Lost Tesla Before 2022, But Better Days Ahead for Maharashtra: Speaker Rahul Narwekar at BT Banking Summit
Mumbai, February 12, 2023: "We lost our way, we lost our momentum, and we lost our confidence," said Rahul Narwekar, the current Speaker of the Maharashtra Legislative Assembly, while addressing the attendees at the Bankers’ Times (BT) Banking Summit in Mumbai today. However, he emphasized that the state is poised for a rebound, citing various factors that will drive its growth in the coming years.
Mr. Narwekar, who took over as the first neutral Speaker of the Assembly in 2022, acknowledged that the state’s growth had stalled in recent years. "We’ve seen a decline in our economy, a decline in our industries, and a decline in our confidence. We’ve lost our way, and it’s essential for us to recognize this and act accordingly."
He lamented that the state’s PKFV (Public-Private-Foidal-Reserve) structure was no longer effective, and the policies were not pro-growth. "We have been following a policy of ‘band-aid’ solutions, fixing one problem, but forgetting to address the underlying issues." He emphasized that the state needs to adopt a more structured approach to attract investment, create jobs, and stimulate growth.
Despite the challenges, Mr. Narwekar expressed optimism about Maharashtra’s future. "We have a lot of inherent strengths that will drive our growth in the coming years. Our human resource pool is rich, our infrastructure is developing, and our policies are becoming more investor-friendly."
He highlighted initiatives such as the development of infrastructure projects like the Mumbai Metro, the expansion of the city’s airport, and the growth of industries like the technology and startup sectors, which will contribute to the state’s resurgence. Moreover, he emphasized the importance of education and skill development, stating that "education is the key to tomorrow’s growth, and we need to invest heavily in our youth."
Mr. Narwekar called for a collaborative effort from all stakeholders, including the government, industry, and academia, to work together to develop a robust plan for the state’s growth. "We need to come together, think as one, and work towards a common goal. We can do better, but we need to recognize our mistakes, learn from them, and move forward," he concluded.
The BT Banking Summit, organized by Bankers’ Times, is an annual event that brings together thought leaders, industry experts, and policymakers to discuss key issues and opportunities in the banking and finance sector. The event is designed to create a platform for knowledge sharing, networking, and more effective collaboration among stakeholders.
Note: "PKFV" stands for Public, Private, Foreign, and Reserve, which are the main components of Maharashtra’s economic structure.
