Maharashtra to be India's first $1 trillion economy by 2025, says Chief Minister Uddhav Thackeray

Notwithstanding the competition from various states, Maharashtra attracts one-third of the Foreign Direct Investment (FDI) inflow in India. The state is on its path to becoming the country’s first trillion-dollar economy by 2025 backed by infrastructure-led focus on growth, a progressive policy ecosystem and a large pool of skilled workforce, said Chief Minister Uddhav Thackeray here on Friday. In his virtual address at the NASSCOM Technology & Leadership Forum, Thackeray said Maharashtra, which is the land of opportunities and a prominent destination in India to conduct business, would be at the forefront in this era of change.

Thackeray said under Magnetic Maharashtra 2.0, the Maharashtra government signed 54 MOUs worth Rs 1,12,939 crore. The investors included those from countries like the USA, UK, Spain, Japan, Singapore and South Korea. “I urge industry leaders and companies to explore Maharashtra’s technological landscape and make this state their home and preferred destination for business,” he said. He added that Maharashtra is the largest economy in the country with a GDP of close to half a trillion dollars and contributes 16% to the country’s GDP.

Thackeray said Maharashtra has embarked on a journey to adopt emerging technologies including Blockchain, Artificial intelligence and Internet of Things (IoT). “We are determined to drive Mumbai to be one of Asia’s important Fintech hubs,” announced Thackeray. “With the upcoming 2021 IT/ ITeS Promotion Policy for the state, you can expect a razor sharp focus on the creation of the right ecosystem for technology companies, incentives for innovation, research and development, and a close working relationship between the state and the industry,” he noted.

Thackeray said due to state-of-the-art start-up warehouses in Mumbai and Pune, in just 3 years, close to 50 startups have benefited and employed more than 1,300 people in the state. “Encouraged by this success, we are planning to set up a large Incubation Center in Mumbai in partnership with NASSCOM in the near future,” he added.

Meanwhile, Tourism Minister Aaditya Thackeray, in his comment after Maharashtra ranked first in attracting FDI during October 2019-November 2020, said the state, even while containing COVID-19, has focused on investment, infrastructure and environment. He further added that the Maha Vikas Aghadi government is committed to sustainable development.

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