Maharashtra is gearing up for its annual participation in the World Economic Forum meet in Davos, marking a pivotal moment in its journey towards economic prosperity. A year ago, the state envisioned becoming India’s first $1 trillion-economy, and today, it not only remains on course but is advancing steadily.
Davos 2023 witnessed a significant influx of investments, totaling around Rs 1.4 lakh crore, signaling not just financial support but global recognition of Maharashtra’s potential as a powerhouse of opportunities. Commitments made during that pivotal visit have transformed into tangible achievements, with allocated land for projects exceeding Rs 1 lakh crore, progressing through various implementation stages.
The establishment of the Economic Advisory Council of Maharashtra 2023, comprising 21 leaders from diverse sectors, reflects the state’s commitment to holistic growth. Guided by the ‘Panchamrut’ principle, prioritizing farmers, women, tribals, infrastructure development, employment, and eco-friendly practices, Maharashtra is strategically positioned to spearhead India’s $5 trillion-economy dream.
With unparalleled industrial prowess, particularly in MSME industries, Maharashtra leads with the highest number of SEZs, setting benchmarks in both knowledge-based and manufacturing sectors. The state’s economic drivers include a vibrant and skilled workforce, a robust economy valued at over Rs 450 billion, extensive connectivity, and a growing wave of digitization.
In the fiscal year 2022-23 alone, Maharashtra took the lead in creating formal jobs, generating employment opportunities for over 30 lakh locals. Emerging as a hub for diverse industries such as automobile, IT, electronics, textiles, food processing, and tourism, the state’s IT-ITeS Policy 2023 is expected to attract investments of Rs 95,000 crore ($11.5 billion) and create 35 lakh quality job opportunities.
Recognizing agriculture as the backbone of the economy, the state government has allocated Rs 30,000 crore towards sustainable farming and prosperity schemes. Initiatives like the Namo Shetkari Mahasamman Nidhi Yojana and PM Kisan Samman Nidhi Yojana have benefited 1.15 crore farmers.
Infrastructure development forms the bedrock of Maharashtra’s growth, with transformative projects like Navi Mumbai International Airport, Mumbai Trans-Harbour Link, Coastal Road, and the Mumbai-Delhi Expressway underway. Over a dozen metro rail projects are progressing well in Mumbai, Nagpur, and Pune.
Prioritizing eco-friendly development, Maharashtra has committed to projects worth Rs 46,000 crore for the renewable energy and electric vehicle sector. Additionally, investments worth Rs 75,000 crore are in the pipeline for green hydrogen, green ammonia, solar, and wind energy projects.
As the highest FDI-grossing state in 2022-23, Maharashtra remains the preferred investment destination in Q1 and Q2 of 2023-24, with a commitment to fostering a business-friendly environment through single-window clearance, land reforms, and fiscal incentives.
Maharashtra’s success story is not just one of economic growth but also a testament to the resilience, innovation, and commitment of its people. Stepping into Davos 2024, the confidence is high that Maharashtra’s journey towards a $1 trillion economy by 2028 is not just a promise but a reality in the making.