Maharashtra Chief Minister Devendra Fadnavis on Friday said that the state’s economy is expected to surpass those of Singapore and the UAE within the next two to three years, driven by rapid progress in innovation, artificial intelligence, startups and infrastructure development, reported the PTI.
Speaking at the ImagineX 2026 held at the Jio World Centre in Mumbai, Fadnavis said Maharashtra has already emerged as the world’s 30th largest economy.
Fadnavis said Maharashtra is no longer competing with other Indian states due to its scale of economic growth.
“Maharashtra is currently a USD 660 billion economy and is the closest Indian state to achieving the target of becoming a USD 1 trillion economy,” he said, the news agency reported.
According to the chief minister, the state’s economy has expanded from nearly Rs 14 lakh crore in 2015 to Rs 54 lakh crore at present, recording more than three-fold growth over the past decade.
AI and innovation driving growth
The chief minister highlighted the growing role of technology and artificial intelligence in Maharashtra’s development strategy.
He said the state government has established a dedicated AI department and commissionerate to promote the use of artificial intelligence in governance, industry and public services.
CM Fadnavis stated that AI-based systems are already being used in the criminal justice process, including crime scene investigation and digital filing of charge sheets through blockchain-enabled systems.
Fadnavis said Maharashtra has become India’s leading state in startups, unicorn companies, research and innovation.
He added that the government has prepared a long-term “Viksit Maharashtra 2047” roadmap with separate development targets for 2030, 2035 and 2047.
To monitor progress, the state has set up a dedicated Vision Management Unit and created around 2,000 performance data points across government departments.
Strong Investment Conversion Rate
The chief minister claimed Maharashtra has achieved a higher investment conversion rate compared to the national average.
He said the state records a memorandum of understanding (MoU)-to-investment conversion rate of 55 to 60 per cent, while projects signed during the World Economic Forum meetings have achieved an implementation rate of nearly 85 per cent.
According to Fadnavis, each major investment proposal is monitored through dedicated relationship managers and a war-room system to ensure faster implementation, as per the PTI.
AI support for farmers
The chief minister also spoke about the government’s use of AI in agriculture.
He said the ‘Mahavistar’ app has been downloaded by nearly 50 lakh farmers and provides AI-based agricultural guidance and services.
The app also supports the Bhilli tribal language, allowing tribal farmers to access farming advice in their native language.
Fadnavis said India’s large young population would help accelerate AI adoption.
“More than 65 per cent of India’s population is below the age of 35, so adopting AI will not be difficult,” he said.
(with PTI inputs)
