Maharashtra will surpass the Rs 16 lakh crore worth of MoUs it secured at Davos last year, chief minister Devendra Fadnavis told Moneycontrol at the World Economic Forum (WEF) at the Swiss resort town.
Fadnavis, fresh from BJP’s civic election success, also weighed on competitive federalism, data centres, geopolitics, and the chatter surrounding the Mumbai’s mayoral election. Edited excerpts of the interview:
Davos 2026 has seen a strong Indian presence, with 10 states showcasing themselves. How does Maharashtra stand out amid rising competition, especially from states such as Andhra Pradesh?
I am very happy that so many Indian states are participating. This is competitive federalism in action, something initiated by the Prime Minister. Today, every state is showcasing its capabilities to attract investment.
Historically, Maharashtra has been a powerful investment destination and over the last 10 years, investment has grown manifold. Even during my last visit to Davos, we attracted investments worth Rs 16 lakh crore. This time, I am confident we will surpass that number.
In today’s world, more than capital, credibility counts. Maharashtra has created a very credible ecosystem. We don’t just promise, we deliver. That is what attracts investors.
You mentioned surpassing Rs 16 lakh crore this time. Are we looking at a doubling of that number?
I am not saying it will be double, but it will be very good.
Critics argue that Davos should not be about MoUs alone but about learning and engaging with new industries. Do you agree?
I totally agree. Davos is not just about MoUs or investments. It is about networking, learning and engaging with frontier technologies and the changing world. MoUs are often a by-product.
If we want to remain relevant in the global investment ecosystem, we have to be present in Davos. Foreign investors and Indian industries plan meetings around this time in Switzerland, which is why MoUs happen here. More importantly, Davos exposes you to new technologies shaping the global economy.
Global geopolitics, including tariff uncertainties, have made investors cautious. Has this made it harder for states to attract foreign investment?
I don’t think so. Some sectors may be affected but overall sentiment remains robust. If we look at FDI inflows over the last three quarters, Maharashtra is number one again, and inflows are higher than last year.
Global institutions have improved India’s growth projections to around 7.4 percent. This shows that India’s economy is strong, the investment environment is robust, and global investors remain bullish on India.
Maharashtra, especially Mumbai, has received praise for its rapid infrastructure upgrades. What more can we expect and how will execution be expedited?
Execution is our specialty. Every metro project in Maharashtra — Mumbai, Pune and Nagpur — has broken records and showcased new engineering practices.
Our war-room approach, where every project is tracked and all stakeholders are brought to one table, has significantly improved speed. Now that we have gained expertise, we are looking to accelerate execution even further.
We will see a major infrastructure push across Mumbai, the MMR region, Pune, Nagpur and Chhatrapati Sambhajinagar. We are developing tunnel networks in Mumbai and Pune to ease traffic congestion. In the MMR region, we also have the ambition of creating a ‘Third Mumbai’. Our engagements at Davos will be very useful in attracting international funds for this project.
Andhra Pradesh has offered land at very low prices, even Re 1, to attract IT firms and data centres. Would Maharashtra consider similar incentives And are data centres sustainable long-term investments?
I respect Chandrababu Naidu. He has been very consistent in attracting new technologies. Andhra Pradesh is a new state, so to attract data centres and new technologies, it has to offer land at lower prices and provide incentives. It is also a coastal state with access to undersea cables.
Maharashtra already has a vibrant data centre ecosystem. We account for around 55-60 percent of India’s data centre capacity. While there is criticism about power and water consumption, power is not a constraint for us. Our focus now is on green data centres, and we are working to provide green power to them.
Data centres and hyperscalers are crucial, especially with AI revolutionising industries. While they may not create large direct employment, they generate an ecosystem that creates jobs. Maharashtra already has a data centre policy. Our incentive structure is different, and we are not offering land at throwaway prices.
You’ve just won the local elections, giving you what many are calling a triple-engine government. How do you see this mandate?
Absolutely, it is a triple engine but I would call it triple responsibility. When you get such a big mandate, it gives you both an opportunity and a responsibility to respond to people’s needs. Once the joy settles, what remains is the sense of responsibility.
There are reports of disagreements within the alliance over the mayor’s post. Is there any truth to this?
These are all rumours. We are good with each other. We fought the election together, and once I return to Mumbai, we will sit together and decide. There is no conflict.
Finally, what do you miss most about Mumbai when you’re in Davos?
I miss everything about Mumbai. Davos is a great place for networking but Mumbai is Mumbai. It’s a great city, the financial capital, and truly a magnet.
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