Maha govt signs 30L cr MoUs at Davos, to generate 30L jobs

Nagpur: Maharashtra govt signed memorandums of understanding (MoU) of Rs 30 lakh crore so far during World Economic Forum (WEF) in Davos, of which 83% are FDI proposals. All deals clubbed have the potential to create 30 lakh jobs. The companies that inked pacts range from OpenAI, which owns ChatGPT, and data centre major Iron Mountain, Princeton Data Group, Ghostworks, Volkswagen, Skoda, ArcelorMittal, and even Coca-Cola. The Indian giants are Tatas, Reliance, Adani groups, said chief minister Devendra Fadnavis, while virtually talking to reporters from Davos.The state hopes to draw investments from 18 countries, ranging from the US, the UK, Switzerland, Germany, the Netherlands, Denmark, Finland, Canada and Belgium. Indian companies that signed a pact with Maharashtra govt have a presence in 165 countries, he said.
Of this year's MoUs, Vidarbha bagged deals of Rs 2.7 lakh crore. Replying to a question by TOI, Fadnavis said this was certainly not less than last year, and he would soon give a break-up of sectors and locations where the investments would come.Over 75% MoUs signed during last year's WEF fructified, he said. An MoU is considered fructified if the work towards setting up the project is in different stages. It can be land acquisition, obtaining environmental clearance or completion of financial closure. Hitting out at the Opposition, Fadnavis said it must be understood that it takes anywhere between three to seven years for any MoU to fully materialise. Operations always begin stage-wise after milestones are cleared. Some of last year's MoUs that did not materialise into actual investment included those with companies in nations with which India's geopolitical equations were affected, he said.The remaining MoUs that include 83% FDIs, include tie-ups with foreign partners, also leading to large-scale import substitution, said Fadnavis. FDI is coming through Indian arms of multinational companies or through foreign funds, said Fadnavis.He said a sizable share of MoUs went to other regions of the state too. Pacts worth around Rs 55,000 crore were signed for Chhatrapati Sambhaji Nagar. Marathwada is emerging as a new magnet for investment, while Konkan too got over Rs 3.5 lakh crore investment proposals. The coastal district of Raigad is also emerging as a new magnet.With one day left for the WEF to end, the state hopes to sign additional MoUs ranging anywhere between Rs 5 lakh crore and Rs 12 lakh crore, said the CM. Also, the state govt is in advanced stages of talks for investment proposals worth another Rs 7-10 lakh crore. If not at the WEF, such talks would translate into signing of MoUs by next month, said Fadnavis.