Magnetic Maharashtra draws deals worth over US$184bn

The three-day conference, organised by the State Government of Maharashtra, saw the signing of more than 4,100 MoUs that are expected to generate over 3.6 million new jobs in the state

February 18, 2018

The investments are primarily related to the defence, manufacturing, housing, transportation, infrastructure, energy, textiles and EV sectors as well as the ambitious hyperloop project.

The conference was attended by CEOs of nearly 50 foreign firms and 165 CEOs of Indian entities, with the biggest investment commitments from the Indian Railways and Reliance Industries.

Maharashtra CM, Devendra Fadnavis, said that the state will also receive confirmed investment of US$60 billion through over 100 MoUs that will be enforced with the Union Government.

Maharashtra’s gross state domestic product at US$307.2 billion during financial year 2016-17, accounted for 14.6 per cent of India’s gross domestic product, the highest among all states.

Magnetic Maharashtra, the global investors summit of the western state of Maharashtra, has attracted investment commitments worth well over US$184 billion. The three-day conference, organised by the State Government of Maharashtra, saw the signing of more than 4,100 memorandums of understanding (MoUs) that are expected to generate over 3.6 million new jobs in the state. The investments are primarily related to the defence, manufacturing, housing, transportation, infrastructure, energy, textiles, electric vehicles sectors as well as the ambitious hyperloop project. The conference was attended by CEOs of nearly 50 foreign companies and around 165 CEOs of Indian entities. The biggest investment committers at the summit included Indian Railways and Reliance Industries.

Chief Minister of Maharashtra, Devendra Fadnavis, said that the state will also receive confirmed investment of around US$60 billion through over 100 MoUs that will be enforced in association with the Union Government. These projects will generated more than 200,000 jobs. The investor conference was inaugurated by Prime Minister Shri Narendra Modi on February 18, who also laid the foundation of an international airport in Navi Mumbai and inaugurated a new US$1.2 billion terminal at the Jawaharlal Nehru Port, on the outskirts of Mumbai. The latest investor summit comes two years after Maharashtra held the week-long “Make in India” week which saw nearly 3,000 MoUs. Such investors conferences, being held across India, are seeking to promote trade and business opportunities in India.

Maharashtra’s gross state domestic product (GSDP) at US$307.2 billion during financial year 2016-17, accounted for 14.6 per cent of India’s gross domestic product (GDP), the highest among all states. The state’s capital, Mumbai, is the commercial capital of India and has evolved into a global financial hub. Backed by proactive policy and executive initiatives and strong industrial, manufacturing and agriculture activities, the state has emerged as a key hub foreign investment in India. According to the DIPP, cumulative FDI inflows in the state of Maharashtra during April 2000 to December 2017 stood at US$113.8 billion. PM Modi said that the Maharashtra’s initiatives to strengthen the investment climate have contributed to upgrading of the state’s World Bank’s Ease of Doing Business ranking.

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