"This will be achieved by increasing growth in sectors like agriculture, textile, tourism," Mr Rao said in his address to the Maharashtra Legislature.
He also said the government has increased investment in infrastructure and agriculture which has resulted in GSDP growing at 8.5 per cent in 2015-16 and 9.4 per cent in 2016-17.
"To usher in one trillion dollar economy, the government has leveraged international funding and alloted substantial state budgetary resources to give a massive push to augment public infrastructure," Mr Rao said, adding to accelerate the high growth rate the government continues to back infrastructure-led growth policies.
Mr Rao further said the state government inherited a crisis-laden agriculture sector.
"From a negative growth of minus 0.5 per cent in 2012-13, the growth rate has increased to 12.5 per cent in 2016-17. This momentum will be sustained in 2017-18. This growth was achieved by making heavy investment in agriculture sector. From Rs 29,000 crore in 2013-14, it grew by 280 per cent to Rs 83,000 crore in 2017-18," the Governor said.
According to the Governor, under the flagship programme of 'Jalyukt Shivar' scheme, nearly 15,000 villages are being made drought-proof by May 2018.
"Through this process about 92 lakh people who were earlier not covered under the Act are provided 2kg rice at Rs 3 per kg and 3 kg wheat at Rs 2 per kg. About 10 lakh ineligible ration cards were eliminated," he informed.
According to Mr Rao, 22,670 out of 22,793 gram panchayats and 212 blocks out of 351 have been declared open defecation free.
He also said construction of the first Marina project on the coast will soon be taken up in Panvel creek at Belapur.
Mr Rao also said to promote innovative financial services particularly to the poor who are not fully served by the formal banking sector and provide employment to educated youth, the government has decided to launch an innovative Fintech policy.
"It provides for setting up Fintech hub in Mumbai with additional FSI, a capital support for setting up common facilities and partnership with banks like the State Bank of India," he signed off.