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Maharashtra Aims for $1.5 Trillion Industrial Economy by 2047 in Ambitious Budget

The Maharashtra government has presented an ambitious budget targeting a massive expansion of the state's industrial economy to $1,500 billion by 2047. Key initiatives include new policies for industry, bamboo, gems and jewellery, and the AVGC-XR sector to attract huge investments. The plan also envisions establishing micro-enterprise centers in every district and over 400 new Global Competence Centres to generate millions of jobs. Furthermore, the tourism sector aims to more than double annual tourist visits to 38 crore by 2047 through destination development.

Key Points: Maharashtra Budget Targets $1.5Tn Industrial Economy by 2047

  • $1.5Tn industrial target by 2047
  • New Industry & Services Policy 2025
  • Focus on AVGC-XR and GCCs
  • Major investments in steel, bamboo, gems
  • Massive tourism expansion planned
2 min read

Maharashtra Budget outlines plan to expand industrial economy to $1,500bn by 2047

Maharashtra's 2026-27 budget outlines a roadmap to grow its industrial sector to $1,500bn and create millions of new jobs by 2047.

"raise the share of the industry sector in the state economy to 30 per cent by 2047 - Chief Minister Devendra Fadnavis"

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, said the state's new Industry, Investment and Services Policy-2025 proposes to raise the share of the industry sector in the state economy to 30 per cent by 2047.

According to the Budget, Maharashtra currently tops the country in attracting Foreign Direct Investment (FDI). Micro, Small and Medium Enterprises Centres will be established in every district of the state, through which around 50 lakh direct employment opportunities are expected to be created.

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. An Asian Development Bank-funded Bamboo Development Project worth Rs 4,271 crore will also be implemented.

An investment of around Rs 2.62 lakh crore has been proposed for iron ore-based large and ultra-large steel industries 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).

Among other initiatives announced in the Budget are 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.

- IANS

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Reader Comments

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Priya S
This is fantastic news for job seekers! 50 lakh jobs from MSME centres and a push for AVGC-XR? As someone in the creative field, the new institute in Mumbai and the focus on gaming/animation is very exciting. Maharashtra is truly aiming to be a future-ready state. 🚀
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Aditya G
The numbers sound impressive, but I have a respectful criticism. What about the infrastructure to support this growth? Our roads, public transport, and power supply need massive upgrades first. Also, hope the environmental impact of the steel industry in Gadchiroli is carefully managed.
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Sarah B
As an expat working in Mumbai, the plan for 400 new Global Competence Centres is a game-changer. It will attract more international talent and investment. The tourism targets are also huge – 38 crore tourists! Developing 50 destinations is a smart move to spread the economic benefits.
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Karthik V
Bamboo industry policy with Rs 50,000 crore investment? That's thinking out of the box! It can be a green and sustainable industry for rural Maharashtra. Combined with gems/jewellery and tourism, this budget seems to be tapping into our state's diverse strengths. Good vision.
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Meera T
I appreciate the cultural focus – Kalidas Srishti, biopic, and development of Mahanubhav Panth sites. Development shouldn't just be economic, but also about preserving and promoting our rich heritage. Hope the third film city in Nagpur boosts the local economy there.

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