Maharashtra Gets Rs 1,595 Crore Loan From World Bank Ahead of CM Swearing-In Ceremony

The World Bank has approved a loan of $188.28 million (Rs 1,595 crore) to support economic growth in Maharashtra, particularly in its underdeveloped districts, according to a media release. This comes ahead of Devendra Fadnavis' swearing-in ceremony as Maharashtra's Chief Minister in Mumbai today.

The Maharashtra Strengthening Institutional Capabilities in Districts for Enabling Growth operation aims to enhance district planning and growth strategies by equipping local governments with the necessary data, funds, and expertise. The initiative is designed to maximize the value of public funds in driving growth and creating jobs while encouraging private sector participation, particularly in the tourism sector.

“This program will enhance evidence-based planning and policymaking, efficient public sector interactions with the private sector, and improved service delivery to the public – all of which are critical for broad-based growth, especially in lagging districts,” said Auguste Tano Kouamé, the World Bank’s country director for India said.

Read Also | Maharashtra CM-Designate Devendra Fadnavis Offer Prayers at Shree Mumbadevi Temple in Mumbai Ahead of Swearing-In Ceremony (Watch Video)

According to reports, the project will include investments in a data governance framework and the establishment of the Maha Databank, which will improve coordination, integration, and analysis to address key developmental challenges, including gender disparities. The initiative will also incentivize districts by providing fiscal rewards for meeting performance targets. Enhanced online service delivery portals, including MAITRI 2.0 for private sector services and the RTS portal for government services, are expected to improve the accessibility and efficiency of public services.

The $188.28-million loan from the International Bank for Reconstruction and Development (IBRD) has a 15-year maturity, including a five-year grace period, the bank said.

Task team leaders Neha Gupta and Thomas Danielewitz said the project aims to unlock the potential of public data and improve e-governance to bolster private sector participation in district economies.

The ceremony will take place at Azad Maidan in south Mumbai at 5.30 p.m. today. It will be attended by Prime Minister Narendra Modi, several Union Ministers, besides Chief Ministers of States ruled by the BJP-led National Democratic Alliance.

(With inputs from agencies)