Maharashtra is riding high on speed! CM claims: UAE and Singapore will be left behind in three years
During a conversation, he said that Maharashtra currently has a $660 billion economy and is the Indian state closest to achieving the goal of becoming a $1 trillion economy. The Chief Minister said that Maharashtra's economy has grown from approximately ₹14 lakh crore in 2015 to ₹54 lakh crore today, representing more than a threefold increase in the last decade.
Maharashtra Chief Minister Devendra Fadnavis on Friday said that due to rapid growth in innovation, artificial intelligence, startups and infrastructure, the state is in a position to surpass the economies of Singapore and UAE in the next two to three years.
" "He said that Maharashtra is not competing with any other Indian state as it has already become the 30th largest economy in the world. Speaking at the 'ImagineX 2026' event organised at the Jio World Centre here,
Fadnavis said that Maharashtra has emerged as the startup and unicorn capital of India, and is now the country's leading state in terms of research, innovation and economic development.
How big is Maharashtra's economy?
During a conversation, he said that Maharashtra currently has a $660 billion economy and is the Indian state closest to achieving the target of becoming a $1 trillion economy.
The Chief Minister said that Maharashtra's economy has grown from approximately ₹14 lakh crore in 2015 to ₹54 lakh crore today, representing more than three-fold growth in the last decade.
Fadnavis said, "Maharashtra is unrivaled by any other Indian state. It has already become the 30th largest economy in the world, and in the next two to three years, it will surpass the economies of Singapore and the UAE."
He said that the state has maintained an average growth rate of around 10 percent and, despite temporary challenges posed by conditions like El Niño, is expected to achieve the target of a $1 trillion economy by 2030.
Getting a boost from AI
Fadnavis said that technology and artificial intelligence are acting as "force multipliers" for Maharashtra's development. He further stated that the state government has created a dedicated AI department and commissionerate to promote the use of AI in both governance and industry.
He said that AI-based systems are already being used in the criminal justice system, making the entire process from crime scene investigation to filing charge sheets completely digital and blockchain-enabled.
The CM said that the government has prepared a long-term "Developed Maharashtra 2047" vision document, which includes short-term goals for 2030, medium-term goals for 2035, and long-term goals for 2047.
He said that to monitor its implementation, the state has created a "Vision Management Unit" and created 2,000 data points for various government departments.
Use of AI in agriculture
Fadnavis said that Maharashtra has achieved a 55-60 percent rate of conversion of MoUs (Memorandum of Understanding) into investments, compared to the national average of 35 percent.
The implementation rate of agreements reached at the World Economic Forum's annual meeting has been 85 percent. He further stated that every investment proposal is monitored by a dedicated relationship manager and a "war-room" system.
Highlighting the use of AI in agriculture, Fadnavis said that the government's "Mahavistar" app has been downloaded by 5 million farmers and provides AI-enabled farming services.
He added that the app also supports the Bhili tribal language, allowing tribal farmers to seek advice in their mother tongue. CM Fadnavis said that India's population is young and ambitious, with more than 65 percent of the population under the age of 35. Therefore, adopting AI will not be difficult.