MUMBAI: Chief minister Devendra Fadnavis said the Maharashtra government is firmly on track to becoming a $1-trillion economy by 2030. He pointed out that seven other states had set a similar target but have not yet achieved $500 billion. In contrast, Maharashtra’s economy has already hit $660 billion, he said.
While replying to the motion of thanks on the governor’s address during the budget session, Fadnavis said in the state legislature on Thursday, “It (the economy) was ₹13 lakh crore in 2012-13 and has now reached ₹51 lakh crore, over three times in just 11 years. The target can easily be achieved if drought does not hit us during this period. Once the target of $1 trillion is reached, we will be the 13th-largest economy in the world. Currently, our economy is the same size as that of Belgium,” he said.
Fadnavis also hit back at the opposition for criticising the drop in the state’s own-tax collection to GDP ratio, and its contribution to the national GDP. He said Maharashtra accounted for 13.1% of the national GDP in 2021-22, which rose to 13.5% the next year, and 13.8% in 2024-25.
On investments, the chief minister said that apart from holding the record for the highest foreign direct investment (FDI) in the country, Maharashtra leads in implementing memoranda of understanding (MOUs) signed with various companies in Davos and elsewhere.
“Of the MOUs signed in Davos in 2022, 98% have been implemented, while 80% of 19 MOUs worth ₹1,37,393 crore signed in 2023 have been realised. Seventy percent of 24 MOUs worth ₹3,16,739 crore signed in 2024 are under implementation, while 88% of MOUs worth ₹12,23,081 crore in 2025 are being implemented,” he said.
“While the national average rate of fructification of MOUs is 35%, it is more than 55% in Maharashtra, and over 75% for MOUs signed in Davos,” he added.
Although the state government signed agreements with companies in Davos last month, these companies have 83% foreign investment. He said that apart from the 67 MOUs worth ₹31,25,882 crore signed at the 2026 Davos investment summit, many international companies have initiated discussions for investment amounting to more than ₹10 lakh crore.
Fadnavis lashed out at the opposition for criticising the state’s decision to introduce Hindi as a compulsory language from Class 1 in schools. He claimed it was, in fact, a decision taken by then chief minister Uddhav Thackeray on January 30, 2022, in a cabinet meeting. Producing documents signed by Thackeray, Fadnavis said the then government had made Hindi compulsory until Class XII and recommended it even for degree courses.
Fadnavis on Tipu row
Chief minister Devendra Fadnavis hit out at the opposition for its attempt to draw a parallel between 18th century Mysore ruler Tipu Sultan and Maratha ruler Shivaji. He said if history taught in schools had been imparted accurately in 70 years of independence, not a single Muslim would have considered Mughal emperor Aurangzeb a hero.
Fadnavis’s remarks on Tipu Sultan came against the backdrop of the controversy that broke after Maharashtra Congress chief Harshavardhan Sakpal drew a parallel between Tipu Sultan and Shivaji.