Fadnavis Says India Poised for Rapid Growth After Global Tensions Ease

Mumbai:Maharashtra Chief Minister Devendra Fadnavis has expressed confidence that India’s economy is poised for rapid growth once global geopolitical tensions ease. Speaking at the release of Rashtra Nirmanachi Tappurti — a commemorative publication edited by BJP State President Ravindra Chavan to mark 12 years of the Narendra Modi-led government — Mr. Fadnavis said that despite war-like situations disrupting international economies, global entrepreneurs continued to express confidence in India’s financial stability under the Prime Minister’s leadership.

The event, organised on Monday evening to mark the twelfth anniversary of Mr. Modi assuming office on May 26, 2014, was attended by several political leaders, including Mr. Chavan, Maharashtra Skills Development Minister Mangal Prabhat Lodha, and Mumbai BJP president Amit Satam. The publication highlights policy decisions and sector-wise achievements cited by the Union government over the past 12 years.

In his address, Mr. Fadnavis compared the current government’s investment-led economic approach with what he described as the subsidy-driven framework of the previous United Progressive Alliance government. He said earlier economic policies placed greater emphasis on direct subsidies rather than infrastructure investment, leading to fiscal strain, whereas the present model seeks to expand the national treasury through capital investment and channel those resources into welfare schemes.

“Under the UPA government, the focus was on introducing schemes that made people dependent on subsidies, with little emphasis on creating opportunities or investing in infrastructure and national development. This subsidy-driven model strained the economy and limited opportunity creation. Prime Minister Modi, however, built an economy that generates opportunities through investment. As the economy expanded, government revenues increased, enabling the state to pursue welfare measures aimed at poverty alleviation and self-reliance,” Mr. Fadnavis said.

Citing macroeconomic indicators, the Chief Minister said India’s gross domestic product (GDP) had risen from Rs 103 lakh crore in 2013-14 to Rs 357 lakh crore at present. He added that Maharashtra’s gross state domestic product (GSDP) had increased from nearly Rs 13 lakh crore to Rs 54 lakh crore during the same period, attributing the growth to structural fiscal reforms and sustained investment-led policies.