Mumbai

MaharashtraChief Minister Devendra Fadnavis on Friday said the state is poised to surpass the economies of Singapore and the UAE in the next two to three years, driven by rapid growth in innovation, artificial intelligence, startups and infrastructure.

Maharashtra was not competing with any other Indian state as it has already become the world's 30th largest economy, he said. Speaking at the 'ImagiNxt 2026' event held at the Jio World Centre here, Fadnavis said Maharashtra has emerged as the startup and unicorn capital of India and is now the country's leading state in research, innovation and economic growth.

"Maharashtra is currently a $ 660 billion economy and is the closest Indian state to achieving the target of becoming a $ 1 trillion economy," he said during an interaction.

The chief minister said Maharashtra's economy has grown from around Rs 14 lakh crore in 2015 to Rs 54 lakh crore today, registering more than three-fold growth in the last decade.

"Maharashtra is not competing with any other Indian state. It has already become the world's 30th largest economy and in the next two to three years it will surpass the economies of Singapore and the UAE," Fadnavis said.

He said the state has maintained an average growth rate of around 10 per cent and is expected to achieve the $ 1 trillion economy target by 2030 despite temporary challenges such as El Nino conditions. Fadnavis said technology and artificial intelligence are acting as "force multipliers" for Maharashtra's development.