Maharashtra CM to sign MoUs worth Rs 1.4 trn at Davos, eyes 66.5k new jobs

Seeking to present Maharashtra as a key investment destination, Eknath Shinde plans to sign MoUs worth Rs 1.4 trillion on the sidelines of the World Economic Forum Annual Meeting

Seeking to present Maharashtra as a key investment destination, state chief minister Eknath Shinde plans to sign MoUs worth Rs 1.4 lakh crore (USD 17 billion) here on the sidelines of the World Economic Forum Annual Meeting.

As many as 21 Memorandums of Understanding (MoUs) are being lined up to be signed with leading foreign investors and global companies during Shinde's two-day visit beginning Monday, officials said.

The investments are estimated to create more than 66,500 jobs over the next few years and are aimed at jumpstarting Maharashtra on its ambitious USD 1-trillion economy goal journey, they added.

Of these, majority are greenfield projects in data centres, pharmaceuticals, logistics, chemicals, automobiles, electric vehicles, renewable energy and ESDM (Electronics System Design & Manufacturing), which will foster inclusive growth, job creation and sustainable development.

Shinde said that 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," he added.

Maharashtra has 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 and services and resource management -- and new economies and societies, focusing on entrepreneurship, education and skills, economic growth and job creation.

Over the two days, Shinde 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 per cent to the country's industrial output and 15 per cent to its GDP.

The service sector contributes the most to the state's economy, accounting for 62 per cent of its GDP while the manufacturing sector is the second-largest contributor to the state's economy, accounting for 20 per cent of the GDP.

Major industries in Maharashtra include automobiles, engineering, textiles, pharmaceuticals, chemicals, petrochemicals, food processing and IT/ITeS.

Maharashtra Industrial Development Corporation (MIDC) is the state government's nodal investment promotion agency.

It was set up in 1962 by a special Act of the state government with the mandate to achieve balanced industrial development in Maharashtra.

It is the special planning body which operates through a vast network of local offices. The organisation manages 289 industrial parks built over 2.25 lakh acres of land across the state.