The Mahayuti government is placing significant emphasis on the ‘Magnetic Maharashtra’ project and the state’s leading role in attracting both domestic and foreign direct investments (FDI) during the upcoming World Economic Forum (WEF) annual summit in Davos from January 20 to 24.
Chief Minister Devendra Fadnavis will lead a 20-member delegation, including Industry Minister Uday Samant and senior bureaucrats. The Maharashtra Industrial Development Corporation (MIDC), City and Industrial Development Corporation (CIDCO), and Mumbai Metropolitan Region Development Authority (MMRDA) are expected to sign Memorandums of Understanding (MoUs) worth over Rs 7 lakh crore. The proposed investments will focus on high-end technologies, solar modules, semiconductors, green hydrogen and ammonia, agriculture processing, hotel and hospitality, education, healthcare, data centers, and Artificial Intelligence.
State government sources revealed that the government is exploring opportunities in new-age technologies and global capability centers, aiming to position Maharashtra as the preferred destination for domestic and foreign direct investments. The government plans to release new policies, including the New Industrial Policy, Gems and Jewellery Policy, Electronic Policy, Defence and Aerospace Policy, and Artificial Intelligence Policy.
During the WEF meeting in January 2023, the state government signed MoUs for investment proposals worth Rs 1.40 lakh crore with 19 companies across various sectors. In January 2024, MoUs worth Rs 3.53 lakh crore were signed. This year, the government aims to ink MoUs for investment proposals worth Rs 7 lakh crore, surpassing previous years.
Maharashtra and Tamil Nadu have the highest conversion rate of MoUs in the country. The Maharashtra government aims to achieve an 80 to 85 percent conversion rate and has set a deadline of March 31 to execute the maximum number of MoUs.
Chief Minister Fadnavis recently stated that Maharashtra remains the top state in attracting FDI, with Rs 1,13,236 crore of foreign investment during April-September in the fiscal year 2024-25, outpacing other states. Over the past four years, Maharashtra has consistently attracted significant FDI, with an annual average investment of Rs 1,19,556 crore.
