Fadnavis Administration Targets Rs 7 Lakh Crore Investments at Davos Summit
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Synopsis
The Mahayuti administration is focusing on the 'Magnetic Maharashtra' initiative to attract significant investments during the WEF summit at Davos, aiming for MoUs worth Rs 7 lakh crore in various sectors.
Key Takeaways
- Maharashtra aims to sign MoUs worth Rs 7 lakh crore at the WEF summit.
- Focus on advanced technologies and new age industries.
- Targeting an 80-85% conversion rate for MoUs.
- Maharashtra leads in FDI attraction compared to other states.
- Multiple new industrial policies to be announced.
Mumbai, Jan 17 (NationPress) The Mahayuti administration is making significant strides with the initiative 'Magnetic Maharashtra' and aims to solidify the state’s dominance in securing both domestic and foreign direct investments (FDI) during the forthcoming World Economic Forum’s (WEF) annual summit at Davos from January 20 to 24.
Chief Minister Devendra Fadnavis is heading a delegation of 20 members, including Industry Minister Uday Samant and prominent bureaucrats. The Maharashtra Industrial Development Corporation (MIDC), City and Industrial Development Corporation (CIDCO), and the Mumbai Metropolitan Region Development Authority (MMRDA) are anticipated to finalize MoUs valued at over Rs 7 lakh crore. This proposed investment will focus on advanced technologies, solar modules, semiconductors, green hydrogen and ammonia, agricultural processing, hospitality, education, healthcare, data centers, and Artificial Intelligence.
According to state government sources, "The administration is seeking avenues in cutting-edge technologies, including global capability centers, with significant capital investment in infrastructure and previously unexplored areas. Every effort is being made to position Maharashtra as the preferred destination for domestic and foreign direct investments."
Sources indicated that the government will soon unveil several policies, including the New Industrial Policy, Gems and Jewellery Policy, Electronic Policy, Defence and Aerospace Policy, and Artificial Intelligence Policy.
Furthermore, sources mentioned that during the WEF meeting in January 2023, the state government had signed MoUs for investment proposals totaling Rs 1.40 lakh crore with 19 companies across various sectors, such as infrastructure, information technology, steel, agriculture, and food processing. In January 2024, the government also inked MoUs for Rs 3.53 lakh crore.
Sources confirmed that at the upcoming summit, MoUs for investment proposals amounting to Rs 7 lakh crore will be finalized, which exceeds the investments secured in 2023 and 2024.
Additionally, it was noted that Maharashtra and Tamil Nadu are the two states in India with the highest success rate in converting MoUs into actual investments. This time, the target has been elevated to achieve an 80 to 85 per cent conversion rate. The Maharashtra government has also set a deadline of March 31 to execute the maximum number of MoUs.
Chief Minister Devendra Fadnavis recently remarked that Maharashtra remains at the forefront of attracting FDI while maintaining its position of prominence. The state has secured FDI worth Rs 1,13,236 crore from April to September in the fiscal year 2024-25, surpassing other competing states such as Karnataka, Gujarat, Delhi, Tamil Nadu, Haryana, Telangana, Jharkhand, Rajasthan, and West Bengal.
“In just six months, Rs 1,13,236 crore of foreign investment has flowed into Maharashtra. If we examine the average over the last four years, an annual investment of Rs 1,19,556 crore has been directed to Maharashtra. This indicates that 94.71 per cent of the yearly investment has been achieved in just six months,” stated CM Fadnavis.
He further elaborated, "In 2020-21, Maharashtra attracted FDI worth Rs 1,19,734 crore; Rs 1,14,964 crore in 2021-22; Rs 1,18,422 crore in 2022-23; Rs 1,25,101 crore in 2023-24; and in 2024-25 (for six months from April to September) Rs 1,13,236 crore.
