Maharashtra Finance Minister Ajit Pawar presented his 11th state budget, unveiling a new industrial policy that aims to attract Rs 40 lakh crore in investments and generate 50 lakh jobs.
(PICS/DY CMO)
Maharashtra Finance Minister Ajit Pawar presented his 11th state budget in the assembly, unveiling a roadmap for the state's industrial and economic growth. A key highlight of the budget was the announcement of Maharashtra's new industrial policy, which aims to attract Rs 40 lakh crore in investments and generate 50 lakh jobs over the next five years.
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Maharashtra continues to lead the nation in Foreign Direct Investment (FDI), reinforcing its position as an industrial and economic powerhouse. In January 2025, at the World Economic Forum in Davos, the state government signed MoUs with 63 companies, securing Rs 15.72 lakh crore in investments and creating 16 lakh jobs.
Seven-point action plan for industrial growth
Since the formation of the Mahayuti government, a seven-point action plan has been implemented across various ministerial departments and regional offices. This 100-day program includes investment promotion, ease of living, grievance redressal, and infrastructure development, ensuring efficient and transparent governance. A third-party evaluation will assess the effectiveness of these initiatives, with top-performing offices receiving recognition and rewards.
The government’s focus on industrial growth extends beyond large-scale industries, with dedicated policies being introduced for space and defense production, electronics, gems and jewelry, MSMEs, and the circular economy. Additionally, Maharashtra is formulating new labor regulations in alignment with the central government’s new Labor Code.
Boosting exports and SEZ development
Maharashtra has launched the Maharashtra State Export Promotion Policy 2023, aimed at increasing the state's contribution to India’s exports. The policy includes the establishment of 37 Special Economic Zones (SEZs), 8 Agricultural Export Zones, and 27 Export-Oriented Industrial Parks. Maharashtra currently accounts for 15.4% of the country’s total exports, with products worth Rs 5.56 lakh crore exported in FY 2023-24. By November 2024, exports for FY 2024-25 had already reached Rs 3.58 lakh crore.
To further enhance exports, Maharashtra has introduced the "One District - One Product" scheme, aiming to develop districts as export hubs. The state will also establish state and district-level export promotion councils.
Infrastructure development and economic growth
Maharashtra is making record-breaking investments in infrastructure, including aviation, railways, metro projects, highways, waterways, ports, irrigation, energy, and communication. The newly announced Logistics Policy 2024 will develop logistics infrastructure over 10,000+ acres, generating 5 lakh direct and indirect jobs.
The Mumbai Metropolitan Region (MMR) is being positioned as an international financial growth hub, with seven Global Trade Centers planned in Bandra-Kurla Complex, Kurla-Worli, Wadala, Goregaon, Navi Mumbai, Kharghar, and Virar-Boisar. This initiative aims to grow MMR’s economy from $140 billion to $300 billion by 2030, with a vision to reach $1.5 trillion by 2047.
To ensure balanced regional development, the government has launched the Collective Incentive Scheme, allocating Rs 6,400 crore for FY 2025-26. Meanwhile, the Maharashtra Electricity Regulatory Commission is reviewing power tariffs for the next five years, with expected savings of Rs 1.13 lakh crore, making electricity rates more competitive for industries.
The Bengaluru-Mumbai Industrial Corridor (BMIC) is progressing with land acquisition, which will bring industries to drought-prone regions, creating employment opportunities. Additionally, Maharashtra will launch the "Maharashtra Technical Textile Mission" to establish the state as a global hub for technical textiles, benefiting Vidarbha’s cotton farmers.
Port development and maritime power
Maharashtra’s Maritime Development Policy 2023 is designed to boost port infrastructure, passenger water transport, and coastal tourism, offering long-term concessions of up to 90 years. The Vadhavan Port project in Palghar district, developed jointly by the Jawaharlal Nehru Port Authority (JNPA) and Maharashtra Maritime Board, is expected to be one of the top 10 container-handling ports in the world. With an investment of Rs 76,220 crore, the port will have a cargo capacity of 300 million metric tons—three times JNPA’s current capacity—and is projected to be operational by 2030.
A third airport for Mumbai has been proposed near Vadhavan Port, alongside the Mumbai-Ahmedabad Bullet Train station, further enhancing connectivity. The government is also developing modern jetties at Gateway of India, Mandwa, and Elephanta, along with new port projects in Dighi (Raigad), Vengurla (Sindhudurg), Kalher-Dombivli, Kolset, and Mira-Bhayander (Thane).
Digital transformation and skill development
To streamline business processes, the government has enacted the Maharashtra Industries, Trade, and Investment Facilitation Act, integrating 141 services across 17 departments under the MAITRI online platform.
The Ratan Tata Maharashtra State Skill University, in partnership with Microsoft, is also training 10,000 women in Artificial Intelligence (AI) and skill development to prepare them for future job opportunities.
Maharashtra’s vision for economic growth
Ajit Pawar’s budget presentation underscores Maharashtra’s commitment to maintaining its status as India’s leading industrial and economic powerhouse. With Rs 40 lakh crore in targeted investments and the creation of 50 lakh jobs, the state is set to witness unprecedented growth in industry, infrastructure, exports, and employment opportunities.
By implementing forward-thinking policies, streamlining governance, and investing in large-scale infrastructure projects, Maharashtra is reinforcing its position as the most business-friendly and investment-attractive state in India.
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