Maharashtra’s Rapid March Toward a $1 Trillion Economy: CM Devendra FadnavisAsian Infrastructure Investment Bank (AIIB) Meeting

Mumbai : India has set a target to become a $5 trillion economy, and Maharashtra is playing a pivotal role in achieving this goal, said Chief Minister Devendra Fadnavis, stating that the state is moving swiftly toward becoming a $1 trillion economy. He called upon the Asian Infrastructure Investment Bank (AIIB) to support Maharashtra in realizing its vision of a developed state by 2047.

CM Fadnavis was speaking during a meeting held at Sahyadri Guest House with Ajay Kumar Pandey, Vice President of Investment Solutions at AIIB.

Roadmap for Developed Maharashtra in Three Phases

CM Fadnavis outlined a three-phase plan for a developed Maharashtra, with short-term, mid-term, and long-term goals. He mentioned that infrastructure projects across the state are progressing rapidly, with many more in the pipeline requiring financial assistance. He welcomed AIIB’s proactive support for these projects.

Major Projects Presented to NITI Aayog and Finance Ministry

Nine major projects from Maharashtra have already been submitted to NITI Aayog and the Finance Ministry. The state has ambitious plans for interlinking rivers, with five such projects currently underway. Among them, the Wainganga-Nalganga-Penganga River Linking Project, which is in its final survey stage, is expected to bring transformative changes—not just for agriculture but also for industry.

The Damanganga-Godavari River Linking Project will divert water otherwise lost to the sea toward the Godavari basin in Marathwada. Additionally, Maharashtra aims to generate 100,000 MW of energy through pumped storage projects, where private companies will be connected with banks like AIIB for financing.

Solar Energy Initiatives for Farmers

CM Fadnavis highlighted multiple solar energy projects launched for farmers. The solar-powered agricultural pump scheme is being implemented on a war footing and is considered a model for other Indian states. Every year, 300,000 to 400,000 solar agri-pumps will be installed.

Urban Infrastructure Projects

In cities, projects such as underground and elevated metro lines, subterranean roads, and coastal roads are being undertaken to improve urban mobility.

AIIB Reaffirms Support

AIIB Vice President Ajay Kumar Pandey shared updates on the bank’s ongoing global projects and assured support for Maharashtra’s current and future infrastructure initiatives.

Meeting Attendees

The meeting began with opening remarks by Praveen Pardeshi, CEO of the “Mitra” organization, who also briefed participants on key ongoing projects in the state.

Also present were:

• Chief Secretary Rajesh Kumar
• AIIB Senior Investment Officer Pratyush Mishra
• MMRDA Commissioner Sanjay Mukherjee
• BMC Commissioner Bhushan Gagrani
• CIDCO MD Vijay Singhal
• Manisha Mhaiskar (Additional Chief Secretary, Public Works Department)
• O.P. Gupta (Additional Chief Secretary, Finance)
• Principal Secretaries and Additional Chief Secretaries from various departments
  Senior officials also participated virtually through video conferencing.