Mumbai, February 28 – Maharashtra Chief Minister Devendra Fadnavis has reaffirmed the state government’s commitment to fostering fintech and artificial intelligence (AI) start-ups as part of its vision to transform Maharashtra into a trillion-dollar economy. Speaking at the inauguration of Mumbai Tech Week 2025, Fadnavis emphasized that technology will be the backbone of this economic growth.
During an interactive session with Rishi Darda, Joint Managing Director of the Lokmat Group, the Chief Minister highlighted the government’s focused initiatives to accelerate technological advancements. Several key Memorandums of Understanding (MoUs) were signed at the event to boost innovation and entrepreneurship.
Major MoUs Signed to Promote Innovation
Among the agreements signed, the Mumbai Metropolitan Region Development Authority (MMRDA) finalized an MoU with the National Payments Corporation of India (NPCI), designating land in Bandra Kurla Complex (BKC) for NPCI’s global headquarters. Another agreement was inked between Maharashtra’s Information Technology Department and Meta to develop a WhatsApp chatbot under the state’s ‘Aaple Sarkar’ initiative, enhancing digital governance and citizen services.Furthering AI innovation, the Skill Development, Employment, Entrepreneurship, and Innovation Department partnered with TEAM to establish a Knowledge AI Hub, aimed at fostering AI-driven solutions. Additionally, the state announced plans to set up an Entrepreneur Museum to inspire and support budding entrepreneurs.
War Room Strategy Accelerating Mega Projects
Fadnavis underscored the success of the government's "war room strategy," which has significantly streamlined project approvals. Previously, launching a project in Mumbai required approvals from 18 different agencies, leading to bureaucratic delays. However, by centralizing decision-making, major infrastructure projects such as the Mumbai Metro, Coastal Road, and Atal Setu Trans-Harbour Sea Bridge have been expedited.Three Key Infrastructure Projects in Focus
Looking ahead, the Maharashtra government will prioritize three transformative infrastructure projects over the next five years:- Vadhavan Port Development – Positioned near Mumbai, Vadhavan Port is set to be a game-changer for the state’s economy. It will be three times larger than the existing Jawaharlal Nehru Port Authority (JNPA) and feature a 20-meter depth, making it capable of handling the world’s largest cargo ships.
- Navi Mumbai International Airport & Smart Cities – Upon completion of the Navi Mumbai International Airport, an advanced commercial and technology hub will be developed around it. The planned smart cities in the vicinity will be three times the size of Mumbai, providing more industrial and commercial space.
- Wainganga-Nalganga and Godavari River Linking Projects – These projects aim to provide a permanent water supply for farmers in the Vidarbha and Marathwada regions, enhancing agricultural sustainability.
Bolstering Cybersecurity to Counter Rising Threats
Fadnavis, who also oversees the state’s Home Department, warned of the growing threat of cybercrime, predicting that by 2030, 70% of crimes will be cyber-related. To combat this, Maharashtra has established India’s most advanced cybersecurity center in Navi Mumbai. This center integrates banks, social media platforms, and financial institutions to prevent online fraud and financial scams.Reviving Maharashtra as a Tech Hub
Fadnavis acknowledged that between 2000 and 2014, IT investments in Maharashtra had declined, leading to an exodus of tech firms to Bengaluru and Hyderabad. However, with landmark projects such as Atal Setu, Navi Mumbai is now emerging as a major technology hub.To accommodate the increasing demand for commercial space, the government plans to develop new cities in Navi Mumbai, "New Thane," and Vadhavan, offering enhanced infrastructure and opportunities for businesses and industries.
With a strong push for AI, fintech, and smart infrastructure, Maharashtra is positioning itself at the forefront of India's technological revolution, paving the way for sustained economic growth.