Mumbai: Maharashtra is firmly on track to become a trillion-dollar economy, with the state government now targeting the milestone by 2030, two years ahead of earlier projections, Chief Minister Devendra Fadnavis said while interacting with the media at Davos during the World Economic Forum (WEF) annual meeting.
Strong Growth
The Chief Minister noted that Maharashtra has consistently maintained an average growth rate of over 10 per cent during the past decade. “At this pace, Maharashtra could naturally emerge as India’s first trillion-dollar economy by 2032. However, we have set an ambitious goal to achieve this by 2030,” he said.
Despite the current global geopolitical uncertainties and slowing growth across major economies, Fadnavis said India continues to be viewed as a “bright spot” by international institutions, and Maharashtra has successfully sustained its growth momentum. “While global economies are witnessing a slowdown, Maharashtra has remained resilient and continues to attract large-scale investments,” he added.
WEF Engagement
The Chief Minister is attending the WEF meeting in Davos along with Industry Minister Dr Uday Samant and a high-level delegation. During the visit, the Maharashtra Pavilion has emerged as a focal point for investor engagement and policy discussions.
Highlighting the state’s investment performance, Fadnavis said Maharashtra accounted for 39 per cent of India’s total foreign direct investment (FDI) inflows last year, making it the top destination for global investors. He attributed this success to the state government’s proactive policy framework, noting that 15 to 16 sector-specific policies have been implemented to create a robust, transparent and investor-friendly ecosystem.
“There is no shortage of investment interest in Maharashtra. What matters is creating the right environment, and that environment now exists,” he said, asserting that the state’s credibility has strengthened due to consistent policy implementation. “Maharashtra is reliable. We do what we promise. That is why global entrepreneurs and investors trust the state.”
Centre’s Role
Fadnavis credited Prime Minister Narendra Modi for laying the foundation for India’s ‘Viksit Bharat’ vision by creating a supportive national ecosystem for investment. “Maharashtra is the gateway of India for global investments. We compete positively with other states, and ultimately this benefits the country, though Maharashtra continues to stay ahead,” he remarked.
Focus on Balanced Regional Development
The state government is working to attract investments across all geographic regions of Maharashtra by coordinating with industries from 10 to 12 diverse sectors. The Chief Minister also spoke about the development of a “Third Mumbai,” which is expected to draw substantial investment. “We have a strong menu of opportunities, and we are confident of successfully attracting investors,” he said.
WEF as a Global Investment Platform
Describing the WEF annual meeting as a crucial platform for industry and investors, Fadnavis said Maharashtra uses Davos each year to showcase its strengths and capabilities. “We are confident that this year will see even higher investment commitments than last year,” he said, pointing out that Maharashtra has successfully converted 60 to 65 investment agreements signed at Davos into actual projects.
He urged entrepreneurs from Maharashtra to fully utilise the global exposure and networking opportunities offered by the forum.
MSMEs, Startups and Future Technologies
Calling micro, small and medium enterprises (MSMEs) the backbone of the economy, the Chief Minister said they play the most significant role in job creation. Both the Centre and the state are actively supporting MSMEs, he said, adding that credibility and trust have become critical factors for businesses today.
On emerging sectors, Fadnavis said startups are rapidly scaling up, with several achieving unicorn status within three to four years. He emphasised that Maharashtra is well-positioned to lead in artificial intelligence (AI), data and frontier technologies. Notably, the state hosts nearly 60 per cent of India’s data centre capacity and is fast emerging as the country’s ‘Data Centre Capital’. This capacity will be further expanded through reliable, green energy-based power infrastructure.
Massive MoUs and High Conversion Rate
The Chief Minister said Maharashtra signed memoranda of understanding (MoUs) worth Rs16 lakh crore last year. To ensure these translate into real investments, the state has set up a dedicated tracking mechanism. While the national average MoU conversion rate stands at around 25 to 30 per cent, Maharashtra has achieved a conversion rate of 50 to 55 per cent, which rises to 75 to 80 per cent for Davos-linked agreements.
Land allocation, faster approvals and a dedicated ‘war room’ system ensure continuous coordination with investors, he added.
Mega Projects and Job Creation
Fadnavis announced that large integrated projects, including Edu-City, Innovation City, Sports City, Medi-City and GCC City, are being developed near the Navi Mumbai International Airport. These clusters are expected to generate nearly 3.5 million high-paying jobs and bring transformative changes to India’s economic landscape.
He also highlighted the Vadhavan Port project, describing it as one of the world’s top 10 ports. Three times larger than JNPT, the port will be capable of handling the world’s largest vessels. The first phase is expected to be operational within three years and will strengthen India’s maritime trade and supply chains for the next century.
Urban Development and Law & Order
Emphasising the importance of law and order for industrial growth, Fadnavis said Maharashtra follows a zero-tolerance policy and assures complete protection to industries. “Investment in Maharashtra is safe, reliable and future-ready,” he said.
The Chief Minister also underlined the role of cities in economic growth, noting that around 65 per cent of India’s GDP is generated in and around urban areas. He said Prime Minister Modi transformed the approach to urbanisation through initiatives such as Smart Cities, AMRUT, Swachh Bharat and large-scale investments in urban infrastructure and social sectors.
With nearly 40 to 45 per cent of Maharashtra’s population residing in its 29 municipal corporations, improving urban liveability will not only enhance citizens’ quality of life but also provide a major boost to the state’s economy, Fadnavis concluded.
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