Maha Push: Stating his strategy for growth in the state of Maharashtra, Chief Minister Devendra Fadnavis said that the state aspires to become a $1 trillion economy by 2025. “If I grow business usual, I would anyway become a trillion dollar economy by 2029. But, I want Maharashtra to become a trillion dollar economy by 2025, because my Prime Minister (Narendra Modi) says India should become a $5 trillion economy by 2025,” he said, while speaking at International Economic Forum.
According to Fadnavis, Maharashtra needs a run rate of 15.4% growth per annum to reach the goal. “We want to make the state a trillion-dollar economy by 2025 and for that we require a growth rate of 15.4 per cent,” Fadnavis said on the second day of the Maharashtra global investor summit held in February this year. Further, he has also delineated a strategy with a clear focus on services sector. “We have a strategy towards that. Basic focus is at the service sector. If you look at our economy, around 60% is from the service sector,” he said adding that the state has been very very successful in attracting FDI. “We have been focussing on building infrastructure, so that strategy has also paid. Infra led development has also opened up lot of opportunities for international people to come,” Devendra Fadnavis noted.
Inaugurating the Magnetic Maharashtra global investor summit in February-18, Prime Minister Narendra Modi had said that he was confident that Maharashtra would become a $1-trillion economy by 2025, when the national economy is projected to top the $5- trillion mark, and become the fourth largest economy in the world after the US, China and Japan.
Notably, India currently ranks sixth with a GDP of $2.6 trillion after the US, China, Japan, Germany and Britain, and third in terms of purchasing power parity after the China and the US. Stating the road ahead for Maharashtra, Fadnavis has estimated that to achieve this growth, the agriculture sector should grow at 5.5 per cent, industries at 12.3 per cent and the services sector at 15.5 per cent, a recent PTI report said. “We need to increase this share further. By 2025, the share of the services sector has to grow to 67 per cent, industries to 27 per cent and agriculture to 6 per cent,” he noted.
Notably, the current growth rate clocked by the state at 9.4% will take maharashtra to become a trillion dollar state only by 2029. For accelerating the overall economic growth to 15.4 percent, in order to achiiev the goal by 2025, his government has identified areas of employment- led growth in the digital economy, ease of doing business, public investment in infrastructure led growth and demand led growth in corridors to connect value-added geographies in the state.