The Maharashtra government has unveiled an ambitious goal to elevate the industrial sector’s gross income in the state from $123 billion to $1,500 billion by 2047. Chief Minister Devendra Fadnavis, during the presentation of the annual Budget for 2026–27, highlighted the state’s Industry, Investment, and Services Policy–2025, aiming to escalate the industry sector’s contribution to the state economy to 30% by 2047. Maharashtra currently leads in attracting Foreign Direct Investment (FDI), with plans to establish Micro, Small, and Medium Enterprises Centres in every district to potentially create around 50 lakh direct job opportunities.
The Maharashtra Bamboo Industry Policy–2025 targets investments exceeding Rs 50,000 crore to generate approximately 5 lakh direct and indirect employment opportunities. Additionally, an Asian Development Bank-funded Bamboo Development Project worth Rs 4,271 crore is in the pipeline. An estimated investment of about Rs 2.62 lakh crore is proposed for iron ore-based large and ultra-large steel industries in Gadchiroli, with expectations to create over 70,000 jobs. The Maharashtra Gems and Jewellery Policy–2025 envisions an investment of Rs 1 lakh crore and the creation of roughly 5 lakh jobs.
In the services sector, the government aspires to escalate the sector’s gross domestic product from $312 billion to $3,000 billion by 2047. To achieve this, Maharashtra plans to become a global leader in Animation, Gaming, and Visual Effects (AVGC)-XR through the AVGC-XR Policy 2025. The establishment of the “Indian Institute of Creative Technology” in Mumbai is proposed, along with the setup of approximately 400 new Global Competence Centres under the “GCC Strategy–2025” to potentially generate around 4 lakh high-skilled job opportunities.
The government’s tourism sector vision includes boosting annual tourist visits from 16 crore to 38 crore by 2047. Plans are in place to develop 50 selected tourist destinations to commemorate the golden jubilee year of the Maharashtra Tourism Development Corporation (MTDC). Noteworthy initiatives announced in the Budget encompass the Munawale–Vasota Fort ropeway project in Satara district, the development of the third film city in Navargaon, Ramtek taluka of Nagpur district, and the establishment of Ramsrishti and Kalidas Srishti at Ramtek, among other projects.
