Maharashtra secures investment MOUs worth $44 billion and receives an expression of interest for an additional $12.5 billion investment, to generate nearly 200,000 jobs across various sectors
DAVOS, Switzerland, Jan. 19, 2024 /PRNewswire/ — The Chief Minister of Maharashtra, Shri Eknath Shinde, concluded his successful visit to the World Economic Forum 2024 (WEF) in Davos, signing MoUs aimed at attracting substantial investments into the state and meeting with international political, media and business leaders.
During his visit, Shri Shinde was accompanied by Minister of Industries, Shri Uday Samant, and signed 19 MoUs with multinational businesses including Hyundai Motors and ABInBev as well as national companies across a range of sectors, laying the groundwork to propel Maharashtra into a phase of rapid growth to achieve its trillion-dollar aspiration. This trip builds on the successes of the WEF Annual General Meeting in 2023 and continues to show the global belief that Magnetic Maharashtra is the stable and dependable gateway into India.
Presenting Maharashtra, which has the largest GSDP in India, as the premier investment hub, Shri Shinde formalised MOUs worth approximately $44.2 billion and received an expression of interest for an $12.5 billion investment, attracting a total investment of $56.7 billion, all with significant FDI components, with the potential to create about 200,000 jobs in various sectors including electronics, IT/ITeS, data centres, gems & jewellery, agriculture, auto and renewables.
These strategic agreements will significantly boost the state’s economic landscape. They include setting up a green hydrogen and ammonia plant by Inox Air Product, a battery separator film manufacturing facility by BC Jindal, paper production capacity expansion by a global Natural Resource Conglomerate, brewery business expansion by ABInBev, Dighi Port expansion by Adani Group, JSW Steel in renewables, Godrej Agrovet’s investment in cattle feed expansion and chemical segments, CtrlS Data centres setting up solar parks, Web Werk’s investment in IT/ITES data centres and Hyundai Motor expansion plans.
Concluding his visit, Shri Shinde, Chief Minister of Maharashtra, said: “My visit to the World Economic Forum proved highly productive. The diverse investments across sectors reaffirm Maharashtra’s unique position as India’s gateway. I am resolute in leading the state’s initiatives to achieve our ambitious $1 trillion GDP goal. The future holds promise, and I am enthusiastic about propelling Maharashtra’s ongoing success on the global stage, which is only possible because of the amazing and talented people in Maharashtra.”
Maharashtra is one of the most industrialized states in India, contributing to about 16% of the country’s industrial output and 25% of its GDP. The service sector contributes the most to the state’s economy, accounting for about 62% of its GDP while the manufacturing sector is the second-largest contributor to the state’s economy, accounting for about 20% of its GDP. Major industries in Maharashtra include automobiles, engineering, textiles, pharmaceuticals, chemicals, petrochemicals, food processing, and IT/ITeS.
Maharashtra Industrial Development Corporation (MIDC)
MIDC is the Government of Maharashtra’s nodal investment promotion agency. The corporation is not only the country’s largest Industrial development authority but one of South-East Asia’s most competent Investment Promotion Authority. Over the last 5 decades, MIDC has enabled the state to achieve an undisputed leadership position with regard to investments and industries.
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