The Chief Minister of Maharashtra, India, Shri Eknath Shinde, has lined up 21 Memorandums of Understanding (MOUs) with leading foreign investors and global companies, worth over $17 billion, at the World Economic Forum (WEF). The investments are estimated to create more than 66,500 jobs over the next few years. These investments are aimed at jumpstarting Maharashtra on its ambitious $ 1-trillion economy goal journey.
Of these, the majority are greenfield projects in Data Centres, pharmaceuticals, logistics, chemicals, automobiles, electric vehicles, renewable energy and ESDM, which will foster inclusive growth, job creation and sustainable development. Shri Shinde is on a two-day visit to Davos, Switzerland, for the World Economic Forum (WEF).
Chief Minister of Maharashtra Eknath Shinde stated: “Maharashtra has been a key driver and contributor to India’s economic growth. We are leading the way in delivering ground-breaking investment opportunities and building confidence for the investing community. These MOUs demonstrate the heightened interest in the state and are a testament to Maharashtra’s progressive policies and investor-friendly initiatives under our new government. I have presented the progressive policy reforms of my government, making the state a part of the global conversation, to reiterate to political leaders and global investors why Maharashtra is a premier investment destination.”
Maharashtra also signed the prestigious three-year Platform Partnership with the WEF, a commercial contract for continuous engagements on subjects of strategic importance to the State. The subjects focus on Shaping the Future of Urban Transformation – smart and connected cities, urban resilience, governance, infrastructure & services and resource management – and New Economies and Societies, focusing on entrepreneurship, education & skills, economic growth and job creation.
During his visit, Shri Shinde also will be presenting Maharashtra’s progressive policies and investor-friendly outlook to key political and government representatives from Luxembourg, Saudi Arabia, and Singapore, among others.
Maharashtra is one of the most industrialised states in India, contributing 16% to the country’s industrial output and 15% to its GDP. The service sector contributes the most to the state’s economy, accounting for 62% of its GDP, while the manufacturing sector is the second-largest contributor to the state’s economy, accounting for 20% of its GDP. Major industries in Maharashtra include automobiles, engineering, textiles, pharmaceuticals, chemicals, petrochemicals, food processing and IT/ITeS.
Source: The Maharashtra Industrial Development Corporation (MIDC)