Maharashtra is poised to contribute handsomely to attain the national objective of developing a 3 trillion dollar economy. The Mumbai and its environs will play a crucial role in a roadmap outlined by chief minister Devendra Fadnavis while presenting an ambitious plan of action. If it is implemented in letter and spirit by his administration, the state can once again become an industrial and manufacturing hub so as to contribute significantly to India’s goal to become a self-reliant “Atmnirbhar’ nation in the near future.
In the planning for a three trillion-dollar economy, the Mumbai Metropolitan Region (MMR) alone has the potential to generate an economic powerhouse which will become a 1.5 trillion dollar economy on its own. Over the years, the region has been receiving attention from the state government. Besides Mumbai, which is already known as the fintech capital, Navi Mumbai is being developed as an Educity and Innovation City, where the world’s largest skill development complex is to be constructed. In view of the potential for growth, a Third Mumbai is taking shape beyond Navi Mumbai. The Samruddhi Mahamarg will benefit farmers and entrepreneurs in 15 districts. Similarly, the proposed Shakti Peeth Corridor will bring substantial benefits to Marathwada, with major infrastructure development projects underway in Shirdi, Pune and Nagpur.
As the greenfield Navi Mumbai International Airport is set to commence operations soon, enhanced connectivity to the area will be availabe through the Atal Setu sea bridge, an engineering marvel. Moreover, he said. the state is also working on developing India’s largest port at Wadhvan in Palghar district. It will be connected to the Nagpur-Mumbai Samruddhi Mahamarg. Such connectivity will play a crucial role in creating a “fourth Mumbai.”
In his endeavour to boost investments while ensuring a balanced growth across Maharashtra, Fadnavis has reiterated that the state is providing a seamless ecosystem for attracting domestic and foreign direct investments. He says that in the next five years, all regions of the state will witness development across various sectors. Fadnavis made these announcements at the India Global Forum’s “Next 25 Years” event.
Fadnavis highlighted that the state is actively creating new opportunities for investments, particularly in global supply chains. He highlighted how Maharashtra is leading in the field of Artificial Intelligence (AI). As many global and national industrial houses have their presence in the state, now the focus is on generating skilled human resource through the skill universities so that at a future date, there will be no shortage of trained manpower for different industries. This plan will cover the industries based on green and smart technologies.
Besides developing MMR and the related infrastructure, the CM stated that he is paying personal attention to developing rural areas also. For instance, Pune is becoming a hub for the automobile sector while Chhatrapati Sambhaji Nagar is emerging as an electric vehicle complex. The tribal and Naxal-infested Gadchiroli district is set to become a new steel hub when Vidarbha region is witnessing a rapid expansion in solar power generation capacity..
Referring to the Tariff War unleashed by US President Donal Trump, who has declared a 90-day truce now, Fadnavis has assured the existing and potential investors that Maharashtra is ready to face the emerging situation as it develops. The cessation of tariffs has rekindled the hopes for exploiting a huge opportunity for the state in textiles and apparel production, which are among its strongest sectors.
Fadnavis was insistent on developing MMR in a sustained manner as his planning envisages a significant role for the region in making Maharashtra a 3 trillion dollar economy. In this overall scenario, MMR has the capacity to create a 1.5 trillion dollar economy.
Fadnavis also dwelt upon the four river-linking projects underway in the state. They involve an investment of approximately 3 lakh crore rupees and are being implemented to make the state drought-free. Besides, a canal-based irrigation project in Vidarbha is also underway. He stated that 85 per cent of the MoUs signed by the Maharashtra government have already been implemented, while special attention is being given to the remaining 15 per cent to ensure their execution soon. The state government is proactively facilitating land allocation, permits, and all other required infrastructure for industries, he said.
Had Trump gone ahead with the tariffs, there would be some impact for the state but overall, Fadanvis sees is a business opportunity being presented to Maharashtra due to these them. According to exports, if US tariffs imposed on 2 April were implemented, they would have given advantage to certain segments in India, including the textile industry, a relative advantage with rivals such as Vietnam, Bangladesh, and China facing higher tariffs. Maharashtra is one of the textile hubs of India, contributing 10 percent to the country’s total textile industry.
According to Union government estimates, India’s textile exports have already reached 3 lakh crore rupees and the goal is to triple this to 9 lakh crores by 2030. The sector holds a 4.5 percent share in global trade, with the United States and European Union accounting for 47 percent of India’s textile and apparel exports. India is the sixth largest exporter of textiles globally.
As part of the mega plan, Mumbai Metropolitan Region Development Authority (MMRDA) has signed MoUs worth 4 lakh crore rupees. Some of them are : Housing and Urban Development Corporation (HUDCO) worth 150,000 crore rupees; REC Ltd worth 100,000 crore rupees; Power Finance Corporation Ltd worth 100,000 crore rupees; Indian Railways Finance Corporation Ltd worth 50,000 crore rupees and the National Bank for Financing Infrastructure and Development worth 7000 crore rupees.
In a major boost to investment and economic growth, these MoUs are worth approximately 50 billion dollars. They are signed between the Government of Maharashtra and leading domestic and global investors.
In a major consumer sector investment, Magnum Ice Cream Company, a division of Unilever and the world’s largest ice cream brand group, signed an MoU to establish its India headquarters in Mumbai, which will serve as the regional HQ for the Middle East, Turkey, and South Asia (METSA). It will also set up a Global Capability Center (GCC) in Pune with an investment of 108 million US dollars, aimed at consolidating its global business services and innovation. The facility is expected to create over 500 direct jobs by 2029.
Fadnavis has also explained the reality about the high debt levels for Maharashtra. He said, “In India, Maharashtra has the best fiscal health. Our fiscal deficit is below 3 percent and our entire debt is 17 percent of the GDP. Speaking on the investor sentiments in the backdrop of global events, he quipped, “Today is better than yesterday and tomorrow will be better than today. We are interacting with our investors; they are confident and bullish.”
With this confidence, Maharashtra is looking forward to Achche Din soon.
A Column By
Dilip Chaware – Senior Editor
A media professional for 43 years, with extensive experience of writing on
a variety of subjects; he is also a documentary producer and book author.
