Maharashtra Aims for $5 Trillion Economy by 2047 with Strategic Vision

Maharashtra is setting its sights on becoming a $5 trillion economy by 2047, as Chief Minister Devendra Fadnavis unveiled a comprehensive strategy during the NITI Aayog Governing Council meeting. The plan aligns with the central government’s vision of a “Viksit Bharat” (developed India) by the same year. Fadnavis emphasized the state’s commitment to balancing development with heritage preservation, outlining a roadmap that includes a series of ambitious economic goals and green energy initiatives.

Roadmap to Economic Growth

The ambitious plan for Maharashtra’s economic growth is encapsulated in the ‘Maharashtra 2047’ vision, which is structured into three distinct phases. The first phase aims to elevate the state’s economy to a one-trillion-dollar mark by 2030. Chief Minister Fadnavis highlighted that the government has already initiated a 100-day program focused on good governance and citizen-centric reforms. This program has successfully met over 700 targets across various departments, showcasing the government’s commitment to accountability and effective administration. Fadnavis reiterated the goal of transforming Maharashtra’s economy into a $1 trillion economy by 2030 and ultimately reaching $5 trillion by 2047.

In addition to the immediate economic targets, the state is also implementing a 150-day action plan that includes a long-term vision for 2047, a medium-term target for 2035, and a short-term five-year plan with annual goals set for 2029. This structured approach aims to ensure that the state remains on track to meet its ambitious economic objectives.

Green Energy Initiatives

As part of its broader economic strategy, Maharashtra is also prioritizing a transition to green energy. Chief Minister Fadnavis provided insights into the state’s renewable energy initiatives, stating that power purchase agreements for 45,500 MW have been signed, with 36,000 MW sourced from green energy. By 2030, the state aims for 52% of its energy to come from renewable sources. This commitment to sustainability is further exemplified by the success of the ‘Saurgram’ (Solar Village) Scheme, which has already transformed 15 villages into solar-powered communities.

These green energy initiatives not only contribute to environmental sustainability but also play a crucial role in the state’s economic development. By investing in renewable energy, Maharashtra is positioning itself as a leader in the green transition, which is increasingly important in today’s global economy.

Investment Attraction and Economic Influence

Maharashtra’s efforts to attract investment have yielded impressive results, with Chief Minister Fadnavis noting that the state has become an investment magnet. In the first quarter of the 2024-25 fiscal year, Maharashtra attracted Rs 1.39 lakh crore in foreign direct investment (FDI), the highest in the country. This influx of investment underscores the state’s growing economic influence and its potential to drive significant growth in various sectors.

Fadnavis’s announcement highlights the state’s strategic initiatives to create a conducive environment for investors. By focusing on infrastructure development, regulatory reforms, and citizen-centric governance, Maharashtra aims to sustain its momentum as a leading destination for investment in India.

Recognition of National Achievements

In his address, Chief Minister Fadnavis also took a moment to acknowledge the contributions of the Indian Armed Forces and Prime Minister Narendra Modi for the successful execution of ‘Operation Sindoor.’ This recognition reflects the state’s commitment to national pride and unity, reinforcing the importance of collaborative efforts in achieving both regional and national goals.

As Maharashtra embarks on this ambitious journey towards becoming a $5 trillion economy, the state’s comprehensive strategy, focus on green energy, and commitment to attracting investment position it as a key player in India’s economic landscape.

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