Maharashtra signs 23 MoUs, total FDI in 2021

Maharashtra, India's largest state in terms of GDP and home to the country's financial capital Mumbai, signed 23 Memorandums of Understanding MoUs with companies, including investments in sectors such as pharmaceuticals and medical device, data centres, textiles, food processing, packaging, paper pulp, steel, etc. A total of $4 billion is 30,379 crore in investments was signed at the MoU ceremony held in the Maharashtra Pavilion in Davos, according to an official statement.

Over 55 per cent of these investments are Foreign Direct Investments FDI from countries such as Singapore, Indonesia, USA and Japan, it stated in the 10th edition of its Magnetic Maharashtra 2.0 program.

The program, which was conceptualized under the leadership of Chief Minister Uddhav Thackeray to strengthen the resilience of the state's economy, has signed 121 MoUs, which brings the total investment in the state to Rs 2.2 lac crore $29 billion with the potential to generate almost 400,000 jobs.

In the previous 9 editions, 98 MoUs were signed, which are now at various stages of implementation. In the last two years, Maharashtra received 26 per cent of total FDI, which was the highest in India, from October 2019 to December 2021.

State Minister of Environment Climate Change, Aaditya Thackeray, Minister of Industries Subhash Desai and Minister of Energy, Dr. Nitin Raut, and several other dignitaries were present at the ceremony, along with industry representatives from the signing companies.

Major textile players like Indorama Corporation and Indocount Industries Ltd are investing in the textile hubs of Nagpur and Kolhapur of Maharashtra.

Microsoft is investing to establish Data Centres in Pune with an investment amount of 3,200 crores, one of the world s largest software and hardware IT giants.

Sinarmas Pulp and Paper Pvt. Asia Pulp and Paper APP, a leading pulp and paper company from Indonesia, is investing Rs 10,500 crore for paper and pulp manufacturing in Raigad.

Havmor Ice Creams Pvt Ltd is setting up a ice cream manufacturing unit in Pune, which will be a major thrust for food and agro processing. Sonai is eatable and Goyal protein is used in oil extraction.

Gramsci Business Hub Pvt Ltd will invest 5000 crore in the IT sector, giving a boost to the IT ecosystem in Maharashtra.

After a 2 year hiatus due to the outbreak of COVID 19 the outbreak hit India's Commerce and Industry Minister Piyush Goyal led a delegation of ministers, chief ministers and business leaders at the annual event taking place from May 23 -- 25.

The statement states that WEF will be a platform to project India as an attractive investment destination in view of its robust economic growth and stable macroeconomic indicators.

The issues that are being discussed include government policies and business strategies against the global pandemic and the war in Ukraine and geo-economic challenges.

Public figures and global leaders will meet in person to exchange insights, gain fresh perspectives, and advance solutions at a strategic point in time.