Maharashtra Plans $1.5 Trillion Economy Through Green Energy by 2047
Mumbai: Maharashtra has unveiled an ambitious development blueprint aimed at supporting India’s national objective of becoming a developed nation by 2047, with emphasis on renewable energy transition, urban-industrial growth in tier-2 cities, and heritage-based development initiatives. The comprehensive strategy was presented at Saturday’s NITI Aayog session, highlighting environmental sustainability, balanced regional development, and economic restructuring. This marked Prime Minister Narendra Modi’s inaugural chief ministers’ meeting following Operation Sindoor. Chief Minister Devendra Fadnavis subsequently shared on X, “The PM’s inspiring message on Viksit Rajya for Viksit Bharat 2047 reminds us that when the Centre and state works together as one team, no goal is out of reach. Maharashtra is fully committed towards moving forward with Team India for the progress of our nation.”
Central to Maharashtra’s approach is an ambitious renewable energy transformation. The state has secured power purchase contracts totaling 45,500 MW, with 36,000 MW derived from clean energy sources. By 2030, green energy is projected to fulfill more than half (52%) of the state’s power requirements.
The state is spearheading solar village programs through its Saurgram initiative, converting 100 villages to solar energy systems, with 15 already fully functional. A newly announced pumped storage power framework encompasses 45 projects with a combined capacity of 62,125 MW. These developments are anticipated to attract Rs 3.42 lakh crore in investments while generating over 96,000 employment opportunities.
Maharashtra’s development framework spans three distinct phases: immediate five-year objectives through 2029, intermediate targets for 2035 (coinciding with Maharashtra’s Amrit Mahotsav), and the comprehensive Vision Maharashtra 2047. The Mumbai Metropolitan Region (MMR) is being positioned as a $1.5 trillion economic center by 2047 under NITI Aayog’s framework, with the state seeking dedicated financial assistance from the Centre.
The state maintains its leadership position in the MSME sector, hosting over 60 lakh registered enterprises, the nation’s highest count. Cultural and creative industries are receiving enhanced focus. During the recent WAVES Summit in Mumbai, agreements valued at Rs 5,000 crore were finalized for two international studios. Additional developments include the introduction of the WAVES Index on the NSE, establishment of the IICT in Mumbai, and educational collaborations with the University of York and the University of Western Australia.