In the Maharashtra state assembly, the budget for the fiscal year 2025–2026 is presently being discussed. Speaking during the budget, Ajit Pawar, the state's deputy chief minister and finance minister, stated that the Mumbai Metropolitan Region, or MMR, will be transformed into a world-class "Growth Hub."
The establishment of trade hubs at Bandra-Kurla, Kurla-Worli, Wadala, Goregaon, Navi Mumbai, Kharghar, and Virar-Boisar can help accomplish this.
The state administration also wants to boost the Maharashtra economy to USD 300 billion by 2030, and by 2047, it wants to attain the coveted trillion-dollar mark, or USD 1.5 trillion.
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In India, the state of Maharashtra has the biggest state economy.
A significant decision to exempt Port Development from property tax was also announced by the state Finance Minister.
In his speech, Pawar said, "In the 'Maharashtra Maritime Development Policy-2023, port development has been exempted from property tax, non-agricultural tax, electricity duty, stamp duty, and industrial rates have been implemented for electricity. Passenger and port taxes have been exempted to promote passenger shipping and coastal tourism."
Pawar emphasised the outcomes of the state election at the start of his speech. "The people gave the Mahayuti an unprecedented majority in the November 2024 assembly elections," he stated during a speech before the Maharashtra state assembly.