Why is the Davos WEF important for Maharashtra CM Fadnavis?

A senior NCP minister said on condition of anonymity, “If coalition dharma was strictly adhered to, the CM should have shared the outcome at Davos first with Deputy CM Eknath Shinde and Deputy CM Ajit Pawar, who is also the finance minister. They should have collectively taken the credit for investments.”

Maharashtra Chief Minister Devendra Fadnavis, right, meets ArcelorMittal Chairman Lakshmi Mittal at the WEF Congress Centre, in Davos, Switzerland. (@Dev_Fadnavis/X via PTI Photo)

However, dismissing these sentiments as part of coalition pinpricks, a BJP strategist said, “CM is the captain. He is bound to have a final say on a global meet.” The strategist also drew attention to NCP MLA and Industries Minister Uday Samant’s presence in the state delegation that went to Davos as proof of the BJP prioritising “collective leadership”.

Why is Davos significant for Fadnavis?

During the Mahayuti government’s tenure, at least two big-ticket projects, Vedanta-Foxconn and Tata Airbus, relocated from Maharashtra to Gujarat. In addition, several diamond traders have shifted their operations from Mumbai to the Surat Diamond Bourse in Gujarat. These developments have given Opposition parties – Congress, Shiv Sena (UBT), NCP (SP) – reasons to put the ruling Mahayuti on the backfoot. Uddhav Thackeray attributed the developments to political manoeuvring by the BJP’s ‘Big Two’ – Narendra Modi and Amit Shah – to undermine Maharashtra and promote their home state of Gujarat. This issue has also been raised by the Opposition in Maharashtra in successive elections – 2024 Lok Sabha and Assembly polls, and in the recent local body elections.

Talking about the challenge that lies ahead for Fadnavis, a senior officer in the Industries Department said, “The investment euphoria may help in political messaging. But setting in process every MoU is a tedious task. Records reveal the actual realisation rate… is 45 to 50 per cent.”

Has WEF 2026 given Maharashtra a global reckoning?

The chief minister has been asked why the government has signed so many MoUs with domestic players in Davos. Critics argued that if he wanted, Fadnavis could have signed those deals in India itself. Opposition parties pointed to the MoU with the Lodha Group, as Lodha Group MD and CEO Abhishekh Lodha is the son of senior BJP leader Mangal Prabhat Lodha.

Maharashtra Chief Minister Devendra Fadnavis, second left, during a meeting with President and COO of Uber Andrew Macdonald, in Davos, Switzerland. Other officials are also seen. (PTI Photo)

Unfazed by the criticisms, Fadnavis said, “Though some of the companies with whom we signed MoUs are Indian, they have presence in more than a hundred countries across the world. They bring a foreign direct investment component through partnership with global franchises.”

The official data shared by the Chief Minister’s Office (CMO) states, “Maharashtra government has inked MoUs with (companies from) more than 18 countries, including America, UK, Canada, Norway, Spain, Switzerland, Sweden, France, Italy, Japan, Belgium, Germany, Austria, Singapore, Denmark, UAE and others.”

Also, Fadnavis said during a media interaction Friday, “Maharashtra has taken a lead by getting investment commitments worth Rs 30 lakh crore in multiple sectors, including industries, agriculture, services, technology, health, education, energy, et al. In addition, we hope to finalise Rs 7 to 10 lakh crore investments in the next couple of days. Our preliminary discussions are done.”

These investments will create 40 lakh jobs, he added.

The CM further said, “The reforms undertaken towards ease of doing business make Maharashtra investors’ favourite destination. When we talk of the realisation rate (of MoUs), the process from signing to implementation is three to seven years.”

Relief for the state exchequer?

While presenting the 2025-26 state budget, Deputy CM and Finance Minister Ajit Pawar stated that the projected debt of the state stood at Rs 9.32 lakh crore. The higher debt was attributed to the state government’s welfare schemes.

Sources in the Maharashtra government claimed that the state now hopes to generate some momentum for development works through the realisation of the MoUs inked in Davos.

Why is the Opposition critical?

The Opposition alleged that WEF has become an annual event where promises made don’t materialise in reality.

Congress state chief Harshwardhan Sapkal dismissed the investment proposals as another “good marketing” by Fadnavis. “It is just statistics; it means nothing. What are they doing about growing unemployment and poverty?” he asked.

Another harsh critic of the state government, Shiv Sena (UBT) MP Sanjay Raut, said, “Chief ministers from various states in India visit Davos every year. It has become a picnic. Why do they go to Davos? How much is spent on their travel? If they have to meet Indian industrialists for investments there, it is ridiculous. They can do it in their own states.”