Mumbai: Hindu Growth Rate will lead the world’s economy in the coming future, said Chief Minister Devendra Fadnavis at the ninth annual global conference of the World Hindu Economic Forum hosted in Mumbai. With the target of becoming the first sub-national one trillion dollar economy by 2028, Fadnavis said that Maharashtra’s focus is on logistics and technology while also expressing a wish to establish the state as the data capital of the country.
Soon after taking oath as the chief minister, Fadnavis had shared his vision of Maharashtra’s growth with development and Hindutva at its core. At the inaugural session of the World Hindu Economic Forum at Jio World Convention Centre on Friday, Fadnavis reflected on Hindu Growth Rate as the guide to world’s economy.
He said that the economic models adopted post-independence led to the derisive label of Hindu rate of growth but India is now recognized as the fastest-growing economy and is poised to become the third-largest economy globally. He claimed that its roots lie in the policies initiated by Atal Bihari Vajpayee while Prime Minister Narendra Modi has advanced them to its peak.
“The civilisation of the West believes in survival of the fittest while Hindu civilisation believes in survival of all the beings that are born. The history of biggest economies of the world has seen exploitation while India, which accounted for 35% to 49% of the world’s economy in 15th century, has always advanced through hard work and enterprise. While capitalism has resulted in significant wealth disparity in many parts of the world, PM Narendra Modi has successfully lifted 25 crore people out of poverty in the last ten years,” said Fadnavis, claiming that the Hindu model of economic growth is transparent and inclusive.
Reiterating Narendra Modi’s vision for Mumbai that he shared in July while laying foundation stone for multiple infrastructure projects in July during his visit to Mumbai, Fadnavis said that Mumbai is on its path of becoming the fintech capital. He said that Maharashtra is working to become the country’s first sub-national one trillion dollar economy and multiple measures including establishment of an economic advisory council has been initiated.
To reach the target by 2028 to 2030, Fadnavis claimed that Maharashtra is working on increasing the speed of travel and the speed of data. He reflected that the world is now eying at India as an important part of global supply chain and therefore Maharashtra is working on development of roads, ports and airports.
He mentioned that the Samruddhi Mahamarg has connected 16 districts to the Jawaharlal Nehru Port in Navi Mumbai, which handles 60% container traffic of the country. He also added that the upcoming Wadhavan Port in Palghar will help India become the maritime power.
He also emphasized on data speed to be as vital as physical infrastructure and said that Maharashtra will be the data capital of the country as it holds 65% of the nation’s data center capacity.
“Some estimates suggest Indian economy to have a potential reach of 7 trillion dollars to 9 trillion dollars and Maharashtra will be the country’s powerhouse in achieving the target. As India transitions into a digital economy, Maharashtra should become the data capital of the country. Positive disruptions like Artificial Intelligence should be accepted since they are like a horse which can perform better if rode well,” he said.
Additionally, he addressed water conservation efforts rooted in Hindu values of respecting and harnessing nature rather than exploiting it. He reported improvements in Maharashtra’s water table and forest cover and mentioned ongoing initiatives to link rivers. He said that Maharashtra aims to increase its renewable energy share to 52% by 2030.
Fadnavis was felicitated with an honorary membership of the World Hindu Economic Forum. The annual global conference was organised in Mumbai for the first time after 2019 and saw participation of over 1,000 delegates from different countries. In the next two days, the conference will be addressed by various chief ministers and over 100 eminent speakers from the world of business and industry.