Maharashtra Emerge as India's Hub for Startups and Fintech: Devendra Fadnavis

Maharashtra Aims to Become a Globally Competitive Economic Hub

Overview Maharashtra has set ambitious plans to become a globally competitive economic hub, driven by its excellence in manufacturing and finance, and the state's aggressive push into new-age industries such as startups, data centres, semiconductors, and creator economies.

Key Statistics

• $660 billion: Maharashtra's economy, ranking it as the 30th largest economy in the world if it were a separate nation
• 30th largest economy in the world: Maharashtra's ranking if it were a separate nation
• UAE and Singapore: Economies that Maharashtra aims to surpass in the next two years
• 1.5 gigawatts: Operational data centre capacity in the country, with over 1 gigawatt in Maharashtra
• ₹8 lakh crore: Deals worth nearly 9 gigawatts of new data centre capacity in Maharashtra
• 5,000 megawatts: Power demand in the Mumbai-Thane-Navi Mumbai region in the next five years
• 52% renewable: Target for Maharashtra's energy mix by 2030
• 65% renewable: Target for Maharashtra's energy mix by 2035

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Strategic Plan Maharashtra's growth strategy is focused on scale, speed, and systems, aiming to make the state the most competitive in India. The plan relies on:

• Robust infrastructure: To support new-age industries and attract capital
• Agile policy-making: To rapidly execute plans and create an ecosystem for growth
• Rapid execution: To close deals and allot land quickly, eliminating obstacles in the investment pipeline

Competitive Advantage Maharashtra has a systemic advantage in terms of:

• Human resources: Best engineers, technocrats, and work culture
• Technology: Maharashtra is technologically advanced, with a strong focus on innovation
• Ease of doing business: Maharashtra aims to eliminate obstacles and make it easy for businesses to operate

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Key Sectors

• Data centres: Maharashtra is the data centre capital of India, with over 1 gigawatt of operational capacity and a pipeline of nearly 9 gigawatts of new capacity
• Semiconductors: Maharashtra is a leader in OSAT and ATMP, two critical processes in the semiconductor ecosystem