Chief Minister Devendra Fadnavis on Thursday said Maharashtra is leading the way. Quoting a research paper, he said the state is set to achieve the $1 trillion economy mark by 2030 nearly doubling from its current $536 billion, the highest among Indian states and equivalent to Singapore’s economy.

In his post on X, CM Fadnavis said: “Here’s Morgan Stanley research paper showing insights of Maharashtra’s glorious journey! World largest and most reputed investment banking, research and financial institution Morgan Stanley has just released its latest report giving top edge to Maharashtra on almost all key economic variables. This extremely credible ranking of our State and its prowess stands testament to our policy and progress thereof. Thank you Morgan Stanley for your confidence in our State and our competence. From Economic Development to infrastructure, social well-being, exports, fiscal prudence, policy reforms to energy transition & lot more.”

The report emphasises Maharashtra’s progressive leadership, constructive policies, and investments in high-growth sectors like automobiles, pharmaceuticals, electric vehicles, and semiconductors.

However, challenges such as urbanization pressures, manufacturing growth, and income disparities need addressing to sustain this trajectory. Maharashtra’s GDP per capita is 1.6 times the national average, underscoring its economic strength. The report has highlighted five key growth drivers including industrialisation, foreign direct investment, exports, services and financial sector and infrastructure and social investments.

“Maharashtra has shifted from an agrarian to an industrial economy, with manufacturing and services driving growth. Industrial sectors contribute 22.5 per cent to its GDP, with strengths in metal, auto (20 per cent of India’s output), auto parts, food products, refined petroleum, machinery, and equipment. The state also holds a 16-17 per cent share in medicine and health equipment and 8-12 per cent in textiles," said the report.

According to the report, Maharashtra is India’s top FDI recipient, attracting $19.6 billion in FY25, accounting for 39.2 per cent of India’s total FDI inflow.

The state is India’s second-largest exporter after Gujarat, with a 15.4 per cent share of national exports in FY24, contributing 13.7 per cent to its GDP. Key exports include jewellery, electronics, chemicals, engineering machinery, and pharmaceuticals.

Further, the services sector accounts for 64.3 per cent of Maharashtra’s GDP, bolstered by 730 global capability centers (GCCs) that enhance economic visibility.

Major projects like the Mumbai Trans Harbour Link, Navi Mumbai International Airport, and Vadhavan Port are expected to boost economic activity.

The state’s fiscal prudence is evident with a debt-to-GDP ratio of 18.5 per cent, one of India’s lowest, and a fiscal deficit below 3 per cent even during the pandemic.

Maharashtra also leads in social indicators like literacy and healthcare, though challenges remain in urban development and farm incomes, said the report.