Mumbai, March 3: Maharashtra Governor CP Radhakrishnan on Monday highlighted the state's significant contribution to India's economy, asserting that Maharashtra now contributes over 14% to the national GDP and remains a top destination for Foreign Direct Investment (FDI).
Speaking on the opening day of the state legislature’s budget session, Governor Radhakrishnan emphasised Maharashtra's leadership in industrial growth. He pointed out that during the recent World Economic Forum in Davos, Switzerland, the state government signed Memoranda of Understanding (MoUs) worth approximately ₹15.72 lakh crore with 63 national and international companies. These landmark agreements are anticipated to create more than 15 lakh employment opportunities.
Commitment to Industrial Growth and Investment Attraction
The Governor revealed ambitious plans by the state government to allocate an investment promotion subsidy of around ₹5,000 crore to industries. This subsidy aims to attract significant investments, drive industrial growth, and boost employment generation. Furthermore, the Maharashtra Industrial Development Corporation (MIDC) will allot approximately 3,500 acres of land to promote industrialisation, with an additional 10,000 acres designated for industrial purposes.To enhance industrial ecosystems, the government plans to develop 10 integrated industrial and logistics parks across Maharashtra. These parks will significantly improve supply chain efficiency and provide businesses with world-class infrastructure.
Strengthening Textile Industry and Skill Development Initiatives
Radhakrishnan also mentioned the launch of the Maharashtra Technical Textiles Mission, which aims to rejuvenate and expand the textile sector. On skill development, the Governor noted the successful training of over 1.32 lakh youth under the Chief Minister Yuva Karya Prashikshan Scheme, designed to boost employability and supply skilled manpower to industries. The government has allocated ₹5,500 crore towards training 10 lakh youths in the financial year 2024-25.Additionally, the state has hosted 611 Pandit Deendayal job fairs across districts, successfully placing more than 19,000 candidates in employment.
Strategic Infrastructure Projects Set to Foster Growth
Highlighting infrastructure advancements, Radhakrishnan announced the construction of the Nagpur-Goa Shaktipeeth Expressway at an estimated cost of ₹86,300 crore. This strategic expressway will connect major pilgrimage sites and significantly reduce travel time, fostering regional economic development.Moreover, the state government will implement the Ram Kal Path project in Nashik, aimed at preserving Ramayana-linked heritage sites and developing the area into a major pilgrimage destination.
The Nagarotthan Mahabhiyan is also set for efficient implementation to ensure timely completion of water supply, sewerage, and urban infrastructure projects within two years.
Maharashtra to Become Renewable Energy Leader
Governor Radhakrishnan underscored Maharashtra’s renewable energy initiatives, highlighting MoUs with 13 agencies to develop pumped storage projects. These initiatives, valued at ₹2.95 lakh crore, are expected to produce 55,970 megawatts of power, creating over 90,000 new jobs.In line with sustainable agriculture practices, over 3.12 lakh solar irrigation pumps have been installed under the Magel Tyala Saur Pump Yojana. Maharashtra aims to distribute a total of 10 lakh solar pumps to farmers within five years, targeting the complete solarisation of agriculture feeders through the PM-KUSUM and Mukhyamantri Saur Krushi Vahini schemes.
Accelerating Affordable Housing and Agricultural Welfare
Radhakrishnan also reported significant progress in affordable housing projects under the Pradhan Mantri Awas Yojana (PMAY). More than two lakh houses have been constructed under the PMAY (Urban), with work underway for an additional 1.85 lakh units. In the rural segment, the government has completed over 12.64 lakh houses in phase one, with a target of constructing another 16.81 lakh houses in phase two.The state government’s commitment to the agricultural sector is evident with the launch of the Agristack scheme, a digital initiative aimed at swiftly delivering governmental support directly to farmers. Under the Pradhan Mantri Kisan Sanman Yojana, over 95 lakh farmers have been identified as beneficiaries, while more than 87 lakh farmers have received Kisan Credit Cards. A crop loan disbursement target of ₹74,781 crore has been set for 2024-25, with ₹55,334 crore already disbursed.
During the 2024-25 crop procurement season, the state purchased over 11 lakh tonnes of soybean, more than 7 lakh tonnes of paddy, and 171 tonnes of coarse grains through the minimum support price scheme.