Maharashtra targets $5 trillion economy by 2047, sets vision for development: Fadnavis

Maharashtra has set an ambitious target of becoming a $5-trillion economy by 2047, with Chief Minister Devendra Fadnavis highlighting the state’s comprehensive strategy to achieve this goal. Addressing the NITI Aayog Governing Council meeting, Fadnavis said the state government is committed to implementing its vision for both development and the preservation of heritage, aligned with the central government's goal of a "Viksit Bharat" (developed India) by 2047.

"We are fully prepared to implement our vision for development, and preservation of heritage, which is aligned with the central government’s goal of Viksit Bharat by 2047," Fadnavis said.

The state’s roadmap for achieving this goal is outlined in the 'Maharashtra 2047' vision, which is divided into three key stages. The first phase of this plan is to develop Maharashtra into a one-trillion-dollar economy by 2030. Fadnavis further shared that the government has already undertaken a 100-day program focusing on good governance, citizen-centric reforms, and accountability, during which over 700 targets were successfully met across various departments.

"The goal is to transform Maharashtra's economy into a $one trillion economy by 2030 and $five trillion by 2047," Fadnavis explained.

Fadnavis also announced that the state is in the midst of a 150-day action plan. This plan includes a long-term vision for 2047, a medium-term target for 2035 (coinciding with Maharashtra's 75th anniversary), and a short-term five-year plan with annual targets for 2029.

In addition to economic development, the Chief Minister outlined a roadmap for the state’s green energy transition, emphasizing the progress in renewable energy initiatives. "Power purchase agreements for 45,500 MW have been signed, of which 36,000 MW is green energy," he said, adding that by 2030, 52 percent of the state's energy will come from green sources.

He also highlighted the success of the ‘Saurgram’ (Solar Village) Scheme, which has already converted 15 villages into solar-powered communities.

Maharashtra's success in attracting investment was also underlined, with Fadnavis noting that the state has emerged as an investment magnet. "Maharashtra has attracted Rs 1.39 lakh crore in foreign direct investment (FDI) in the first quarter of 2024-25, the highest in the country," he said, underscoring the state's growing economic influence.

In closing, Fadnavis extended his congratulations to the Indian Armed Forces and Prime Minister Narendra Modi for the successful execution of ‘Operation Sindoor.’