Mumbai, Jul 4 (IANS): Deputy Maharashtra Chief Minister Devendra Fadnavis on Wednesday said that the state's economy is now worth half-a-trillion dollar, and it is growing "very fast".

Speaking in the state council, Fadnavis said: "Maharashtra consistently ranked number one in attracting investments during 2014-19 and has again regained the number one position during the MahaYuti rule.''

His statement assumes significance as the Chief Minister Eknath Shinde-led state government has set an ambitious target to become a $1 trillion economy by 2028.

Devendra Fadnavis said that the state has been leading in various fields, especially when the state government has been implementing schemes for the common people in various sectors such as industry, employment, agriculture, youth, and the underprivileged.

Fadnavis denied the Opposition's claim that the diamond industry has moved to Surat from Mumbai, which is the diamond manufacturing and export hub.

"There is a difference in the functioning of Surat Diamond Bourse and Bharat Diamond Bourse in Mumbai. Surat is a manufacturing hub, while Mumbai is a manufacturing and export hub. Not a single industry has moved to Surat from the hub of Mumbai. India's gems and jewellery exports, worth $38 billion, come from Mumbai alone, which is 75 per cent of the total exports. Almost 97 per cent of the total exports of polished diamonds take place from Mumbai," he said.

Fadnavis said that the government has given revised administrative approvals to 121 irrigation projects, saying that the excess water flowing will be put to use through the river linking project.

He said that the development of the Rs 76,000 crore Vadhavan port recently cleared by the Union Cabinet will boost economic growth.