Mumbai (Maharashtra) [India], March 7 (ANI): Maharashtra Chief Minister Devendra Fadnavis on Friday expressed confidence that his government will turn the state into a USD one trillion economy by 2030, noting that it was the only state to surpass the half-trillion-dollar economy milestone in India.
Fadnavis was speaking at the Moneycontrol Global Wealth Summit 2025 in Mumbai.
While discussing the state’s economic growth, he said, “In 2016-17, we mooted the idea of a one trillion-dollar economy. Maharashtra is the only state that has chased the half-trillion path. By 2030, we will be able to make Maharashtra a one trillion-dollar economy.”
He further said that his government is committed to ensuring that social welfare schemes’ pressure on the Budget does not result in shortcomings in capital investment in the state.
Admitting that the annual cost of Rs 60,000 crore for schemes launched by the government “has put some pressure on the state’s budget”, the Chief Minister said that the government is trying to facilitate the development of business models among the beneficiaries.
“We started the Laadli Bahin Yojana last year, where women receive a grant of Rs 1,500 per month. In Nagpur, a group of women developed a finance society. They drew deposits to the tune of Rs 30 lakh through small investments and developed a business model out of it. So, we are trying to facilitate and develop business models among the beneficiaries,” the Chief Minister said.
“Maharashtra has the power to attract investments; we are trying to leverage that,” Fadnavis said at the event. He underpinned Maharashtra’s dominance in attracting capital and its growing role as a fintech and startup hub.
“This year has been good for us in terms of FDI,” he said, underlining the state’s investment momentum. Speaking about Maharashtra’s growing startup ecosystem, he asserted that the state leads in both the number of startups and total investments.
He highlighted a shift in entrepreneurial trends, with Mumbai emerging as a preferred base for startups over Bengaluru. “There was a time when entrepreneurs founded their startups in Mumbai and then moved to Bangalore. Now we are seeing reverse migration happening,” he said.
He also said that we will soon see Industry 4.0 in Mumbai.
When asked about what had changed during his second term as the Chief Minister, he said, “There is no anxiety now. I am more calm and composed.”
Speaking about the growth of Mumbai, he praised the state’s leadership in the fintech and data industries. “Maharashtra is the de facto fintech and data capital. NPCI is setting up their headquarters in BKC, strengthening Mumbai’s position as a financial hub,” he noted.
“Mumbai has become the startup capital,” he said, adding that Maharashtra now leads both in absolute numbers and investments.
Fadnavis expressed optimism about Tesla entering India, stating that Maharashtra would be the ideal destination for the electric vehicle giant.
“We also hope Tesla will come. If they ask us, then we will say the best case is Maharashtra for investment,” Fadnavis said.
While acknowledging competition among Indian states for investment, Fadnavis maintained a broad national perspective. “If Gujarat develops, then I am happy. If Karnataka develops, then I am also happy. After all, investment is coming into India,” he said. (ANI)
, https://www.aninews.in/news/national/politics/mahayuti-will-turn-maharashtra-into-usd-1-trillion-economy-by-2030-fadnavis20250307232438
