Chief Minister Devendra Fadnavis on Monday said that Maharashtra is no longer just a participant in India’s growth story, but the "primary engine" defining the nation’s economic destiny. Addressing the CII annual business summit, he detailed a road map to transform Maharashtra into a $1 trillion economy by 2030, asserting that the state’s success is a prerequisite for India’s goal of becoming a 'Viksit Bharat' by 2047.
CM Fadnavis opened his speech by contrasting India’s current economic stability with global geopolitical volatility. "While the world grapples with fragmented supply chains, India is the only nation inspiring confidence at scale," he stated. He credited the central government's leadership for transitioning the country from a nation of "potential" to one of "guaranteed delivery."
The Chief Minister placed heavy emphasis on massive infrastructure projects as the foundation for industrial expansion. He highlighted the completion of the Mumbai Trans Harbour Link and the upcoming Navi Mumbai International Airport as game-changers for regional connectivity.
"Infrastructure is not just about concrete; it is destiny. Maharashtra is making investments at an unprecedented scale,” he remarked. He specifically pointed to the Samruddhi Mahamarg and the development of the Vadhavan Port as critical nodes that will link Maharashtra’s hinterlands to global markets.
Infrastructure is destiny and AI, semiconductors, EVs, clean energy, data centres, GCCs and deep-tech will define the future economy and Maharashtra is positioning itself at its centre, he noted. CM Fadnavis revealed that the once-underdeveloped district of Gadchiroli is being fast-tracked to become India’s largest hub for Green Steel production by 2032.
Beyond traditional manufacturing, he outlined a pivot toward "high-value" sectors including Semiconductors and AI by positioning Pune and Mumbai as global research and development (R&D) hubs. He expressed a commitment to reducing industrial power tariffs by 3 per cent annually through 2030, a move aimed at making Maharashtra the most competitive manufacturing destination in Asia.
He asserted that Maharashtra continues to hold the top spot in the country’s startup ecosystem. He also noted that the Multi-Year Tariff (MYT) for 2025–2030 has been approved, providing a stable regulatory framework for the state's industrial and energy sectors.
He reassured the audience that the state has cleared all industrial incentive dues for the previous year, emphasising a "zero-default" policy on government promises. CM Fadnavis detailed a "hub-and-spoke" model for the state, where Mumbai remains the financial heart, Pune drives innovation, and Nagpur emerges as the nation’s central logistics capital.
CM Fadnavis issued a call to action for the private sector. "When India celebrates its centenary in 2047, history will record that it was Maharashtra’s courage and execution that provided the momentum for a Viksit Bharat . We are open for business, and we are ready to lead,” he added.