Maharashtra's Ambitious Vision: Industrial Growth to $1.5 Trillion by 2047
Synopsis
The Maharashtra government is targeting a monumental rise in its industrial revenue from $123 billion to an astounding $1,500 billion by 2047. This transformative initiative aims to bolster job creation and attract significant investments.
Key Takeaways
Maharashtra aims for $1.5 trillion industrial revenue by 2047.
50 lakh jobs expected from new initiatives.
Bamboo policy targets Rs 50,000 crore investment.
Services sector GDP to rise to $3,000 billion.
Tourism goal: 38 crore annual tourists by 2047.
Mumbai, March 6 (NationPress) The Maharashtra administration has established an ambitious objective to elevate the gross revenue of the industrial sector in the state from $123 billion to $1,500 billion by the year 2047.
During the presentation of the annual Budget for 2026–27, Chief Minister Devendra Fadnavis revealed that the new Industry, Investment and Services Policy–2025 aims to boost the industry's contribution to the state's economy to 30 percent by 2047.
The Budget highlights that Maharashtra currently leads the nation in attracting Foreign Direct Investment (FDI). Additionally, Micro, Small and Medium Enterprises Centres will be set up across every district in the state, anticipated to generate approximately 50 lakh direct employment opportunities.
The Maharashtra Bamboo Industry Policy–2025 is designed to attract investments exceeding Rs 50,000 crore and create around 5 lakh direct and indirect job opportunities. A Bamboo Development Project funded by the Asian Development Bank, valued at Rs 4,271 crore, is also planned for implementation.
An investment proposal of about Rs 2.62 lakh crore is in place for iron ore-based large and ultra-large steel industries in Gadchiroli, projected to create over 70,000 jobs.
Under the Maharashtra Gems and Jewellery Policy–2025, an investment of Rs 1 lakh crore is expected to lead to the creation of around 5 lakh jobs.
In the services sector, the government aims to increase the sector’s gross domestic product from $312 billion to $3,000 billion by 2047. To achieve this, Maharashtra plans to become a global leader in Animation, Gaming, and Visual Effects (AVGC)-XR through the AVGC-XR Policy 2025.
Additionally, the establishment of the “Indian Institute of Creative Technology” in Mumbai is proposed. Furthermore, around 400 new Global Competence Centres will be launched in Maharashtra under the “GCC Strategy–2025”, expected to create about 4 lakh high-skilled job opportunities.
In the tourism sector, the government aims to elevate annual tourist visits from 16 crore to 38 crore by 2047.
The government also plans to develop 50 selected tourist destinations in celebration of the golden jubilee of the Maharashtra Tourism Development Corporation (MTDC).
Other initiatives from the Budget include the Munawale–Vasota Fort ropeway project in Satara district, the development of a third film city in Navargaon, Nagpur district, the establishment of Ramsrishti and Kalidas Srishti at Ramtek, support for a biopic on Mahakavi Kalidas, and enhancements to various religious sites associated with the Mahanubhav Panth.
Point of View
Maharashtra's ambitious budget emphasizes a strategic approach to stimulating industrial growth and job creation. This initiative is poised to solidify the state's economic position and attract global investments, showcasing a proactive governance model.
NationPress
9 May 2026
Frequently Asked Questions
What is the target for Maharashtra's industrial sector by 2047?
The Maharashtra government aims to increase the gross income of the industrial sector from $123 billion to $1,500 billion by 2047.
How many jobs are expected to be created under the new policies?
The initiatives proposed are expected to create approximately 50 lakh direct employment opportunities.
What is the significance of the Maharashtra Bamboo Industry Policy?
This policy aims to attract investments exceeding Rs 50,000 crore and create about 5 lakh jobs in the bamboo industry.
What is the goal for the services sector's GDP by 2047?
The government aims to increase the services sector's GDP from $312 billion to $3,000 billion by 2047.
What are the tourism goals mentioned in the budget?
The government plans to increase annual tourist visits from 16 crore to 38 crore by 2047.
