Maharashtra Budget Session 2026 Opens with USD 5 Trillion Economy Target for 2047

The Maharashtra Legislature commenced its first session of 2026 with Governor Acharya Devvrat delivering the opening address. He emphasised the State Government’s commitment to expanding Maharashtra’s economy to USD 5 trillion by 2047.

The Governor highlighted progress in infrastructure development, investment inflows, and welfare initiatives as key pillars of this vision. He also urged legislators to hold constructive discussions during the Budget Session on the Bills scheduled to be tabled.

Governor’s Address Highlights State’s Development Agenda

Governor Devvrat stated that Maharashtra continues to prioritise comprehensive and inclusive development under the ‘Viksit Maharashtra 2047’ framework. He noted that the government aims to enable sustainable growth by strengthening infrastructure and accelerating economic reforms.

The Governor reiterated that effective delivery of welfare schemes remains an important focus for the administration. He added that the leadership remains committed to guiding the State toward long-term developmental milestones.

Maharashtra’s Position as A Leading Investment Destination

Maharashtra contributes over 13.5% to India’s Gross Domestic Product, reinforcing its role as a major economic hub. In 2024–25, the State recorded ₹1,64,875 crore in Foreign Direct Investment, representing 39% of the country’s total inflows.

During the first half of 2025–26, Maharashtra attracted investments worth ₹91,337 crore, maintaining its momentum. At the 2026 World Economic Forum summit in Davos, the State signed Memoranda of Understanding valued at approximately ₹30 lakh crore, with an anticipated creation of 40 lakh jobs.

New Industrial Policies to Drive Investment and Regional Development

The ‘Maharashtra Industry, Investment and Services Policy 2025’ outlines a target of ₹17.50 lakh crore in investment and 50 lakh jobs. The State has introduced sector‑specific policies for bamboo, gems and jewellery, AVGC‑XR, and Global Capability Centres to encourage specialised industry growth.

Plans have been drafted to develop Gadchiroli into a Steel Hub to strengthen industrial activity in the region. Additionally, East Vidarbha is set to be developed as a Steel Corridor to boost manufacturing capacity and related infrastructure.

Support Framework for Startups and Innovation

Under the ‘Maharashtra Startup, Entrepreneurship and Innovation Policy 2025’, the government aims to support 1,25,000 entrepreneurs over the next five years. The policy also targets the development of 50,000 startups by providing financial and administrative assistance.

The initiative is designed to enhance innovation, digital adoption, and technology‑driven enterprise in the State. The government aims to strengthen the entrepreneurial ecosystem by focusing on mentorship, incubation, and market‑linkage support.

Read More: Maharashtra to Host India’s First AI Agriculture Conference, Says CM Fadnavis.

Conclusion

The opening of the Maharashtra Budget Session underscores the State’s strategic focus on long‑term economic expansion. The Governor’s address highlighted substantial investment inflows and major policy frameworks driving growth across key sectors.

The government has outlined an ambitious roadmap under ‘Viksit Maharashtra 2047’, supported by large‑scale industrial and startup‑focused initiatives. The session sets the stage for detailed discussions on legislative and financial priorities for the year ahead.

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