Mumbai: Chief Minister Devendra Fadnavis on Thursday strongly defended the state government’s investment initiatives and participation in the World Economic Forum at Davos, terming the Opposition “confused and puzzled” over its criticism of investment agreements and the vision of a ‘Viksit Maharashtra’. Replying to the motion of thanks on the Governor’s address during the Budget Session of the State Legislature, Fadnavis said the Opposition was criticising the government’s economic roadmap without proper study or understanding.
The Chief Minister said Maharashtra’s ‘Viksit Maharashtra’ document provides a clear roadmap to transform the state into a USD one trillion economy within the next four to five years. He emphasised that participation in global platforms such as Davos is essential to maintain Maharashtra’s relevance in the global economic landscape. “Davos is serious business. Foreign investors expect Maharashtra’s presence there,” he said, adding that the state continues to lead the country in foreign direct investment, accounting for nearly 39 per cent of national FDI inflows. The government is now targeting investments worth 13 to 14 billion US dollars from American companies.
Highlighting investment performance, Fadnavis informed the House that 98 per cent of Memorandums of Understanding (MoUs) signed in 2022 are under implementation, followed by 80 per cent in 2023, 70 per cent in 2024 and 88 per cent in 2025. While nationally only 35 per cent of MoUs convert into actual investments, Maharashtra has achieved a conversion rate of 55 per cent, with over 75 per cent of Davos agreements translating into investments, he claimed.
The Chief Minister said Maharashtra’s economy has grown from Rs 13 lakh crore in 2012-13 to Rs 51 lakh crore at present and aims to reach Rs 90 lakh crore to achieve the one trillion-dollar target. He noted that unemployment has declined from four per cent in 2021-22 to 3.1 per cent in 2025, while over 1.2 lakh government job appointment letters have been issued.
Fadnavis also announced plans to develop Gadchiroli as a steel hub with local participation, stating that development initiatives have significantly weakened Naxalism in the region. Maharashtra, he added, accounts for nearly 20 per cent of the country’s start-ups, making it India’s start-up capital.
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On welfare measures, the Chief Minister said financial assistance worth Rs 15,472 crore has been extended to distressed farmers, electricity bills worth Rs 23,000 crore have been waived and over 10 lakh agricultural pumps distributed in the past three years. A digital database of farmers is being created to ensure targeted loan waivers.
Reiterating a zero-tolerance policy towards corruption, Fadnavis said the Anti-Corruption Bureau has full authority to act against anyone without prior permission, including officials in the Chief Minister’s Office. He also informed that work on Dr B.R. Ambedkar’s memorial at Indu Mills in Mumbai is progressing, with the 230-foot statue ready and Rs 400 crore allocated for completion of the project.
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