Mumbai, March 6 – The Maharashtra government has set an ambitious target to increase the gross income of the industrial sector in the state from $123 billion to $1,500 billion by 2047.
Chief Minister Devendra Fadnavis, while presenting the annual budget for 2026–27, stated that the state’s new Industry, Investment, and Services Policy – 2025 proposes to increase the share of the industrial sector in the state economy to 30 per cent by 2047.
According to the budget, Maharashtra currently leads the country in attracting Foreign Direct Investment (FDI). Micro, Small, and Medium Enterprises Centres will be established in every district of the state, which are expected to create around 50 lakh direct employment opportunities.
The Maharashtra Bamboo Industry Policy – 2025 aims to attract investments of more than Rs 50,000 crore and create about 5 lakh direct and indirect employment opportunities. A Bamboo Development Project, funded by the Asian Development Bank, worth Rs 4,271 crore will also be implemented.
An investment of around Rs 2.62 lakh crore has been proposed for large and ultra-large steel industries based on iron ore in Gadchiroli, which is expected to create more than 70,000 jobs.
Under the Maharashtra Gems and Jewellery Policy – 2025, an investment of Rs 1 lakh crore and the creation of around 5 lakh jobs have been envisaged.
In the services sector, the government has set an ambitious target to increase the gross domestic product of the sector in the state from $312 billion to $3,000 billion by 2047. To achieve this, the government plans to make Maharashtra a global leader in Animation, Gaming, and Visual Effects (AVGC)-XR through the AVGC-XR Policy 2025.
The government has also proposed the establishment of the “Indian Institute of Creative Technology” in Mumbai. In addition, about 400 new Global Competence Centres will be set up in Maharashtra under the “GCC Strategy – 2025”, which is expected to generate around 4 lakh high-skilled job opportunities.
In the tourism sector, the government plans to increase the number of tourists visiting the state from the current 16 crore to 38 crore annually by 2047.
The government also proposes to develop 50 selected tourist destinations on the occasion of the golden jubilee year of the Maharashtra Tourism Development Corporation (MTDC).
Other initiatives announced in the budget include the Munawale–Vasota Fort ropeway project in Satara district, development of the third film city in the state at Navargaon in Ramtek taluka of Nagpur district, establishment of Ramsrishti and Kalidas Srishti at Ramtek, support for the production of a biopic on Mahakavi Kalidas, and development of various religious sites associated with the Mahanubhav Panth.