State Set to Become First $1 Trillion Economy in Bharat”.
PV* Anandpadmanabhan
Mumbai,
The World Hindu Economic Forum (WHEF) 2024 commenced today with over 1,000 global delegates observing a moment of silence in tribute to the late Padmabushan.Shri Ratan TATA.
Addressing a packed hall, Maharashtra CM Devendra Fadnavis emphasized that Mumbai is not only the financial capital of Bharat but is also on the verge of becoming the fintech capital. He discussed the importance of developing in alignment with Hindu ethos, contrasting Western civilization’s “survival of the fittest” mentality with Hindu philosophy, which promotes community support and collective well-being.
Fadnavis noted that Bharat has historically advanced through hard work & enterprise rather than colonial exploitation, highlighting that at one point, it accounted for 35-49% of the global economy without resorting to invasions or colonialism. He pointed out that Bharat has always revered only those Kings who worked for the common good and welfare of ordinary people.
Fadnavis reflected on the economic models adopted post-independence that led to the derisive label of ‘Hindu rate of growth.’ However, he asserted that Bharat is now recognized as the fastest-growing large economy and is poised to become the third-largest economy globally. This Hindu growth model has demonstrated that inclusive development is achievable, with its roots in the policies initiated by Atal Bihari Vajpayee and further advanced under Prime Minister Narendra Modi.
He stressed that Bharat’s growth is both transparent and inclusive. While capitalism in many parts of the world has resulted in significant income inequality, Bharat has successfully lifted 250 million people out of poverty, showcasing the effectiveness of the Hindu growth model as a global example.
Looking ahead, Fadnavis stated that by 2030, Bharat aims to become a $5 trillion economy, with some forecasts suggesting a potential reach of $7-9 trillion. He expressed a commitment to making Maharashtra the nation’s first $1 trillion state economy by 2028-2030, emphasizing that traditional business practices are no longer sufficient in an era marked by accelerated growth. To support this vision, an Economic Advisory Council has been established in Maharashtra to develop appropriate policies.
Fadnavis highlighted that the speed and cost of travel and data will be crucial for growth. He noted Bharat’s emerging role in global supply chains, particularly following disruptions caused by COVID-19 in China. The state is focusing on logistics infrastructure, including high-speed highways like the Samruddhi Expressway, which connects 16 districts to JNPT port for port-led development. He announced plans for a new port at Vadhavan, which will be three times larger than JNPT and capable of accommodating the largest ships.
The infrastructure sector has seen significant transformation since 2014, with Maharashtra reportedly hosting 49% of major infrastructure projects in the country. Fadnavis cited the rapid completion of a 22 km sea link within five years and substantial investments in infrastructure development. He emphasized that data speed is as vital as physical infrastructure as India transitions into a digital economy, noting that Maharashtra holds 65% of the nation’s data center capacity.
Fadnavis encouraged viewing technological disruption positively, likening technology to a horse that we must learn to ride effectively for progress. He asserted that technology fosters inclusivity by treating all users equally and democratizing access to services. To achieve social harmony, he believes technology will play a pivotal role.
Additionally, he addressed water conservation efforts rooted in Hindu values of respecting and harnessing nature rather than exploiting it. He reported improvements in Maharashtra’s water table and forest cover and mentioned ongoing initiatives to link rivers and expand renewable energy sources. By 2030, Maharashtra aims to increase its renewable energy share to 52%. Fadnavis concluded by stating that under PM Modi’s leadership, Bharat is experiencing an economic and cultural renaissance, with Maharashtra positioned as a key pillar in this rising Bharat.
