Maharashtra will require cumulative investment of USD 1.53 trillion over the next six years to become a USD one trillion economy, a vision statement prepared by the Maharashtra Institution of Transformation (MITRA) said. A presentation of the vision statement was made on Friday to the state cabinet, which accepted 341 recommendations.
MITRA is Maharashtra’s economic advisory council and was set up in December 2022 to prepare the state’s economic development vision.
The vision statement spoke about achieving 17 per cent GSDP growth as well as creation of 15 million jobs over the next six years.
Asserting that Maharashtra was the powerhouse of the Indian economy, Deputy Chief Minister Devendra Fadnavis said he wanted the state’s GSDP to touch USD one trillion by 2028.
The state cabinet accepted 341 recommendations made in the MITRA vision document, including growth leverage to boost tourism, developing anchor destination and creating a cluster of connectivity and hotel infrastructure.
The suggestions also include investment in big attractions like Bollywood theme park, garden by the bay, marina cruise etc. The vision statement also spoke about improving health infrastructure, strengthening of public health on PPP model, power generation and affordable real estate.
The potential economic growth drivers for Mumbai Metropolitan Region (MMR) to attract USD 150 billion investment include developing the region as financial service, Artificial Intelligence, high-end education and skilling hub for India, it said.
The vision document recommended high-end light manufacturing clusters using JNPT, Dighi and Vadhavan ports, integrated 2000-plus acre Aerocity around Navi Mumbai Airport, making MMR as an affordable housing hub, making Mumbai, Gorai, Alibag as tourist and eco-tourism hubs to increase the footfall of foreign tourists from five million to 10 million.
The vision document also recommended opening up and developing the eastern seaboard of the metropolis for cultural, entertainment, tourism and residential areas.
Reinvigorating SEZ land near airport for select manufacturing and services, global medi-city near Navi Mumbai, media/filmcity near Thane, MMR as data centre hub through affordable renewable energy are some of the other suggestions made by MITRA.
The document also asks for taking a lead in employment generation.
The economic advisory council has recommended the setting up of a nodal agency to monitor “least used” properties and how these can be utilized.
It said state-run MIDC has 2644 closed units spread over an area of 16 lakh sq metres, adding that reasons for the closure will be checked to see how they can be rehabilitated.
Additionally 40.88 lakh square metre area has been identified to monetise in order to raise funds for capital investment.
The council has recommended boosting investment in sunrise sectors like FAB manufacturing and green hydrogen.
It also said focus must be on 16 large anchor industries like auto and capital goods and over 40 specific opportunities that will attract investment and create jobs.
