Maharashtra tops in attracting FDI in 1st quarter of current FY: Fadnavis

Mumbai: Maharashtra Deputy Chief Minister Devendra Fadnavis has said the state secured the top rank in attracting Foreign Direct Investment worth Rs 36,634 crore which is more than the sum of investment received by Delhi, Karnataka and Telangana in the first quarter of FY 2023-24.

Fadnavis also said he and Chief Minister Eknath Shinde had delivered on the promise made when their government took over in June last year of making Maharashtra the number one state of the country.

“Maharashtra which was ranked first in attracting FDI of Rs 1,18,422 crore in the FY 2022-23, also ranks first in the 1st quarter of FY 2023-24. As per the figures released by DPIIT, an FDI investment of Rs 36,634 crore has come in Maharashtra," he said on Monday in a post on X.

Maharashtra's FDI is more than the cumulative sum of FDI in Delhi, Karnataka and Telangana which rank second, third and fourth, respectively, he said.

“Under the leadership of CM Eknath Shinde, our state is moving ahead at a fast pace and Maharashtra has become the favourite destination for investors,” Fadnavis added in the post.

"I am very happy. Maharashtra was number one in investments till 2019. But when the Uddhav Thackeray government was in power, Gujarat took top spot in the first year and Karnataka in the second year," he told reporters.

"However, in just one year, we have brought Maharashtra back to the number one spot in investments. We have delivered on the promise made by the CM and me of making the state number one again," Fadnavis said.

He said a dip in FDI in the country was due to the war (in Ukraine) and depression in Europe.