Maharashtra Chief Minister Devendra Fadnavis has laid out ambitious economic initiatives at the World Hindu Economic Forum (WHEF) 2024, aiming to transform the state into India’s first $1 trillion economy by 2028 to 2030.
Addressing over 1,000 international delegates, Fadnavis underscored India’s swift economic evolution, focusing on a developmental model that fosters inclusivity. The state is poised to make a substantial contribution towards India’s broader objective of achieving a $5 trillion economy by 2030, with predictions suggesting it could even reach between $7 trillion and $9 trillion.
Central to these plans are major infrastructure improvements and advancements in technology. Fadnavis revealed the proposal for a new port at Vadhavan, which will be three times the size of the Jawaharlal Nehru Port Trust (JNPT) and designed to handle larger vessels. Presently, Maharashtra is home to 49 percent of key national infrastructure projects, with recent successes including the completion of a remarkable 22 km sea link in just five years.
The Chief Minister acknowledged Maharashtra’s pivotal significance in the nation’s digital landscape, highlighting that the state accounts for 65 percent of India’s data center capacity. He emphasized the transformative power of technology as a means to enhance inclusivity, envisioning it as a way to democratize access to services.
Fadnavis also addressed economic and environmental strategies, stating that Maharashtra aims to boost its renewable energy contribution to 52 percent by 2030, alongside ongoing efforts in water conservation and increasing forest cover. The state has already made significant strides in poverty alleviation, contributing to India’s success in lifting 250 million individuals out of poverty.
To drive these initiatives forward, an Economic Advisory Council has been formed to devise policies that facilitate rapid growth. Fadnavis distinguished this approach from Western economic paradigms, promoting a growth strategy centered around community support and collective welfare.
The WHEF 2024 conference, which commenced with a tribute to the late Padma Vibhushan Ratan Tata, is set to take place over the course of three days.
