The Maharashtra government on Friday established a new investment promotion agency named 'Invest Maharashtra', marking a significant step to attract investments and enhance the state's global connectivity. The governing council of the company will be chaired by Chief Minister Devendra Fadnavis, with both Deputy Chief Ministers serving as co-chairmen, the Industries Minister as vice-chairman, and the Principal Secretary (Industries) as member secretary.
Budgetary Allocation and Catalytic Fund
A budgetary provision of Rs 3,000 crore has been approved for Invest Maharashtra. Out of this, Rs 1,000 crore has been earmarked as a catalytic fund to focus on revenue generation and scalable impact. This fund is expected to drive strategic initiatives and attract major investments to the state.
Comparison with Other States
Officials noted that states like Tamil Nadu, Karnataka, Gujarat, Uttar Pradesh, Telangana, Andhra Pradesh, and Rajasthan have already established investment promotion institutions and global investor facilitation centres. These efforts have enabled them to attract investments and improve global connectivity. To maintain Maharashtra's leadership position and achieve the goal of a $1 trillion economy by 2030, the state has set up this new 'world-class' investment promotion agency.
Legal Framework and Departmental Control
Invest Maharashtra has been established under Section 8 of the Companies Act, 2013, under the industries department. Although the industries department is led by Shiv Sena minister Uday Samant, the governing council and board of directors will be headed by the Chief Minister. This means that all investment promotion activities will now be controlled by CM Fadnavis, centralizing decision-making for investment facilitation.
Government Resolution Highlights
According to a government resolution (GR), India is rapidly moving towards becoming a 'Developed India' by 2047, aiming for a $5 trillion economy by 2028 and a $30 trillion economy by 2047. India has emerged as a symbol of stability, resilience, and development, being the fastest-growing major economy and a reliable global partner. The country is now known for promoting innovation, the manufacturing sector, and sustainable development.
Maharashtra, as the economic powerhouse of India, contributes approximately Rs 51 lakh crore to the national GDP and accounts for more than 15.4% of the country's industrial production. The state has consistently led in attracting Foreign Direct Investment (FDI), capturing over 31% of India's total FDI flows in the last decade.
Industrial Ecosystem and Key Cities
The GR further stated that Maharashtra, with its vast economic potential, advanced policy framework, capable investor class, strategic geographical location, and world-class industrial infrastructure, has emerged as one of the most viable and competitive industrial ecosystems in India. Major cities like Mumbai, Pune, Nagpur, Sambhajinagar, and Nashik are steadily developing as hubs for financial services, IT/ITES, logistics, electric vehicles (EV), clean energy, and advanced manufacturing sectors. Several emerging sectors and regions are creating new growth opportunities.
Functions and Coordination
Invest Maharashtra will work for investment attraction and facilitation under the Maharashtra Industry, Trade and Investment Facilitation Act, 2023 and Rules 2025. The agency will focus on policy development as well as investment promotion and attraction. It will coordinate with MIDC, Maharashtra Industry, Trade and Investment Facilitation Cell (MAITRI), Directorate of Industries, Maharashtra Industrial Township Limited (MITL), and other relevant institutions to meet the comprehensive needs of global and domestic investors. This service will be available to investors across all sectors of the economy, including primary, secondary, and tertiary sectors.
