Maharashtra to become India's first trillion-dollar economy, says Narendra Modi

Maharashtra to become India's first trillion-dollar economy, says Narendra Modi

For accelerating the overall economic growth to 15.4 per cent, his government has identified areas of employment- led growth in the digital economy, ease of doing business, public investment in infrastructure led growth and demand led growth in corridors to connect value-added geographies in the state.

After inaugurating the state's first-ever Global Investors Summit at the MMRDA Grounds in Bandra Kurla Complex (BKC), Modi will interact with corporate chiefs at high tea, along with Chief Minister Devendra Fadnavis.

PM Narendra Modi called Magnetic Maharashtra Summit an example of cooperative competitive federalism.

Narendra Modi inaugurating Magnetic Maharashtra: Convergence 2018 summit.

Chief minister Fadnavis also announced a five-point agenda to turn Maharashtra in a state with a trillion dollar economy by 2025. The state achieved 51 per cent of the total foreign direct investment previous year, " he said.

Addressing the Magnetic Maharashtra investors summit, Mahindra group chairman Anand Mahindra said his software company Tech Mahindra will invest Rs 125 crore to create an all-green tech hub in Nagpur that will create at least 2,500 jobs.

While speaking on the Rs 1,700-crore investment, Mahindra said, "we are exploring to set up a unique film-centric entertainment destination on our land at Kandivali in the city as Mumbai is the heart of Hindi film industry".

Showering praise on Maharashtra, the PM hailed the Fadnavis government's resolve to become a trillion dollar economy and said it will be the first state in the country to make it, with its emphasis on a number of development initiatives.

Some of the big investments include an agreement between the Italian sports vehicle major Lamborghini and Kinetic to manufacture e-cars, and the Gems and Jewellery Export Promotion Council's Rs 14,000-crore investment to develop a gems & jewellery park near Mumbai, Fadnavis said. "Today, the infrastructure projects in Maharashtra are attracting the attention of the whole world", he said.

Yesterday Reliance chairman chief Mukesh Ambani had announced Rs 60,000 crore investment to set up the country's first digital industrial township in the state over the next 10 years, while the Dubai-based Bin Zayed Group has committed Dollars 7 billion into the Mumbai-Nagpur expressway project and Mahindra Group has committed three investments running up to Rs 2,300 crore in Mumbai and Nagpur. Fadnavis said the state will sign investment agreements with over two dozen companies in the next two days.

Earlier, PM Modi also laid the foundation stone of the Navi Mumbai International Airport. These included the Mumbai Metro, Mumbai-Nagpur Expressway, Mumbai trans-harbour link road, and Pune Metro.