Mumbai: Chief Minister Devendra Fadnavis on Friday outlined an ambitious roadmap to strengthen Maharashtra’s industrial and service sectors while presenting the state budget, setting long-term targets for economic expansion and job creation. There is Rs 1061.84 crores reserve for the industrial sector in the budget.
Industrial Growth Targets
Fadnavis further said the government aims to increase the gross income of the industrial sector from doller123 billion to 1500 billion dollars by 2047. He informed the Assembly that the state has announced the new Industry, Investment and Services Policy 2025, which seeks to raise the share of the industrial sector in Maharashtra’s economy to 30 percent by 2047.
FDI and Entrepreneurship Boost
Highlighting the state’s investment potential, the Chief Minister said Maharashtra continues to rank first in the country in attracting foreign direct investment. To boost entrepreneurship and employment, the government plans to establish a Micro, Small and Medium Enterprises (MSME) Centre in every district, a move expected to generate around 50 lakh direct jobs across the state.
Sector-Specific Initiatives
Fadnavis also spoke about sector-specific initiatives aimed at promoting new industries. Under the Maharashtra Bamboo Industry Policy 2025, the government aims to attract investments of over Rs 50,000 crore and create nearly five lakh direct and indirect job opportunities.
Steel and Gems Investments
The Chief Minister said the state also plans to attract investments of about Rs 2.62 lakh crore in iron ore-based large and ultra-large steel industries, which are expected to generate more than 70,000 jobs. Similarly, the Maharashtra Gems and Jewellery Policy 2025 envisions investments of Rs1 lakh crore and the creation of five lakh employment opportunities.
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Service Sector Expansion
Fadnavis also emphasised the growth potential of the service sector, setting a target to increase its contribution to the state economy from $312 billion to $3,000 billion by 2047. As part of this strategy, the government will implement the AVGC-XR Policy 2025 to position Maharashtra as a global hub for animation, gaming and visual effects.
Skill Development & Global Hubs
He further announced the establishment of the Indian Institute of Creative Technology in Mumbai and said that around 400 new Global Capability Centres will be set up in the state under the GCC Strategy 2025, creating nearly four lakh high-skilled job opportunities.
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