Maharashtra was a magnet for fresh investment MoUs at Davos
4 min read 22 Jan 2023, 10:14 PM ISTA clutch of deals across various sectors signed with companies could help make the state a manufacturing hub for the world
PremiumIn less than 7 months since our government took over in Maharashtra, we are on the road to delivering on our promise of making the state India’s first $1 trillion economy, towards the country’s goal of achieving a GDP of $5 trillion. We successfully signed investment deals for Maharashtra worth ₹1.4 trillion at the World Economic Forum (WEF) 2023 in Davos.
It was a privilege to represent my state and the country at the WEF. The Memorandums of Understanding (MoUs) we signed at Davos show that Maharashtra is among the preferred states for global investments. It validates our confidence in the path we have adopted for rapid economic development. Signed with 19 companies, these MoUs are expected to generate quality employment for over 100,000 people.
Some of the key companies that inked investment intentions are Berkshire Hathaway, Nipro Pharma Packaging, Owens Corning, Greenko Energy, Mahindra Automotive, Triton Electric Vehicles, Gogoro, NTT, Rajuri Steels & Alloys, Nikkari Corp and New Era Clean Tech. These deals encompass a wide range of sectors, including infrastructure, renewable energy, information technology, fintech, steel manufacturing, agriculture and food processing. These investments are spread across the state’s geography in line with our focus on balanced regional development. Being capital-intensive commitments, these partnerships have high potential for multiplier effect on the state’s economy through generation of employment.
The future of energy has to be renewable and non-polluting for us to build a sustainable future for our citizens and generations to come. With this goal, we have focused on investments in the renewable energy and electric vehicle (EV) sectors. We will now have partners across multiple clean-energy sub-sectors—for solar and wind energy parks, a solar panel manufacturing unit and a plant for solar-based hybrid climate-control systems. Similarly, as EVs promise to define the future of mobility, we will be setting up two-and four-wheel EV-manufacturing plants, battery-manufacturing facilities and 5,000 battery-swapping centres across Maharashtra with industry leaders.
While industrial development is key, agriculture still employs a large population in the state and it is essential to enable our farmers to advance further in the food processing value chain and enhance productivity. We have inked collaborations to make agricultural and forest machinery and use cryogenic technology for the export-oriented production of processed foods. At the other end of the spectrum, we will set up data centres across the state to support IT and fintech companies.
With the economy recovering rapidly from the slowdown caused by the covid pandemic, the consumption of steel and associated products will grow rapidly. Apart from strengthening our steel manufacturing capacity with an integrated steel plant, we have firm commitments for steel derivatives like mild steel billets and sponge iron units. These plants will be set up in Chandrapur and Gadchiroli districts. As these have been bereft of major economic activity in the past, this represents an important milestone.
A hi-tech, high-value industrial cluster is also being set up, which will provide warehousing and logistics support as part of a comprehensive residential and commercial ecosystem, which will include an entertainment hub. Several other small to medium manufacturing facilities are proposed across the state by our partners, including for plastic components, glass vials and ampoules, insulation products and more, strengthening the value chain for other industrial sectors.
Since the proposed investments will take place across Maharashtra, the ripple effects are expected to benefit all parts of the state inclusively. I have conveyed a warm welcome to our new partners on behalf of the state’s people, and I look forward to hosting them later this year to begin the groundwork for implementing the proposals.
It is a matter of pride that our partners are from technological and economic powerhouses in Asia, like Japan, South Korea, Taiwan, Singapore and the UAE. The other companies are from some of the largest economies in the world, including the US, UK, Portugal, Israel and Canada.
As the leader of the state with one of the largest sub-economies in India, I am hopeful that some of these partners will also explore synergies within our country. This will allow us to carry forward the WEF theme of ‘Cooperation in a Fragmented World’ within India as well. India has assumed presidency of the G20, and I am confident that some of my interactions at Davos will result in a platform for more fruitful partnerships when delegates arrive in New Delhi for the 2023 G20 summit later this year.
A vibrant economic climate in Maharashtra, featuring ease of doing business, robust infrastructure and decisive leadership, is expected to bring the efforts of these last few days to fruition. The time has come for the state to assume its place as a manufacturing hub for the world. The first steps have been taken at Davos. We have signed on the dotted line; it is now time for action.
Eknath Shinde is Chief Minister of Maharashtra
