Fadnavis unveils Maharashtra's ₹50 trillion asset tokenisation plan

The Maharashtra CM said the state aims to become India's first "tokenised state" by digitising real-world assets to unlock Rs 50 trillion in dormant capital

The Maharashtra government is working on a framework for tokenisation of assets, chief minister Devendra Fadnavis announced on Thursday at the Global Fintech Fest.

 

The framework is expected to unlock nearly ₹50 trillion worth of “dormant capital” across the state by facilitating instant transactions and borrowings in real estate. Tokenisation refers to converting real-world assets into digital representations recorded on blockchain.

 

“Huge potential of our wealth is yet to be unlocked. It takes a long time for people to unlock their assets and raise capital. It curtails our ability to reap from. We will create a framework where you can tokenise your assets. We will be working with the regulators, innovators, and startups,” said Fadnavis during a discussion with Kunal Shah, founder, Cred.

 

He further appreciated the partnering approach by regulators in such measures.

 

The chief minister also highlighted measures taken to fast-track projects compared to a time when infrastructure projects were “generational” due to the time taken to execute them after a series of clearance from the authorities.

 

“The pace at which we normally work, it would take 20 years to unlock Mumbai’s potential. We can do it in two years if we do the tokenisation,” he added while unveiling the vision of making Maharashtra the first ‘tokenised state’.

 

The CM also gave a target of making Maharashtra a $1 trillion economy by 2030.

 

“Revolution is coming to India, and we want to catch it. We already have good GCCs (global capability centres) investing in Mumbai, Pune, and other cities. We need to create an ecosystem where this entire GCC revolution is captured by the state of Maharashtra,” Fadnavis added.

 

A day earlier, the Reserve Bank of India launched a pilot on deposit tokenisation.