"Mumbai an economic capital, will become Fintech Hub of India": Maharashtra CM Devendra Fadnavis

Mumbai (Maharashtra) [India], December 13 : Maharashtra Chief Minister Devendra Fadnavis on Friday highlighted Mumbai's role as the economic capital and outlined the state's aspirations to become the fintech hub of the country.
Fadnavis while projecting a promising future for the state at the World Economic Hindu Forum said, "Mumbai is not just the economic capital of India but will soon lead the country as a fintech hub. Maharashtra is prepared to spearhead this transformation."
Fadnavis also emphasized India's rapid strides toward becoming a developed nation, crediting visionary leadership and inclusive growth as key drivers.
The Maharastra Chief Minister lauded the country's progress, attributing it to a blend of cultural values and visionary leadership.
Fadnavis drew a sharp contrast between Western and Hindu cultural philosophies, stating, "In the West, they follow the principle of 'survival of the fittest.' However, in our Hindu culture, we believe in supporting every individual, ensuring no one is left behind. This principle defines our inclusive growth."
Reflecting on India's economic trajectory, he recalled how, in the 1990s, the global community compared the nation's economic progress to the slow pace of an ant. "But now, India's economic growth has become a model for others. We have risen to become the fifth-largest global economy and are on the path to securing the third position," Fadnavis asserted.
He credited the late Prime Minister Atal Bihari Vajpayee for laying the foundation of India's developmental agenda, which has been further advanced by Prime Minister Narendra Modi.
"PM Modi has initiated transformative schemes and policies focused on rapid and inclusive growth, propelling the nation toward achieving the vision of a Viksit Bharat," he said.
The Chief Minister expressed confidence that India's unique growth model, rooted in its cultural ethos and bolstered by strategic governance, would continue to inspire the global community in the years to come.
Chief Minister Devendra Fadnavis outlined the state's ambitious infrastructure developments, with a particular emphasis on the expansion of its maritime and transport networks.
Speaking at the event, Fadnavis detailed several significant projects underway in the state, emphasizing their role in strengthening Maharashtra's economy.
"We are actively enhancing our ports and airports to facilitate smooth trade and transport. Key infrastructure projects like the Sea Link, Atal Setu bridge, and the Nagpur-Mumbai Samruddhi Mahamarg expressway are part of our larger vision to modernize Maharashtra's infrastructure," Fadnavis stated.
One of the most significant developments, according to the Chief Minister, is the creation of Vadhavan Port, which will play a crucial role in boosting the state's maritime transport capacity.
"Today, Jawaharlal Nehru Port (JNPT) handles 60% of India's cargo supply. However, the upcoming Vadhavan Port will be even larger and will accommodate larger ships, which will greatly enhance the supply chain and facilitate further economic growth in Maharashtra," he added.
Fadnavis also highlighted the role of Prime Minister Narendra Modi in driving maritime transport development in Maharashtra, noting the central government's strong focus on improving port infrastructure across the country.
The Vadhavan Port, once completed, is expected to become a major gateway for trade, not only strengthening Maharashtra's economic position but also contributing to the nation's maritime ambitions.
Fadnavis also outlined the state's commitment to technological advancement and sustainability, presenting these as crucial drivers of future development. He discussed the pivotal role of digital technology and artificial intelligence (AI) in shaping Maharashtra's growth trajectory.
"We must embrace digital technology and AI for development. I firmly believe that positive disruption is key to overall growth," Fadnavis stated, underscoring his belief in the power of technology to create opportunities for all.
He stressed that technology should be inclusive, working for everyone, regardless of their socio-economic status.
"Technology does not discriminate between the rich and poor; it works the same for all and drives progress," he added.
Fadnavis also highlighted the state's ongoing initiatives in sustainability.
"In Maharashtra, we are focusing on water conservation because saving water today will secure our future development," he emphasized, recognizing the critical role of water resources in supporting long-term growth.
On the energy front, Fadnavis shared Maharashtra's ambitious plans to increase its reliance on renewable energy.
"52 per cent of our energy will come from renewable sources. We are working to harness the full potential of renewable energy, which will help us conserve energy on a large scale," he said.
The Chief Minister reaffirmed Maharashtra's commitment to green energy, noting that the state is pushing for sustainable development through the promotion of renewable energy initiatives.
These efforts, he explained, align with the state's broader vision of sustainable and inclusive growth.