In a bid to boost industrial growth, which dipped to 4.9% in 2024-25 from 6.2% the previous year, Maharashtra Deputy Chief Minister and Finance Minister Ajit Pawar on Monday proposed a series of policy initiatives in the annual budget for 2025-26.
The state government will soon announce the New Industrial Policy 2025, targeting an investment of $540 billion and the creation of 5 million jobs over the next five years. Additionally, the government will introduce policies for gems and jewelry, electronics, circular economy, and space to attract industrial investment while competing with other states.
New labor rules will be framed in accordance with the central government’s labor code. Dedicated logistics infrastructure will be developed on more than 10,000 acres of land.
The Mumbai Metropolitan Region (MMR) will be developed as an international-level economic development center, dubbed a “Growth Hub.” International business centers will be established at seven locations, including Bandra-Kurla Complex, Kurla-Worli, Wadala, Goregaon, Navi Mumbai, Kharghar, and Virar-Boisar.
The goal is to increase the MMR economy from the current $140 billion to $300 billion by 2030 and to $1.5 trillion by 2047.
In the LWE-affected Gadchiroli district, which is emerging as a “Steel Hub,” projects worth $67 million will be undertaken to improve transportation.
The Finance Minister proposed a Package Scheme of Incentives worth $860 million to boost investments. He also announced that electricity purchase costs would be reduced by $15 billion over the next five years through energy sector planning and the procurement of low-cost green energy, making electricity tariffs for industries competitive with neighboring states.
The government will establish the Maharashtra Technical Textile Mission and set up an “Urban Haat Center” in Nagpur. To further promote information technology and data centers, the government will establish Innovation City on 250 acres of land in Navi Mumbai.
