'Maharashtra's economy is stable; Ladki Behen scheme will become world's biggest NGO': Minister at BT Banking Summit

Maharashtra’s financial stability remains intact despite ongoing welfare expenditures, Minister of Skill Development and Entrepreneurship Mangal Prabhat Lodha said at the Business Today Banking & Economy Summit and Best Banks Awards on Thursday. Defending Chief Minister Devendra Fadnavis' economic strategies, Lodha said the state's development plans remain on track without compromising fiscal discipline.

Lodha also addressed concerns about subsidy burdens, particularly in relation to the Ladki Behen Yojana. "This (Ladki Behen Yojna) is not just a distribution of money. More than 50% of women under the Ladki Behna Yojana have started saving. They are saving ₹1,500 per month. Groups of four to five women are coming together to start their own businesses. This initiative will become the world's largest NGO. It is not a waste of money but an investment in 50% of the population that was previously denied their rights," he said during a conversation with Business Today Editor Siddharth Zarabi.

The minister backed Fadnavis' economic policies, drawing parallels between past and present initiatives. “From 2014 to 2019, Fadnavis launched the Jalyukt Shivar scheme. At that time, the criticism it faced was even greater than what Ladki Behna is receiving today. However, the results speak for themselves. Wherever dams were built under Jalyukt Shivar, water levels have risen significantly. As a result, farmers in those regions may no longer need loan waivers in the future.”

When asked about Maharashtra's balance sheet, Lodha said the state's financial condition is good and will remain good. "Devendra Fadnavis has a deep understanding of the economy. Whatever steps he takes are carefully planned with the end result in mind. That is why Maharashtra's balance sheet remains strong even today, and it will continue to be stable in the future.”

Uddhav Thackeray’s Missed Opportunity

Lodha also criticised former Chief Minister Uddhav Thackeray for stalling key infrastructure projects in Mumbai. “He (Uddhav) has failed himself miserably. He got a chance to lead the state. Maharashtra has been leading India for hundreds of years. Chhatrapati Shivaji established Hind Swarajya from here. Tata started from this land, and even today, when a product bears the Tata name globally, no one needs to check its quality or price — it is trusted without question. This is the uniqueness of Mumbai. In this very Mumbai, Uddhav Saheb got the opportunity to govern, but he let it slip away.”

He argued that Thackeray’s indecision cost Mumbai crucial development, particularly the metro expansion, which, if continued, could have been operational by now. “His mind was never steady — sometimes he thought one thing, sometimes another. There was no need to stop the metro or halt infrastructure projects. Had those two and a half wasted years not happened, Devendra Fadnavis would have continued, the metro would have been operational by now, and life for Mumbai’s people would have been much better,” he said.

Lodha expressed confidence that in the next two years, with ongoing metro development, people will switch from private vehicles to metro services, making commuting easier.