Maharashtra seeks AIIB support for $1 trillion economy goal
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Maharashtra Chief Minister Devendra Fadnavis on Thursday sought support from the Asian Infrastructure Investment Bank (AIIB) for the state's economic and infrastructure plans, which are aligned with India's broader aim of becoming a $5 trillion economy. Fadnavis said Maharashtra is progressing towards its own target of becoming a $1 trillion economy According to PTI, the chief minister met Ajay Kumar Pandey, Vice President of Investment Solutions at AIIB, and outlined the state's strategy for economic growth and infrastructure development . He said Maharashtra is preparing a roadmap to become a developed state by 2047 and described a phased plan involving short-, medium-, and long-term actions.According to Fadnavis, nine projects from Maharashtra have been submitted to NITI Aayog and the Union Finance Ministry, with financial support being sought particularly for river-linking initiatives and pump storage schemes. He said five river-linking projects , including the Wainganga-Nalaganga-Painaganga and Damanganga-Godavari schemes, are under progress. The latter is intended to divert water to the Marathwada region.He added that Maharashtra aims to generate 100,000 MW of renewable energy through pump storage systems , and noted private sector interest in these initiatives. The state plans to connect private developers with AIIB to scale up the projects.The government is also installing 300,000 to 400,000 solar irrigation pumps each year under an ongoing programme. Fadnavis claimed these efforts have been adopted as models by other states.Fadnavis also referred to current and planned urban transport infrastructure, including metro rail projects, underground roads, and coastal highways.Pandey, in response, shared AIIB's ongoing investment work globally and assured continued support for Maharashtra's development proposals.The AIIB has previously funded projects in India, including metro rail systems and renewable energy infrastructure. Maharashtra has been among the more active states in leveraging multilateral funding for urban development and energy transition projects. The state has also been engaging with central agencies to align its long-term plans with national targets for growth and sustainability.
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