The Government of Maharashtra has signed 19 memorandums of understanding (MoUs) worth Rs 14.5 trillion on the first day of the World Economic Forum in Davos. The proposed investments span sectors such as green energy, food processing, steel manufacturing, IT and IT-enabled services, data centres, electric vehicles and automobiles, shipbuilding and digital infrastructure.

According to an official government statement, the agreements are expected to generate around 1.5 million job opportunities in the state. The MoUs were signed in the presence of Chief Minister Devendra Fadnavis.

The state government said additional MoUs are likely to be signed over the next two days in areas including artificial intelligence, quantum computing, digital infrastructure, financial technology, logistics, infrastructure, shipbuilding, electric vehicles and renewable energy, indicating a broad push to attract global investment into emerging and strategic sectors.

Meanwhile, the opposition Congress criticised the Chief Minister over one of the agreements, alleging that an MoU was signed with a company owned by a Cabinet Minister in the state government. Congress leader Jairam Ramesh questioned the rationale behind signing such an agreement in Switzerland, raising concerns about the optics of the move.

The criticism relates to an MoU worth Rs 1 trillion signed with Lodha Developers in the IT and data centre sector. The state government stated that the project is expected to create employment opportunities for around 150,000 young people.

The Chief Minister’s Office responded that similar issues had been raised earlier and clarified that MoUs are signed at Davos because foreign direct investment partners of Indian companies are often based overseas. The government emphasised that the agreements aim to strengthen Maharashtra’s investment pipeline and reinforce its position as a leading industrial and technology hub in India.

Overall, the MoUs signed at Davos underscore Maharashtra’s strategy to accelerate industrial growth, attract global capital and expand employment opportunities across high-growth sectors, aligning with its long-term economic development objectives.