Mr Madkaikar was admitted to the Kokilaben Dhirubhai Ambani Hospital, where he underwent an operation, Goa Health Minister added.
"He had a brain stroke and was successfully operated," Mr Rane told reporters in Panaji on the sidelines of a press conference organised to celebrate four years of the Modi government at the Centre.
Earlier in the morning, Mr Rane said Mr Madkaikar had suffered a heart attack, but later confirmed that the minister suffered a brain stroke.
Pandurang Madkaikar, 53, was in Mumbai yesterday for a visit when he fell ill.
"I am sure he will be fine. He is in good hands," Mr Rane said.
Mr Madkaikar is the BJP legislator from Cumbharjua constituency in North Goa district.