Mumbai, Jan 24 : The Maharashtra government announced the signing of 61 Memorandums of Understanding (MoUs) worth ₹15.70 lakh crore at the World Economic Forum (WEF) in Davos, Switzerland. Approximately 98% of these investments will come as Foreign Direct Investment (FDI), according to Chief Minister Devendra Fadnavis, who highlighted the transformative potential of these agreements in job creation and infrastructure development.
“These MoUs will help in creating around 16 lakh jobs in the state,” Fadnavis said on Thursday. He also announced the state’s plans to develop an artificial intelligence (AI)-powered “innovation city” in Navi Mumbai. “Artificial intelligence (AI) is changing the job market and governance across the globe, and considering this, Maharashtra is taking steps to stay ahead of the others,” Fadnavis noted. The innovation city is expected to establish Maharashtra as a hub for AI and support the sector’s growth nationally.
Major Investments
Key agreements include:
- Brookfield committing ₹1,03,200 crore for infrastructure development.
- Amazon Web Services (AWS) investing ₹71,795 crore to set up a data center.
- Hiranandani Group pledging ₹51,600 crore in infrastructure projects.
- Blackstone, Temasek Capital, K Raheja Corp, and Sumitomo Realty & Development committing ₹43,000 crore each to infrastructure initiatives.
High Investment Conversion Rate
Addressing concerns about MoUs not translating into tangible investments, Fadnavis highlighted Maharashtra’s track record. “On an average, 40% of MoUs lead to actual investment in the country, and in Maharashtra, this goes up to 65% to 70%. As far as MoUs signed in Davos are concerned, up to 95% of them get translated into actual investment,” he said.
Responding to Criticism
Shiv Sena (UBT) leader Aaditya Thackeray questioned the necessity of signing MoUs at Davos, suggesting such agreements could be finalized within Maharashtra. Responding to the critique, Fadnavis explained, “The WEF has become an international centre for networking. CEOs of all the reputed companies come to Davos to participate in interactions. The Indian companies you are talking about have also turned global. They also want their global partners to interact with the representatives of Maharashtra.”
AI Policy in the Pipeline
State industries minister Uday Samant revealed that Maharashtra is drafting the country’s first AI policy, with a dedicated committee overseeing its development. “The policy is likely to be announced in the next three months,” Samant said, emphasizing the state’s commitment to embracing emerging technologies.
Magnetic Maharashtra and Data Leadership
Fadnavis underlined Maharashtra’s reputation as a business-friendly destination, citing initiatives like the “Magnetic Maharashtra” summit aimed at promoting investment. He also stated, “Maharashtra has become the data capital centre of India,” underscoring its significance in the tech-driven economy.
The agreements signed at Davos reflect Maharashtra’s growing global prominence and its efforts to create a sustainable investment ecosystem, leveraging the opportunities presented at international forums like the WEF.
