Maharashtra is the ‘powerhouse of the Indian economy’ as it contributes more than 15 per cent of India’s GDP, Deputy Chief Minister Devendra Fadnavis said on Thursday. Maharashtra currently contributes 29 per cent of India’s FDI and 20 per cent of the country’s total industrial production, Fadnavis said after inaugurating ‘Taiwan Expo 2023’ in Mumbai’s Goregaon.
The three-day Expo, themed on the concept of ‘Explore Taiwan in India’, offers an opportunity to showcase top-of-the-line products from Taiwan brands to introduce them to the Indian market. “I feel very proud that after organizing two successful events in India’s national capital in 2018 and 2019, the exhibition is being organised for the first time this outside Delhi,” the deputy chief minister said.
During his address, Fadnavis called Maharashtra the ‘powerhouse of the Indian economy’ and said he wants the state to become $1-trillion economy by 2028. “Maharashtra contributes 15 per cent to the country’s GDP, 20 per cent to industrial production, 20 per cent to Indian exports, 29 per cent to foreign investment and 65 per cent to data centres,” the deputy chief minister said.
“Apart from this, Maharashtra is also the number 1 state in terms of power generation, universities, and technical institutions. Maharashtra is the startup capital of the country. There are 17 thousand registered startups in the state. Out of 100 unicorns in the country, 25 are from Maharashtra.”
Fadnavis said Maharashtra is poised to be a pivotal player in propelling India to become the third-largest global economy. “With a target set by the state government, Maharashtra aims to achieve $1 trillion economy by 2028, marking a historic milestone as the first Indian state to attain this feat.”
Earlier in August, Fadnavis said that the state will have a “1 trillion dollar” share in India’s 5 trillion dollar economy dream of Prime Minister Narendra Modi. “The government will work to transform the lives of people. Maharashtra will have a share of 1 trillion dollars in the 5 trillion dollar economy dream of Prime Minister Narendra Modi,” he said while addressing a gathering after hoisting the national flag in Nagpur.
In 2022-23, Maharashtra’s state GDP was nearly $425 billion. In July this year, an Economic Advisory Committee headed by Tata Sons Chairman N Chandrasekaran proposed a blueprint to make Maharashtra a $1 trillion economy by 2028. Maharashtra CM Eknath Shinde had said that ease of doing business would be his government’s focus. Chandrasekaran said that the growth plan would help create 15 million jobs and double the per capita income for all sections of society, including farmers.