With the Bharatiya Janata Party (BJP)-led MahaYuti on its way to a landslide victory in the Maharashtra Assembly polls, the state’s ambition to reach the target of a $1 trillion economy got a major fillip, as envisioned by Prime Minister Narendra Modi.
In August this year, Maharashtra became the country’s first state to surpass the half-a-trillion-dollar economy mark, underscoring the state’s rapid economic progress and its ambitious journey towards a $1 trillion economy.
A NITI Aayog report in September revealed a blueprint for the development of the Mumbai Metropolitan Region (MMR) as a global economic hub, with its economy worth $300 billion (Rs 26 lakh crore) from the present level of $140 billion (Rs 12 lakh crore), and to $1.5 trillion by 2047.
This was followed by the exchange of a Memorandum of Collaboration between the Mumbai Metropolitan Region Development Authority (MMRDA) and the World Economic Forum (WEF).
While there are one crore employment opportunities in the MMR at present, there is a need to create 30 lakh more opportunities, according to the report. The per capita income is expected to increase to $10,000–12,000 by 2030 from the present level of $5,248, and to further grow to $38,000 by 2047.
Investment projects worth Rs 80,000 crore have been sanctioned recently, and efforts are underway to develop the 720-km-long coastline of the state for tourism, according to Chief Minister Eknath Shinde.
“Maharashtra, with its $1 trillion economy target, will contribute in a big way to the country’s aim of becoming a $5 trillion economy,” he added.
According to experts, MahaYuti’s huge win in the assembly polls means policy continuity towards the $1 trillion economy goal, along with the overall development of the state.
Earlier this year, at the World Economic Forum 2024 in Davos, Maharashtra secured investment MoUs worth $44 billion and received an expression of interest for an additional $12.5 billion investment, to generate nearly 200,000 jobs across various sectors.
Shinde said that the diverse investments across sectors reaffirm Maharashtra’s unique position as India’s gateway.
“I am resolute in leading the state’s initiatives to achieve our ambitious $1 trillion GDP goal. The future holds promise, and I am enthusiastic about propelling Maharashtra’s ongoing success on the global stage, which is only possible because of the amazing and talented people in Maharashtra,” he mentioned.
Last month, PM Modi inaugurated various projects worth Rs 7,600 crore in Maharashtra, saying MahaYuti’s resolve is to make Maharashtra stronger.
The Prime Minister also laid the foundation stone of the upgradation of Dr Babasaheb Ambedkar International Airport, Nagpur. The Nagpur Airport upgrade entails an investment of Rs 7,000 crore.
In order to reach the $1 trillion goal, the NITI Aayog report emphasised seven sectors: developing Mumbai into a global services hub, facilitating affordable housing, transforming MMR into a global tourism centre, integrated development of ports in MMR, creating an industrial and logistics hub, development of cities, and sustainable, all-inclusive infrastructure facilities of global standards.
With the MahaYuti alliance, comprising the BJP, Eknath Shinde faction of Shiv Sena, and Ajit Pawar’s NCP along with smaller parties, all set to retain power in the state, the state’s development has received a huge boost.
(Inputs from IANS)