Maharashtra Chief Minister Devendra Fadnavis on Friday said the state’s economy is on track to surpass those of Singapore and the UAE within the next two to three years, driven by rapid expansion in artificial intelligence, startups, infrastructure and innovation-led growth.
Speaking at the ‘ImagineX 2026’ event at the Jio World Centre in Mumbai, Fadnavis said Maharashtra has already emerged as the world’s 30th largest economy and is not competing with other Indian states, having established itself as a global economic force.
He said the state’s economy currently stands at around USD 660 billion and is steadily moving towards the USD 1 trillion milestone, which is expected to be achieved by 2030.
“Maharashtra is not competing with any other Indian state. It has already become the world’s 30th largest economy and in the next two to three years it will surpass the economies of Singapore and the UAE,” he said.
Fadnavis said the state has recorded more than three-fold economic growth over the past decade, rising from around ₹14 lakh crore in 2015 to ₹54 lakh crore at present, with an average annual growth rate of about 10 per cent.
He described Maharashtra as India’s leading hub for startups and unicorns, adding that it has also become a national leader in research, innovation and technology-driven governance.
The Chief Minister highlighted that artificial intelligence is being used as a “force multiplier” in governance, with the state creating a dedicated AI department and commissionerate to integrate emerging technologies across sectors.
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He said AI-based systems are already being used in the criminal justice system, enabling a fully digital and blockchain-enabled workflow from crime scene investigation to filing of chargesheets.
Outlining the state’s long-term development roadmap, Fadnavis referred to the ‘Viksit Maharashtra 2047’ vision document, which includes short-term targets for 2030, medium-term goals for 2035 and long-term planning up to 2047.
To monitor implementation, the state has set up a Vision Management Unit and developed over 2,000 data points across departments to track progress and ensure accountability.
He also said Maharashtra has achieved a memorandum of understanding (MoU)-to-investment conversion rate of 55–60 per cent, significantly higher than the national average of 35 per cent, while agreements signed at the World Economic Forum have shown an 85 per cent execution rate.
A “war-room” mechanism and dedicated relationship managers have been deployed to track investment proposals and ensure timely execution, he added.
Highlighting digital initiatives in agriculture, Fadnavis said the ‘Mahavistar’ app, which has been downloaded by 50 lakh farmers, provides AI-based agricultural advisory services, including support in the Bhilli tribal language.
He said India’s demographic advantage, with over 65 per cent of the population under the age of 35, would support rapid adoption of emerging technologies such as artificial intelligence.
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