Maharashtra Chief Minister Devendra Fadnavis addressed the media at the World Economic Forum in Davos on Monday. He spoke from Nagpur, assuring that the recent tariff hike would not deter foreign investment in India.
Confidence in Investment Climate
Fadnavis acknowledged that some industries have felt the impact of tariff tensions. However, he stressed that these issues are being tackled on a case-by-case basis. The overall investment proposals remain unaffected, according to his statement.
Maharashtra's Strong FDI Record
Highlighting the state's performance, Fadnavis noted that Maharashtra continues to lead as the top destination for Foreign Direct Investment. This position held firm over the last two quarters, showcasing consistent appeal to global investors.
He expressed optimism about securing new investment proposals during the WEF meet. These proposals aim to cover all regions of Maharashtra, ensuring balanced development across the state.
'Third Mumbai' Development
A major focus was the 'Third Mumbai' project. This new urban agglomeration spans 675 square kilometers in the Raigad district, covering areas like Karnala, Sai, and Chirner.
Fadnavis emphasized that this development would attract significant investment. The government is pursuing theme-based zones within 'Third Mumbai'. These specialized areas include:
- Education City
- Info City
- Global Capability Centre City
- Port City
- Medi City
Infrastructure and Mumbai's Future
When questioned about expectations for Mumbai following the BJP's BMC election victory, Fadnavis pointed to key infrastructure projects. He mentioned the Atal Setu, Navi Mumbai airport, and other large-scale urban developments as drivers of growth.
High MoU Conversion Rates
Fadnavis shared impressive statistics on Memorandum of Understanding conversions. Nearly 75% of MoUs signed during the last Davos meet have been realized. This rate far exceeds the average of 35% seen elsewhere.
For Maharashtra specifically, the conversion rate of MoUs into actual investment ranges from 55% to 65%. Agreements inked at Davos show even higher success rates, according to the Chief Minister.
Inter-State Competition and National Growth
Emphasizing healthy competition, Fadnavis welcomed investments in other states. He stated that such investments contribute to India's overall development, reflecting a collaborative national approach.
At Davos, Maharashtra presented a broad spectrum of sectors for investment. This diverse "menu" of opportunities allows investors to choose areas aligning with their interests and expertise.
The Chief Minister's remarks underscore confidence in Maharashtra's economic resilience. Despite tariff challenges, the state continues to position itself as a prime destination for global capital.
