Maharashtra aims US$ 1 trillion (Rs. 84,73,000 crore) GDP with growth in manufacturing, services

According to a senior official, the Maharashtra government has set an ambitious goal to double the state’s GDP to US$ 1 trillion (Rs. 84,73,000 crore) by the end of this decade. This would elevate Maharashtra’s GDP above that of countries like Singapore, Switzerland, and the UAE. To achieve this target, the government aims for a compound annual growth rate (CAGR) of 14%, increasing the GDP from US$ 500 billion (Rs. 42,36,500 crore) to US$ 1 trillion (Rs. 84,73,000 crore). As part of the strategy, the share of manufacturing in the state’s GDP will rise by 5% points to 21% by FY30. Additionally, Maharashtra plans to focus on sunrise industries such as electric vehicles (EVs) and semiconductors, which are expected to boost employment and ensure sustainable growth. The state’s services sector, which contributes 59% to the GDP, will remain a key priority, with efforts to attract global capability centres (GCCs) to Pune and invest in infrastructure development, including metro projects and airports.

The government also aims to improve power generation capacity from 45 GW to 84 GW over the next five years and reduce industrial power tariffs by US$ 0.024 (Rs. 2) per unit, making Maharashtra highly competitive in India. Furthermore, the state plans to enhance transportation infrastructure, focusing on expanding Mumbai's coastal roads and metro lines, alongside completing the high-speed rail project. Officials emphasized that the women’s income transfer scheme accounts for less than 10% of the state’s US$ 60 billion (Rs. 5,08,380 crore) revenue. Maharashtra continues to lead in foreign direct investment (FDI), securing 31% of cumulative equity inflows, totalling US$ 78 billion (Rs. 6,60,894 crore) from October FY19 to June FY24.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.