MUMBAI: The Maharashtra government is working on a framework for tokenisation of assets, Chief Minister Devendra Fadnavis announced on Thursday at the Global Fintech Fest (GFF) 2025—a three-day extravaganza at Mumbai’s Jio World Convention Centre that drew business leaders and policymakers from across the globe.

The framework is expected to unlock nearly Rs 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 clearances 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.

Talking on the fast developing infrastructure in the state, CM Devendra Fadnavis says, "First of all, let me tell you that executing any project requires a very clear vision, fast decision-making, and, of course, accountability in delivery. These are the three pillars on which you have to build. For us, the vision has always been clear because I always say that all the iconic projects I have executed were never imagined by me—they were conceived or imagined 30–40 years ago by someone else."

The GFF stage, co-hosted by the Payment Council of India and Qatar FinTech Hub, and Prime Minister Narendra Modi had headlined the 2024 edition, lauding India’s fintech surge for financial inclusion; this year, with UK PM Keir Starmer’s virtual nod and 20,000 delegates swirling through sessions on AI ethics and Web3 wallets, Fadnavis’ pitch landed like a crypto bull run.