On the second day of the World Economic Forum’s 2022 Annual Meeting in Davos, Switzerland, Maharashtra signed 23 Memorandums of Understanding with firms. Over 55 percent of investments in the 10th edition of its Magnetic Maharashtra 2.0 programme include foreign direct investments from Singapore, Indonesia, the United States, and Japan.
Pharmaceuticals and medical devices, IT, data centres, textiles, food manufacturing, packaging, paper and pulp, steel, and other industries. Lest, have all received investments. At the MoU ceremony in the Maharashtra Pavilion in Davos, a total of $ 4 billion (30,379 crores) in investments were inked.
More than 66,000 jobs could be created as a result of these initiatives. Under the leadership of Chief Minister Uddhav Thackeray, the Magnetic Maharashtra 2.0 initiative was created to boost the state’s economic resiliency.
On the second day, a total of eleven editions of these programmes were held. Moreover, with 121 MoUs signed as of today, bringing the total investment in the state to 2.2 lac crore ($ 29 billion) and the potential for about 400,000 jobs.
In the past 9 editions, 98 Memorandums of Understanding were signed in the last two years. Also they are now in various phases of implementation. Furthermore, from October 2019 to December 2021, Maharashtra received 26% of total FDI, the highest in India.
Meanwhile, atendees included industry representatives as well as those from the government. Including Aaditya Thackeray, Minister of Environment and Climate Change. Subhash Desai, Minister of Industries. Subhash Desai, and Minister of Energy. Dr. Nitin Raut, ACS to Chief Minister Ashish Kumar Singh, ACS Industries Baldev Singh, MD of MSEDCL, Vijay Singhal, CEO of MIDC, Dr. P. Anbalagan. As well as Jt CEO MIDC, PD Malikner, ACS to Chief Minister Ashish Kumar.
The highlights of the 10th edition of Magnetic Maharashtra 2.0 are as follows:
- Indorama Corporation and Indocount Industries Ltd, two major textile companies, are investing in Maharashtra’s textile centres of Nagpur and Kolhapur, respectively.
- Microsoft is spending 3200 crores to build data centres in Pune.
- Sinarmas Pulp and Paper Pvt. Ltd. Which is a subsidiary of Asia Pulp and Paper (APP), a renowned pulp and paper firm based in Indonesia. Which is investing Rs. 10,500 crore in Raigad to manufacture paper and pulp.
- Havmor Ice Creams Pvt Ltd is establishing an ice cream production unit in Pune. Thus food and agro processing will get a boost.
- Goyal Proteins and Sonai Eatables are both involved in oil extraction.
- Gramsci Business Hub pvt ltd plans to invest Rs. 5000 crore in the IT sector, bolstering Maharashtra’s IT ecosystem.