Ronaldo's'.
The 12-foot high statue was unveiled in Kolkata during a charity event in aid of people battling cancer.
The 57-year-old was visiting India for the second time since he first visited the country back in 2008.
"I don't think I'm the god of football. I just consider myself as a simple football player," said Maradona.
"It's amazing to have my statue here. I am glad to be in Kolkata for the second time. Thank you very much for the love."
The 57-year-old, who was in accompanied in Kolkata by his girlfriend Rocio Oliva handed cheques worth 10,000 rupees (£116) to 11 cancer patients.
Maradona is due to take on Indian cricket legend Sourav Ganguly in a charity football match titled 'Diego vs Dada' in Barasat later this month.