NEW DELHI: The much-awaited Mumbai-Ahmedabad bullet train project will be ready for operations by 2028, Maharashtra chief minister Devendra Fadnavis announced on Monday, while also revealing that the state aims to raise $50 billion from international investors to accelerate infrastructure development.
“By 2028, we will be able to travel in the bullet train,” Fadnavis said while speaking at an event on the India-Middle East Europe Economic Corridor (IMEEC) project.
He acknowledged that Gujarat has made faster progress on the project and attributed delays in Maharashtra to the previous state government.
Without naming Shiv Sena (UBT) chief Uddhav Thackeray, Fadnavis said the project had suffered during the two-year rule until 2022. “After the new government came to power, we gave necessary approvals and work started rapidly,” he added.
The Mumbai-Ahmedabad high-speed rail corridor is being built with Japanese assistance at an estimated cost of $15 billion.
Fadnavis criticised the earlier Maha Vikas Aghadi (MVA) government, claiming the bullet train project was halted for two and a half years under their leadership. “If we are investing Rs 70,000 to Rs 80,000 crore on bullet trains and stopping the work for 2.5 years, who will have to bear the cost of the interest that is incurred?” he questioned.
Highlighting the state’s infrastructure goals, Fadnavis said Maharashtra is targeting a $1 trillion Gross State Domestic Product (GSDP), and infrastructure development is crucial to achieving that. He said $30 billion was invested during his earlier term (2014–19) and larger amounts are now being deployed in key projects.
Among the major developments planned is the Vadhavan port, which is expected to be operational within the next 3–4 years. Built on reclaimed land, the port will also feature an adjoining airport developed through land reclamation in the sea.
“Many major cities in the world have such airports,” Fadnavis said, asserting that the infrastructure will significantly reduce logistics costs. The port will also include a halt for the bullet train.
Fadnavis further announced that a highway from Nashik to the Vadhavan port is underway, connecting 17 districts to the new maritime hub. He also spoke about the Shaktipeeth highway, which aims to link Nagpur to Goa via backward regions of the state, thereby giving a push to regional economic development.
Reinforcing Maharashtra’s role in the IMEEC project, Fadnavis assured that Mumbai and the state would create a strong enabling ecosystem. Speaking at the same event, PwC India chairperson Sanjeev Krishan said the IMEEC, when integrated with existing trade corridors, will create a “multiplier effect” on the global economy.

The rupee appreciated 27 paise to ₹84.96 against the U.S. dollar in early trade on Tuesday (April 29, 2025), supported by robust foreign fund inflows, stronger domestic data, and easing global tensions.

Forex traders said India’s manufacturing and industrial production, both expanded by 3%, reflecting the health of domestic demand. Moreover, a strong rally in domestic equities driven by a surge in foreign fund flows further boosted sentiments.

However, caution lingers, as any escalation in tensions between India and Pakistan could swiftly reverse gains and pressurise the rupee, much like past geopolitical episodes, they noted.

At the interbank foreign exchange, the domestic unit opened at ₹85.06 against the greenback, then gained ground and touched ₹84.96, registering a gain of 27 paise over its previous close.

In initial trade, the rupee also touched an early low of ₹85.15 against the greenback.

On Monday (April 28), the rupee appreciated 18 paise to close at ₹85.23 against the U.S. dollar.

“On the global front, a more diplomatic tone has emerged. U.S./ Treasury Secretary Scott Bessent indicated that negotiations with Asian allies, including India and Japan, are progressing well. Importantly, China has shown signs of de-escalation by offering key exemptions on tariffs, signalling a willingness to reduce trade tensions,” CR Forex Advisors MD Amit Pabari said.

Measures such as exempting certain goods from tariffs and softening automotive tariffs show a deliberate effort to avoid an all-out trade war and provide breathing room to global supply chains, Mr. Pabari added.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading higher by 0.17% at 99.18.

Brent crude, the global oil benchmark, fell 0.68% at $65.41 per barrel in futures trade.

In the domestic equity market, the 30-share BSE Sensex advanced 404.00 points or 0.50% to 80,622.37, while the Nifty rose 115.40 points or 0.47% to 24,443.90.

Foreign institutional investors (FIIs) bought equities worth ₹2,474.10 crore on a net basis on Monday (April 28), according to exchange data.

On the domestic macroeconomic front, India’s industrial production growth remained almost flat at 3% in March sequentially, though, on a year-on-year basis, it slipped from 5.5%, mainly due to poor performance of the manufacturing, mining, and power sectors.