Mumbai, Oct 29 (NationPress) The Maharashtra government, led by the BJP, has outlined a bold vision to develop a $5 trillion economy by the year 2047, significantly expanding from its current economic size of over $530 billion. This ambitious plan aims to ensure regional economic balance, foster equitable growth across various sectors through productivity enhancements, boost industrial development, create jobs, and elevate metrics related to Sustainable Development Goals.

The vision document for Viksit Maharashtra 2047, approved by the state cabinet on Tuesday, emphasizes Maharashtra's role as a pivotal player in India's journey toward a developed nation by 2047.

This plan encompasses 16 sectors, including agriculture and allied areas, rural development, industry, services, tourism, urban development, energy, sustainability, water management, transportation and logistics, education, health, social welfare, governance, technology, security, and finance.

Chief Minister Devendra Fadnavis stated, “The vision document has been crafted in three phases: a short-term outlook for October 2, 2029 (with yearly goals), a medium-term vision for May 1, 2035 (Maharashtra @ 75), and a long-term aspiration for August 15, 2047 (India @ 100).”

The vision aims to enhance the agricultural GDP from $55 billion to $500 billion (10% CAGR), drawing in investments of $700 billion. This will be accomplished through seven key initiatives, including developing 10-15 integrated crop value chains, boosting aquaculture production to 6 MMT, establishing 1000 livestock development centers, and equipping rural regions with urban-like amenities.

Maharashtra targets a rise in industrial GDP from $123 billion to $1,500 billion (11% CAGR), attracting investments of $4,600 billion. This will be realized through the establishment of over 20 autonomous industrial townships, integration of value chains in 24 prominent sectors, significant deregulation, and fostering an environment conducive to MSMEs, innovation, and sustainability.

The services sector GDP is projected to grow from $312 billion to $3,000 billion (10% CAGR), expecting investments of $8,500 billion. This will be facilitated by transforming the Mumbai Metropolitan Region into a global fintech hub exceeding $600 billion and developing Mumbai and Pune into a media tech hub exceeding $50 billion, along with creating an innovation city and a deep-tech AI ecosystem featuring 9-10 translational Centers of Excellence (CoEs), Global Capability Centre parks, and data centers.

For tourism, Maharashtra aims to increase annual tourist arrivals from 16 crore to over 38 crore by focusing on the establishment of five comprehensive tourism circuits, promoting sustainable tourism practices, launching a global marketing initiative, and attracting private investments for destination development.

With urbanization on the rise, the state government forecasts that Maharashtra will have a 70% urban population by comparison to the current 45%, contributing to 75-80% of the state's GDP. To promote growth, livability, and sustainability, the government will create over 10 empowered regional development authorities, enhance the fiscal autonomy of urban local bodies, and develop more than 50 mixed-use clusters along with 6 to 7 million affordable housing units.

In alignment with the Centre’s vision of achieving net zero emissions, the state aims for a clean energy mix of 75%, ensuring reliable energy at competitive prices while reducing technical and commercial losses to 8%. This involves boosting investments in renewable energy, modernizing the power grid for enhanced flexibility and resilience, and leading in nuclear energy. The government anticipates achieving a 33% green cover while advancing decarbonization, promoting green mobility, and embracing circular economy practices.

Regarding water management, the state is committed to ensuring water availability exceeding 55 LPCD in rural areas and 135 LPCD in urban regions, achieving 65% gross irrigated area, and 80% water reuse. This will be accomplished through integrated water resource management, improving water use efficiency with micro-irrigation, modernizing storage solutions, and digitizing supply chains.

As for transportation, the government envisions seamless multimodal connectivity for passengers and freight, with plans to develop an expressway network exceeding 6,000 km, establish 4-6 additional dedicated freight corridor connections, and enhance high-speed rail systems. The objective is to scale containerized port capacity for handling 25-30% of India’s trade while integrating logistics planning.

To ensure efficient governance, the state will set up the Maharashtra Vision Management Unit (VMU), led by the Chief Minister, to ensure that the vision document guides all future policies and initiatives.

(Sanjay Jog can be reached at sanjay.j@ians.in)