News Analysis India

Tag: Davos

  • Davos 2023: Maharashtra govt inks investment proposals worth Rs 88,500 cr

    Express News Service

    MUMBAI: The Maharashtra government has signed MoUs worth  Rs 88,500 crore for various projects with the potential to generate over 55,000 jobs in the state. 

    The MoUs pertain to greenfield projects like data centres, pharmaceuticals, logistics, chemicals, automobiles, electric vehicles, renewable energy and ESDM.

    Maharashtra Chief Minister Eknath Shinde, industrial Minister Uday Samat and a team of state government officials are at the World Economic Forum 2023 in Davos to seek investment opportunities for the state. Dignitaries from across the world have visited the Maharashtra government’s pavilion at the summit to inquire about a potential investment in the state.

    According to the Maharashtra government, US-based New Era Technical Solutions firm will invest Rs 20,000 to set up a coal gasification project at Bhadravati in Chandrapur district and will be provided 1000 acres of land by the state government.

    The UK-based Varad Ferro Alloys Pvt Ltd will invest Rs 1,520 crore to develop the steel plant on 100 acres of land at Konsari in the Gadchiroli district.

    The Japan-based Nippon Telegraph and Telephone (NITT) has inked an MoU worth Rs 20,414 crore to develop data centres in Mumbai, Thane, Pune and Nagpur. The project is expected to generate over 1,500 jobs. Besides, GoGoRO Engineering has also signed an MoU worth Rs 20,000 to set up an automobile company at multiple locations in Maharashtra. This investment will generate 30,000 jobs for the youth of the state.

    Mahindra Electric Vehicle Automobile Ltd has also inked an MoU with the plan to invest Rs 10,000 crore for setting up an electrical vehicle (EV) manufacturing hub at Chakan in the Pune district and aims to generate 3,000 jobs.

    Meanwhile, UK-based Rcube-Ark Data centre Ltd will also develop a data centre at Pimpri Chinchwad with a total investment of Rs 12,000 crore and is expected to generate 1200 jobs. Portugal-based Elite Plast AutoSystems Pvt Ltd has signed an MoU worth Rs 400 core to develop a plastic automotive mould in Pune that will generate 2000 jobs.

    These MoU were signed in presence of Maharashtra CM Eknath Shinde in Davos. Shinde said several international firms are eager to ink MoUs as “there is a conducive atmosphere for the investment and setting up of the industry in Maharashtra.”

    “On the first day of the Summit, we signed over Rs 88,500 crore MoU. Now, the major challenge is to pursue these MoU and bring in reality so that as many as youths will get the jobs,” Shinde added.

    Leader of Opposition Ajit Pawar said signing the MoU and bringing them, in reality, are two different things. “In the past, we have seen, many firms do sign the MoUs, but the percentage of bringing them, in reality, is tough. In our government, we too signed several MoUs. We hope that this government also focuses on retaining the existing businesses,” Pawar said.

    MUMBAI: The Maharashtra government has signed MoUs worth  Rs 88,500 crore for various projects with the potential to generate over 55,000 jobs in the state. 

    The MoUs pertain to greenfield projects like data centres, pharmaceuticals, logistics, chemicals, automobiles, electric vehicles, renewable energy and ESDM.

    Maharashtra Chief Minister Eknath Shinde, industrial Minister Uday Samat and a team of state government officials are at the World Economic Forum 2023 in Davos to seek investment opportunities for the state. Dignitaries from across the world have visited the Maharashtra government’s pavilion at the summit to inquire about a potential investment in the state.

    According to the Maharashtra government, US-based New Era Technical Solutions firm will invest Rs 20,000 to set up a coal gasification project at Bhadravati in Chandrapur district and will be provided 1000 acres of land by the state government.

    The UK-based Varad Ferro Alloys Pvt Ltd will invest Rs 1,520 crore to develop the steel plant on 100 acres of land at Konsari in the Gadchiroli district.

    The Japan-based Nippon Telegraph and Telephone (NITT) has inked an MoU worth Rs 20,414 crore to develop data centres in Mumbai, Thane, Pune and Nagpur. The project is expected to generate over 1,500 jobs. Besides, GoGoRO Engineering has also signed an MoU worth Rs 20,000 to set up an automobile company at multiple locations in Maharashtra. This investment will generate 30,000 jobs for the youth of the state.

    Mahindra Electric Vehicle Automobile Ltd has also inked an MoU with the plan to invest Rs 10,000 crore for setting up an electrical vehicle (EV) manufacturing hub at Chakan in the Pune district and aims to generate 3,000 jobs.

    Meanwhile, UK-based Rcube-Ark Data centre Ltd will also develop a data centre at Pimpri Chinchwad with a total investment of Rs 12,000 crore and is expected to generate 1200 jobs. Portugal-based Elite Plast AutoSystems Pvt Ltd has signed an MoU worth Rs 400 core to develop a plastic automotive mould in Pune that will generate 2000 jobs.

    These MoU were signed in presence of Maharashtra CM Eknath Shinde in Davos. Shinde said several international firms are eager to ink MoUs as “there is a conducive atmosphere for the investment and setting up of the industry in Maharashtra.”

    “On the first day of the Summit, we signed over Rs 88,500 crore MoU. Now, the major challenge is to pursue these MoU and bring in reality so that as many as youths will get the jobs,” Shinde added.

    Leader of Opposition Ajit Pawar said signing the MoU and bringing them, in reality, are two different things. “In the past, we have seen, many firms do sign the MoUs, but the percentage of bringing them, in reality, is tough. In our government, we too signed several MoUs. We hope that this government also focuses on retaining the existing businesses,” Pawar said.

  • Davos: Maharashtra government signs deals worth Rs 80,000 crore

    Express News Service

    MUMBAI:  Maharashtra government has signed investment deals worth Rs 80,000 crore with various firms in the ongoing World Economic Forum (WEF) at Davos in Switzerland. This is likely to generate over 60,000 jobs in the state.

    According to the state government, the deals have been signed with 24 companies. Delhi-based Renew Power will invest Rs 50,000 crore in the renewable power generation sector in the state, with a generating capacity of 10,000- 12,000 megawatts. Investments will also come from Singapore, Indonesia, USA and Japan in various sectors, including IT, textiles, food processing, paper and steel. The state also signed an MoU with Byju’s for introducing digital content in state-run schools in remote areas. 

    A strategic co-operation agreement was also signed with World Green Building Council for helping the state achieve net-zero emission targets, and capacity-building in environmental sustainability governance.

  • World Economic Forum’s online Davos summit begins; PM Modi to address on January 28

    By PTI
    NEW DELHI/DAVOS: The World Economic Forum’s online Davos Agenda Summit began on Sunday night with the premier of a concert filmed during the coronavirus pandemic in different parts of the world and the event will see top global leaders, including Prime Minister Narendra Modi and Chinese President Xi Jinping, speak on the state of the world over the next five days.

    After a welcome address by WEF Founder and Executive Chairman Klaus Shwab, Swiss President Parmelin delivered a special address, followed by annual Crystal Awards and the premier of ‘See Me: A Global Concert’.

    The concert was presented as a shared expression of trust, connection and hope and it features orchestras and choirs in Beijing, Drakensberg, Florence, Kabul, Philadelphia, Vienna and Sao Paulo, with the cellist Yo-Yo Ma and music director Marin Alsop.

    The concert was filmed on location despite the COVID-19 challenges.

    In what could be the first major global summit of the year, the event will see more than 1,000 global leaders, including heads of state and government, CEOs and chairmen of big companies, heads of multilateral organisations as also members of academia and civil society, discuss economic, environmental, social and technological challenges following the COVID-19 pandemic.

    The WEF said there would be 15 special addresses from G20 heads of state and government and international organisations during the summit that will continue till January 29.

    Prime Minister Narendra Modi will deliver his address on Thursday.

    Agriculture Minister Narendra Singh Tomar, Health Minister Harsh Vardhan and Petroleum and Steel Minister Dharmendra Pradhan, as also business leaders such as Anand Mahindra, Salil Parekh and Shobana Kamineni would be among other speakers from India.

    While the WEF will host its physical annual meeting in May in Singapore, as against the regular venue of the Swiss ski resort town of Davos, the Geneva-based organisation is hosting this online event, named ‘Davos Agenda’ around the same time it generally hosts its yearly congregation of the rich and powerful of the world.

    The event has been billed as a platform that will see top world leaders deliver special addresses and engage in dialogue with business leaders at the start of a “crucial year to rebuild trust”.

    Chinese President Xi Jinping will deliver a special address on Monday, while the day will also see several sessions including on the COVID-19 crisis, restoring economic growth and stakeholder capitalism.

    United Nations Secretary-General Antonio Guterres will also address a session.

    On Tuesday, the speakers would include South Africa President Cyril Ramaphosa, European Commission President Ursula von der Leyen, German Chancellor Angela Merkel, French President Emmanuel Macron, as also IMF chief Kristalina Georgieva.

    Republic of Korea President Moon Jae-in, Italy Prime Minister Giuseppe Conte and Israeli Prime Minister Benjamin Netanyahu are among the listed speakers for Wednesday.

    On Thursday, in addition to Modi, Jordan King Abdullah II ibn Al Hussein and Argentine President Alberto Fernandez will also deliver their special addresses.

    Singapore’s Prime Minister Lee Hsien Loong and Japan’s Prime Minister Yoshihide Suga will speak on Friday, the last day of the summit.

    On Monday, Schwab will also release his latest book, titled ‘Stakeholder Capitalism: A Global Economy that Works for Progress, People and Planet.

    ‘ It explores how societies can build the future post-COVID and builds on the WEF’s 50-year-old advocacy of the stakeholder approach.

    Other major speakers would include Christine Lagarde, Bill Gates, Punit Renjen of Deloitte, Brian T Moynihan of Bank of America, Al Gore, Ishaan Tharoor, Mark Carney, Angel Gurria of OECD, Ajay Banga, K T Rama Rao, Masayoshi Son of Softbank and Tedros Adhanom Ghebreyesus of the WHO.

    The list of registered participants also include Union ministers Nitin Gadkari, Smriti Irani and Piyush Goyal, along with top business leaders such as Mukesh Ambani, Gautam Adani, Ravi Ruia, Rishad Premji, Pawan Munjal, Rajan Mittal, Sunil Mittal, Ajay Khanna, Ajit Gulabchand, Hari S Bhartia and Sanjiv Bajaj.

    Former RBI Governor Raghuram Rajan, Tata Steel CEO T Narendran and Walmart CEO Doug McMillon are also among registered participants.

    The WEF’s Davos 2020 summit was the last major global event that took place before almost the entire world got locked down due to the COVID-19 pandemic.

    The ‘Davos Agenda’ will also mark the launch of WEF’s “Great Reset Initiative” and begin the preparation of the special Annual Meeting in the spring, said the Geneva-based entity, which describes itself as an international organisation for public-private cooperation.

    Industry leaders and public figures will discuss how to advance and accelerate public-private collaboration on critical issues such as COVID-19 vaccination, job creation and climate change, among others, according to the WEF.

    While the WEF annual meeting for 2021 will be held during May 13-16 in Singapore, the high-profile summit will return to Davos in 2022.

    The conclusions from the Davos Agenda week will feed into task forces working on global issues for the upcoming Special Annual Meeting in Singapore, the WEF said.