Mumbai, March 11 (NationPress) Chief Minister Devendra Fadnavis revealed on Wednesday that Maharashtra is set to become the first state in India to reach a one trillion dollar economy by 2029, with aspirations to expand this to a five trillion dollar economy by 2047.

Currently, the state's economy stands at $660 billion for the fiscal year 2025-26, and it requires an additional $340 billion to achieve the trillion-dollar milestone.

Fadnavis confirmed that Maharashtra has recorded an impressive $55 billion growth in just one year, reaffirming the state's goal of hitting the trillion-dollar economy mark by 2029, or at the latest by 2030-31, considering potential growth disruptions due to events like wars or climatic phenomena such as El Nino.

During his address in the state Assembly regarding the annual budget for 2026-27, the chief minister responded to opposition concerns about the state's ambition to reach a trillion-dollar economy by 2030 and a five trillion-dollar economy by 2025-26.

Fadnavis stressed that while the 2026-27 budget is set for expansion, it adheres strictly to the principles of fiscal discipline and prudence. He addressed worries from opposition parties regarding the state’s debt by pointing out several indicators of financial stability.

The Chief Minister highlighted that the Fiscal Deficit is kept at 2.88 percent of the GSDP, which is well below the 3 percent threshold set by the Fiscal Responsibility and Budgetary Management (FRBM) Act, demonstrating a commitment to sustainable borrowing practices. The projected Revenue Deficit is around 0.37% of the GSDP.

He argued that maintaining this figure under 1 percent indicates that the state is not borrowing excessively for daily expenses, but is rather focused on creating capital.

Fadnavis clarified that Maharashtra's debt-to-GSDP ratio stands at 18.2 percent, which is significantly lower than the 25 percent cap of GSDP, positioning Maharashtra as one of the healthiest states in India compared to industrial counterparts like Tamil Nadu at 25.6 percent, Andhra Pradesh at 33 percent, Madhya Pradesh at 30 percent, Telangana at 23.8 percent, and Karnataka at 23 percent. He acknowledged that Gujarat and Odisha have lower debt-to-GSDP rates at 15.3 percent and 13.1 percent respectively.

The estimated state debt stands at Rs 9.32 lakh crore for 2025-26, with the state's borrowing capacity supported by a robust and expanding GSDP.

CM Fadnavis painted a positive picture of the state economy, reporting revenue receipts estimated at Rs 6,16,000 crore for 2025-26, rising from Rs 1,55,000 crore in 2013-14, while capital expenditure is projected at Rs 2 lakh crore compared to Rs 25,129 crore during the same timeframe. He asserted that the state has sufficient capacity for additional borrowing in light of economic growth.

Fadnavis indicated that Maharashtra's GSDP growth rate is projected to be 7.9 percent, surpassing the national GDP growth rate for 2025-26. He concluded by noting that Maharashtra ranks first in attracting FDI, supporting startups, producing unicorns, maintaining forest cover, and collecting GST.

The state ranks fifth nationally in per capita income, projected at Rs 3,47,903 for 2025-26, an increase from Rs 3,17,000 in 2024-25. 'The economy of Maharashtra is larger than that of 35 countries, including Austria, Thailand, and the Philippines,' he stated.