Mumbai, May 22 (IANS) Chief Minister Devendra Fadnavis on Friday expressed strong confidence that Maharashtra is taking a giant leap forward in research, innovation, and the global economy.
He said that leveraging Artificial Intelligence (AI) and emerging technologies, Maharashtra is stamping its authority across all sectors nationwide.
The Chief Minister emphasised that no other state in the country comes close to Maharashtra in terms of research, innovation, infrastructure, and revenue generation, making it a robust ecosystem for establishing new industries, tech-driven businesses, and data centres. He was speaking during a detailed interview to an English TV channel.
Elaborating on the state’s ambitious target to become a $1 trillion economy, CM Fadnavis highlighted that Maharashtra is undisputedly the startup and unicorn capital of India. “In 2015, Maharashtra’s economy stood at approximately ₹14 lakh crore; today, it has reached an impressive Rs 54 lakh crore. Over the past ten years, we have more than tripled the size of our economy,” he stated.
He noted that while several other Indian states talk about achieving a $1 trillion status, Maharashtra is currently closest to the target. The state’s economy currently stands at $660 billion, maintaining a steady Compound Annual Growth Rate of 10 per cent.
The Chief Minister added that if this momentum continues, the state will firmly secure its $1 trillion goal by 2030, even if short-term agricultural or natural challenges—such as the El Niño weather patterns seen in 2025–2026—cause minor fluctuations.
In terms of economic scale, Maharashtra is no longer just competing with other Indian states; it has emerged as the 30th largest economy in the world.
CM Fadnavis claimed that within the next two to three years, Maharashtra’s economy is on track to surpass the economies of global financial hubs like Singapore and the United Arab Emirates (UAE).
“To catalyse this growth, technology and AI are being deployed as force multipliers through the effective use of Geographic Information Systems (GIS), data tracking, and centralised data pools. This objective is backed by structural planning rather than just paperwork; an Economic Advisory Council has been established to formulate a dedicated development blueprint for every sector. Additionally, the government has drafted the ‘Viksit Maharashtra 2047’ vision document, which outlines short-term goals up to 2030, mid-term milestones up to 2035, and long-term targets up to 2047,” said the CM.
To drive administrative efficiency, the government has mapped out 2,000 specific data points and assigned them to relevant state departments, with a specialised ‘Vision Management Unit’ established to monitor real-time progress. Currently, the performance rate across all departments ranges between a high 75 per cent and 95 per cent he said.
The Chief Minister also highlighted Maharashtra’s exceptional performance in capital realisation. While the national average for converting Memorandums of Understanding (MoUs) into actual on-ground investments stands at 35 per cent, Maharashtra maintains a conversion rate of 55 per cent to 60 per cent.
“Remarkably, the investment conversion rate for MoUs signed at the World Economic Forum in Davos stands at a staggering 85 per cent. The state ensures this through a dedicated ‘Relationship Manager’ assigned to every MoU, with progress directly monitored via the Chief Minister’s institutional War Room,” he added.
CM Fadnavis asserted that rapid AI adoption is non-negotiable for maintaining economic leadership. To spearhead this, the Government of Maharashtra has established a dedicated new department for Artificial Intelligence along with a specialised Commissionerate.
“As we enter the era of AI, we must welcome it with an open mind. The more data we generate, the better trained our AI models become. With a young, aspirational demographic where over 65 per cent of the population is under the age of 35, adopting AI across Maharashtra is entirely seamless,” he said.
–IANS
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