Maharashtra to become India's first trillion-dollar economy, says Narendra Modi

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Chief Minister of Maharastra, Devendra Fadnavis, said that the summit is a convergence of ideas of business leaders, political leaders and thought leaders.

Modi said Maharashtra was ahead in infrastructure spending among all other States in 2017. Through the summit "Magnetic Maharashtra", the state government is seeking to attract investors to explore business opportunities in the state of Maharashtra. This will include a ₹60,000-crore investment in an Integrated Industrial Area, a $7-billion dollar direct investment to finance the Mumbai-Nagpur Maharashtra Samruddhi Corridor, and a Hyperloop transportation system connecting Pune and Mumbai.

With the onset of the summit, the state government hopes to strengthen Maharashtra's position as "gateway" for all industrial development in the country where the best minds, industries, government machinery converge to co-create. The Maharashtra government has signed a framework agreement with Virgin Hyperloop One. It will make Maharashtra the birthplace and the cradle of the Fourth Industrial Revolution in India.

Informing about the PMs itinerary, the state unit of the BJP said that Modi would lay the foundation stone of the new Navi Mumbai International Airport (NMIA) in neighbouring Navi Mumbai at around 3pm.

Addressing the Global Investors' Summit - "Magnetic Maharashtra: Convergence 2018", Prime Minister said that India believes in potential, policy, planning and performance leads to progress. Stressing on the growth of the sector in last three years, the PM said, "India's aviation sector is growing tremendously".

The prime minister also inaugurated the fourth terminal of Jawaharlal Nehru Port Trust (JNPT) and stressed the crucial advantage of sea routes in trade and development. It will also greatly reduce accidents and carbon emissions, he said.

Prime minister Narendra Modi talks with Maharashtra CM Devendra Fadnavis during the opening ceremony of the Magnetic Maharashtra Convergence 2018 in Mumbai.

The prime minister will also launch the Mysuru-Udaipur Palace Queen Hamsafar Express train at 3 pm and address a BJP convention later on Monday. The PM, pointing out the importance of AI for India, said that the technology will have a huge role in the future and will contribute in development.

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