Fortune India Banking & NBFCs Summit 2026: Maharashtra minister Mangal Prabhat Lodha outlines $1-trillion state economy roadmap

Maharashtra’s economic growth will depend on infrastructure development, investment, renewable energy and the creation of new businesses, Mangal Prabhat Lodha—the state's Minister for Skill, Employment, Entrepreneurship and Innovation—said at the Fortune India Banking & NBFCs Summit 2026 in Mumbai.

With Maharashtra targeting a $1-trillion economy by 2029-30, Lodha said the state’s progress was not limited to Mumbai, but extended across the state. He expressed confidence that Maharashtra would make a significant contribution to India’s overall economy.

“Not only Mumbai, all Maharashtra is progressing,” Lodha said, adding that the state could contribute significantly to the country’s economic growth.

The state’s $1 trillion economy ambition is part of its broader development vision for 2047, aligned with the Centre’s goal of making India a developed nation by the same year.

Startup ecosystem needs stronger support

Lodha also discussed the challenges facing Maharashtra’s startup ecosystem, particularly whether young entrepreneurs are receiving adequate financial and institutional support to turn their ideas into businesses.

The discussion highlighted a shift in aspirations among young people, with many looking beyond conventional jobs and seeking to build businesses of their own. However, access to funding and a supportive ecosystem remain important challenges.

“Do we have the support system? It's a big question,” Lodha said during the discussion on the opportunities and challenges facing entrepreneurs.

The conversation also examined the role of banks and financial institutions in providing funding to startups, alongside the responsibility of the government and private sector to create an enabling environment for innovation.

While Maharashtra has taken steps to promote entrepreneurship, Lodha acknowledged that more work remains to be done.

“But it still is a long way to go,” he said, referring to the development of the startup ecosystem.

Banks, govt and private sector must work together

The discussion underlined the need for closer coordination between financial institutions, government bodies and private businesses to support aspiring entrepreneurs. Access to finance, institutional backing and an environment that encourages innovation were central to the conversation.

The minister was also asked what message he would give young people and those working to promote entrepreneurship, given his responsibilities for skill development, employment and innovation.

The discussion concluded with a focus on the role of young people in achieving Maharashtra’s long-term economic ambitions and the importance of building a stronger ecosystem for startups and new businesses.

As the state works towards its $1 trillion economy target, expanding opportunities beyond Mumbai and supporting entrepreneurs could be important to sustaining growth across Maharashtra.