Mumbai: The Maharashtra government is set to revive its flagship investment summit, ‘Magnetic Maharashtra’, initiated by Chief Minister Devendra Fadnavis in 2018, to attract major investments into the state. The industries department is currently evaluating the feasibility of holding the event between October and December this year, as per reports.
About Magnetic Maharashtra
The first edition of ‘Magnetic Maharashtra’ was held in 2018 under Fadnavis’s leadership and saw participation from top industrialists and global investors. However, after the Maha Vikas Aghadi (MVA) government took charge in 2019, the event was rebranded as ‘Magnetic Maharashtra 2.0’ and conducted as a largely virtual event in June 2020, owing to the Covid-19 pandemic. Since then, the initiative has remained on hold due to political instability and the lack of interest from Chief Minister Eknath Shinde, who succeeded Uddhav Thackeray.
Following Fadnavis’ return to power in November last year, he reviewed the industries department’s progress and directed officials to restart the event, reaffirming the government’s commitment to making Maharashtra a global investment hub.
“We attracted $185 billion in investments at Davos. To scale up further, we will host ‘Magnetic Maharashtra’ later this year, likely between October and December,” State Industries Secretary P Anbalagan told Hindustan Times.
According to the report citing sources in the industries department, the government plans to organize the event on a grand scale, with Jio World Convention Centre and Goregaon Exhibition Centre being considered as possible venues, since no land is available at the Bandra-Kurla Complex (BKC). “Jio World would be the preferred choice, given its proximity to luxury hotels, which would be convenient for international investors,” a senior official noted.
Officials emphasize that such summits serve as crucial platforms for connecting Indian and foreign investors, driving economic growth, and exploring new business opportunities. “These events help the government showcase Maharashtra’s industrial potential, paving the way for large-scale investments that benefit the state’s economy,” the official added.
The inaugural 2018 edition of ‘Magnetic Maharashtra’ was a high-profile affair, inaugurated by Prime Minister Narendra Modi and then CM Devendra Fadnavis, with Ratan Tata, then president of Tata Sons, also in attendance.
Similar Initiatives In The Past
Notably, Maharashtra has a long history of investment summits, though under different names. During the 1995-99 BJP-Shiv Sena government, similar initiatives were held under banners like ‘Advantage Maharashtra’ and ‘Advantage Maharashtra Agriculture’.
With the event’s revival, the Fadnavis government aims to reaffirm Maharashtra’s status as India’s leading investment destination, attracting big-ticket projects and fostering economic development.
