Maharashtra Aiming For $1 Trillion Economy By 2030, CM Fadnavis Tells Morgan Stanley

Maharashtra is positioning itself as the cornerstone of India's economic transformation, with a roadmap to become a $1 trillion economy by 2030 and a $5 trillion economy by 2047, according to insights shared by Chief Minister Devendra Fadnavis at the India Investment Forum 2025 hosted by Morgan Stanley.

Fadnavis emphasised the state's commitment to economic resilience, infrastructure expansion, and inclusive development. The state's development agenda is anchored in the upcoming Viksit Maharashtra Plan, which aligns with the Centre's Viksit Bharat vision, as per the note. With clear short, medium, and long-term targets and annual key result areas, the plan is being implemented by MITRA, which is Maharashtra's counterpart to Niti Aayog.

Morgan Stanley noted that both the manufacturing and services remain critical to Maharashtra's growth model. While the services sector's share in the state's GSDP has risen by over 10 percentage points, there is a parallel push to develop advanced manufacturing capabilities. The integration of services into industrial parks is creating a blended model where the lines between services and manufacturing are increasingly blurred.

Maharashtra also leads in fostering entrepreneurship. According to the latest Startup India rankings, the state has the highest number of startups, most of which are rooted in the services sector, supported by a robust ecosystem.

Efforts are also underway to decentralise industrial activity beyond Mumbai Metropolitan Region and Pune. The Chief Minister highlighted Chhatrapati Sambhaji Nagar as the potential EV capital of India, Gadchiroli as the future Steel City—expected to house nearly 30% of India's steel capacity—and Raigad as a new magnet for industrialisation.