Viewpoint: Maharashtra's trillion dollar economy

26 AUG,2019 | MEDC


 

Maharashtra’s growth story is intertwined with that of India’s. Maharashtra can contribute to the nation’s growth story by achieving a trillion dollar economy by 2025, and at about the same time that India becomes a $5 trillion economy – the world’s largest after the US and China. If so, it is likely to be the first state in India to attain this distinction. Much of Maharashtra’s economic growth has been on account of the high-productivity services sector, which needs all possible support from the government. At the same time, we should not forget MSMEs, which have strategic forward and backward linkages with the rest of the economy. Many projects in Maharashtra are working well, but many have also not delivered. They need to be revived, as they generate investment and employment opportunities. Tourism is also a major draw of the state, with a huge revenue potential. The bottom line is less interference by vested interests, simpler labour laws (as most industries are manufacturing units), and high-quality infrastructure development.

*Photo Credit: Google

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