CM Devendra Fadnavis defends MoUs with Indian firms amid criticism

Maharashtra Chief Minister Devendra Fadnavis (centre) and others during a meeting with former UK Prime Minister Tony Blair (in pink shawl) in Davos. Pic/X/@Dev_Fadnavis

Maharashtra Chief Minister Devendra Fadnavis has countered Opposition criticism regarding the Memorandums of Understanding (MoUs) signed with Indian companies during his visit to the World Economic Forum (WEF) in Davos. Fadnavis highlighted the presence of top CEOs at the event, emphasising it as an ideal platform for fostering business relationships and securing investments. He dismissed the Opposition's mockery, describing the MoUs as strategic steps to drive investment and economic growth in Maharashtra.

Speaking from Davos via social media, Fadnavis said, "It (Davos) is where international CEOs network and multinational partners want their investors to meet heads of state where they plan to invest. The allegations are nothing but jealousy after we signed MoUs worth Rs 1,60,000 crore. The MVA (Maha Vikas Aghadi) also went to Davos but returned with MoUs worth only Rs 50,000 crore."

Maharashtra Chief Minister Devendra Fadnavis (third from left) and JSW Group Chairman Sajjan Jindal (second from right) during the signing of an MoU for an investment of Rs 3 lakh crore on Tuesday. Pic/PTI

On Thursday afternoon, Aaditya Thackeray posted on X, alleging, "Of the 29 companies with which MoUs for proposed investments were signed, only one is from outside India. The rest are Indian or have their HQs/bases in India. Of the 29 companies, 20 are based in Maharashtra, 15 of which are in Mumbai, where the @CMOMaharashtra is located. What's the point of being busy within ourselves when the CM could have engaged in global outreach for Maharashtra?"

Meanwhile, on Thursday evening, the Mumbai Metropolitan Region Development Authority (MMRDA) issued a press statement about MoUs signed at Davos. According to the statement, MMRDA signed 11 MoUs worth USD 40 billion (R3.5 lakh crore) at the WEF in Davos, Switzerland.

"MMRDA's agreements at Davos reflect the confidence of global investors in Mumbai's growth potential. These partnerships will bring not only financial investments but also world-class expertise and technologies that will shape the Mumbai Metropolitan Region's evolution into a global economic hub. This initiative takes us closer to Maharashtra's vision of becoming a USD 1 trillion economy," said Deputy Chief Minister Eknath Shinde.

Metropolitan Commissioner Dr Sanjay Mukherjee, IAS, stated, "Securing USD 40 billion at Davos marks a historic milestone for MMRDA. These investments reaffirm our commitment to driving sustainable, inclusive, and transformative growth in the Mumbai Metropolitan Region, setting new benchmarks in urban development and global collaboration. These MoUs highlight global investors' confidence in MMR's potential as a global economic hub, creating opportunities for millions and contributing to India's growth story."

The statement added, "The MoUs align with the broader vision outlined by NITI Aayog and the Government of Maharashtra. With targeted investments in infrastructure, new growth centres, and innovative projects like the Circular Economy Park, the Mumbai Metropolitan Region is on track to achieve a USD 300 billion economy and create 3 million jobs by 2030. As the New Town Development Authority (NTDA) for strategic areas in Raigad district, MMRDA is leading initiatives across residential, commercial, and logistics sectors, contributing significantly to Maharashtra's ambition of becoming a USD 1 trillion economy and supporting India's USD 5 trillion economic goal."