Maharashtra's Economy Poised to Outpace Major Hubs: Fadnavis Projects Significant Growth

Maharashtra Poised to Surpass Singapore and UAE Economies in Next Two to Three Years

Maharashtra Chief Minister Devendra Fadnavis announced on Friday that the state is on track to surpass the economies of Singapore and the UAE in the next two to three years, driven by rapid growth in innovation, artificial intelligence, startups, and infrastructure.

The state has already become the world's 30th largest economy, with a current economy of USD 660 billion and is the closest Indian state to achieving the target of becoming a USD 1 trillion economy. Maharashtra has emerged as the startup and unicorn capital of India and is now the country's leading state in research, innovation, and economic growth.

Maharashtra's Economic Growth

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Maharashtra's economy has grown from around Rs 14 lakh crore in 2015 to Rs 54 lakh crore today, registering more than three-fold growth in the last decade. The state has maintained an average growth rate of around 10 per cent and is expected to achieve the USD 1 trillion economy target by 2030 despite temporary challenges such as El Nino conditions.

Artificial Intelligence and Technology

Technology and artificial intelligence are acting as "force multipliers" for Maharashtra's development. The state government has created a separate AI department and commissionerate to promote the use of AI across governance and industry. AI-based systems are already being used in the criminal justice system, making the process from crime scene investigation to filing of chargesheets fully digital and blockchain-enabled.

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Vision for 2047

The government has prepared a long-term "Viksit Maharashtra 2047" vision document with short-term goals for 2030, medium-term goals for 2035, and long-term goals for 2047. To monitor implementation, the state has set up a "Vision Management Unit" and created 2,000 data points for various government departments.

Success in Investment and MoUs

Maharashtra has achieved a memorandum of understanding (MoU)-to-investment conversion rate of 55-60 per cent compared to the national average of 35 per cent, while agreements signed at the World Economic Forum Annual Meeting have recorded an implementation rate of 85 per cent. Every investment proposal is monitored through a dedicated relationship manager and a war-room mechanism.

Agricultural Progress

The government's 'Mahavistar' app has been downloaded by 50 lakh farmers and provides agriculture-related services through AI-powered assistance. The app also supports the Bhilli tribal language, enabling tribal farmers to seek guidance in their native language.

Fadnavis emphasized that adopting AI will not be difficult in India, given its young and ambitious population, with more than 65 per cent of people below the age of 35.