MAHARASHTRA maintains investment crown in 2023

Maharashtra is one of the leading states in India in terms of attracting investments and foreign direct investments. The state has a strong industrial base, a conducive business environment, a skilled workforce and a strategic location.

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According to the Department of Industrial Policy and Promotion (DIPP) report, Maharashtra has secured the highest share of FDI at 29% in 2022-2023, surpassing states like Karnataka, Gujarat and Delhi. The state has also received investment proposals worth INR 4.72 lakh crore between October 2019 and September 2023, with about 70% of them coming from renewable energy, information technology and steel manufacturing sectors.

The state also has a well-developed infrastructure, with 3 international and 7 domestic airports, 50 ports, 17,757 km of national highways and 6,400 km of rail route length. The state capital Mumbai is the financial capital of India and houses leading corporate headquarters and firms.

The state also ranks first in terms of domestic investment intentions, with proposed investments worth Rs 16.8 lakh crore between 2015 and 2020. Some of the major sectors that have attracted investments in Maharashtra are information technology, biotechnology, automobiles, textiles, pharmaceuticals, and tourism. The state government has launched several initiatives and policies to facilitate and promote investment in these and other emerging sectors, such as defence, aerospace, logistics, electric vehicles, and renewable energy. Some of the major investments are:

• Reliance Industries Ltd (RIL) plans to invest Rs 60,000 crore in a digital industrial area in Navi Mumbai over the next 10 years.

• Hyundai Motor India Ltd (HMIL) has invested Rs 3,200 crore to set up a new manufacturing plant in Chakan with an annual capacity of 2 lakh units.