Maharashtra will become $1T economy by 2030, says Devendra Fadnavis
What's the story
Maharashtra is poised to become a $1 trillion economy by 2030, Chief Minister Devendra Fadnavis said today. This comes despite the volatility in the dollar-rupee exchange rate. The CM asserted that the state continues to draw unprecedented investor interest amid global economic challenges. He also emphasized that Maharashtra's economy had expanded to $660 billion since it first set its trillion-dollar goal in 2015.
Economic resilience
Investor interest in Maharashtra at unprecedented levels: Fadnavis
Fadnavis acknowledged that currency depreciation can affect dollar-denominated economic targets, but he isn't too worried about it.
"The dollar-rupee exchange rate keeps shifting the goalpost, but I am not worried about that," he said.
The CM also noted that investor interest in Maharashtra has reached unprecedented levels across sectors like manufacturing, artificial intelligence (AI), data centers, and other emerging industries.
Project conversion
MoUs signed at WEF have 75% conversion rate
Fadnavis stressed that Maharashtra's success isn't just about attracting investment proposals but also about converting them into projects.
He said nearly 60% of the MoUs signed in the state have been acted upon, compared to 35-40% nationally.
The CM also revealed that agreements signed at the World Economic Forum (WEF) in Davos had a higher conversion rate of 75%, with projects at different stages of implementation.
Business environment
Financial incentives not enough to attract investment
With more states vying for investment, Fadnavis said Maharashtra is focusing on ease of doing business and policy certainty instead of relying too much on financial incentives.
He noted that some states are offering incentives beyond their financial capacity, making it difficult to honor commitments made to investors.
In contrast, Maharashtra has created a sustainable framework and can offer promised incentives within a year of signing investment agreements.
Future developments
Fadnavis announces new urban ecosystem
Fadnavis highlighted Maharashtra's ability to handle the recent spike in electricity demand while other states had to buy power at high rates.
He also spoke about the state's efforts to address environmental concerns related to data centers, especially water consumption and climate-related issues.
The CM announced plans for a new urban ecosystem around Atal Setu and Navi Mumbai airport, calling it Mumbai 3.0.