Maharashtra Chief Minister Devendra Fadnavis on Friday said that Maharashtra will become a $1 trillion economy till 2030 and asserted that Mumbai is now becoming the leading startup hub in India, with a reverse migration of entrepreneurs from Bengaluru.
In an interview with Moneycontrol's Managing Editor Nalin Mehta at the Global Wealth Summit in Mumbai, Fadnavis reiterated the state's economic vision, optimism about Tesla entering India, plans to make Maharashtra drought-free and his equation with Eknath Shinde and the Opposition.
Also Read: 'Mumbai becoming startup capital of India': Devendra Fadnavis's top quotes at GWS 2025
CM on Maharashtra economy
CM Devendra Fadnavis said Maharashtra will become a $1 trillion economy by 2030. While talking about the economic growth in the state, Fadnavis said, "In 2016-17, we mooted the idea of $1 trillion economy. Maharashtra is the only state which has chased the half trillion path. By 2030, we will be able to make Maharashtra $1 trillion economy."
'Mumbai becoming startup capital'
During his discussion, Fadnavis asserted that Mumbai is now becoming the leading startup hub in India, with a reverse migration of entrepreneurs from Bengaluru.
“There was a time when entrepreneurs founded their startups in Mumbai and then moved to Bengaluru. Now we are seeing reverse migration happening,” Fadnavis said, highlighting a major shift in India’s startup landscape.
He pointed to the city's phenomenal growth in the startup ecosystem and its rising valuation in the investment space.
'Maharashtra best for Tesla'
On reports of Tesla finalizing a place for its first showroom in Mumbai, CM Devendra Fadnavis said Maharashtra would be the ideal destination for the electric vehicle giant.
“We also hope Tesla to come. If they ask us, then we will say the best case is Maharashtra for investment,” Fadnavis said.
He also highlighted the state’s rapid industrial transformation, emphasizing Navi Mumbai’s emergence as a hub for advanced manufacturing. “You will see Industry 4.0 in Navi Mumbai,” he added.
While acknowledging competition among Indian states for investment, Fadnavis maintained a broad national perspective. “If Gujarat develops, then I am happy. If Karnataka develops, then also I am happy. After all, investment is coming into India,” he said.
Also Read: Maharashtra best for Tesla investment, ready to welcome them: CM Devendra Fadnavis
On equation with Eknath Shinde
Amid reports of rift with his Deputy Chief Minister Eknath Shinde, the Maharashtra CM reaffirmed that all's well between Mahayuti allies BJP and Shiv Sena.
Fadnavis said there is no rift between him and Shinde as he blamed media for "manufacturing" misleading news. "These are manufactured, coloured and motivated news reports. Sab mast chal raha hai (All's going well)," Fadnavis said.
"He looked serious even when he was the chief minister. No one asked these questions then. Now, that he is not the CM, people are saying - look, Shinde ji isn't smiling, he is sulking. If a person has a serious look on him, then how can he be seen smiling ... everyone has a personality, there is no problem, we are togther," he said.
He also expressed confidence that Mahayuti will contest the upcoming BMC elections unitedly and install its mayor in Mumbai.
Fadnavis on Opposition
Fadnavis opened up on his relationship with Uddhav Thackeray or Sharad Pawar, saying they still talk to each other on the phone.
"There was a time in Maharashtra politics when opposition was not being seen as political opponents but enemies. However, when I returned to head the government, I made it clear that I am here for 'Badlaav' (change) and not 'badla' (revenge). I want to engage in dialogue. My focus is on development. The relationship between us is fine and we can still talk to each other on the phone," Fadnavis said.
The Maharashtra CM said that if Uddhav had answered his call at the right time, the situation today would have been different. However, he added that they now speak to each other on the phone.
'Freebies straining Budget'
Fadnavis on Friday said that his government is committed to ensure that the pressures of social welfare schemes on the Budget does not result in shortcomings in capital investment in the state.
Admitting that the annual cost of Rs 60,000 crore for schemes launched by the government "has put some pressure on the state's budget", the Chief Minister said that the government is trying to facilitate development of business models among the beneficiaries.
"We started the Laadli Bahin Yojana last year where women receive a grant of Rs 1,500 per month. In Nagpur, a group of women developed a finance society. They drew deposits to the tune of Rs 30 lakh through small investments and developed a business model out of it. So, we are trying to facilitate and develop business models among the beneficiaries," the Chief Minister said.
Also Read: Freebies straining Budget but will ensure capital investment does not suffer: Devendra Fadnavis
Dharavi Redevelopment Project
Providing information about the Dharavi project, the CM said, "Dharavi Redevelopment Project has started. We will also take care of those ineligible and we will complete the Dharavi Redevelopment Project."
Drought-free Maharashtra
On making Maharashtra drought-free, Fadnavis said, "52% Maharashtra is drought prone, we have worked on a plan to make it drought-free. We have made river linking plans to make Maharashtra drought-free."
"This will start next year and it will take seven years to complete," he added.
'Gadchiroli - New steel city of India'
Devendra Fadnavis said, "Gadchiroli is becoming new steel city of India. Gadchiroli has best iron ore and dedicated pipeline to transport iorn ore mined from Gadchiroli."
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