ANI | Davos [Switzerland], January 22, 2026
Maharashtra Chief Minister Devendra Fadnavis on Thursday showcased the state’s ambitious vision for innovation-led and sustainable growth, announcing plans for a world-class Innovation City near Mumbai and highlighting major renewable energy milestones at the World Economic Forum (WEF) Annual Summit 2026 in Davos.
Addressing nearly 450 international delegates, Fadnavis said the proposed Innovation City has already generated strong interest among global investors. He noted that the idea was first conceived during last year’s Davos meeting, where Maharashtra’s focus on artificial intelligence and innovation ecosystems laid the foundation for the project.
“Last year in Davos, our theme was AI and the innovation ecosystem, which inspired us to propose creating an innovation city in Maharashtra. I discussed this idea with the chairman of Tata Sons and sought his support. I am delighted that, nearly a year later, we have officially announced this innovation city before 400–450 international investors,” Fadnavis said.
The Chief Minister confirmed that Tata Sons has committed an investment of USD 11 billion to develop the Innovation City, which will offer a “plug-and-play” ecosystem tailored to support startups and global innovation networks. He added that the site has been identified and preliminary contours drawn, with groundwork expected to begin within the next six to eight months.
Beyond innovation, Fadnavis underlined Maharashtra’s strong commitment to sustainability. He said the state is transitioning its energy grid to ensure that 52 per cent of total power supply comes from renewable sources by 2030. He also outlined a broader vision for a circular economy in Mumbai, aimed at sustainable urban development and transforming the city into a greener global financial capital.
On the investment front, the Mumbai Metropolitan Region Development Authority (MMRDA) achieved a landmark milestone at WEF 2026, securing investment commitments worth USD 96 billion (Rs 8.73 lakh crore) on the very first day through the signing of 10 major Memoranda of Understanding (MoUs). These agreements are expected to generate approximately 9.6 lakh direct and indirect jobs, positioning the Mumbai Metropolitan Region (MMR) as a major talent and growth hub for India and Asia.
Calling the achievement historic, Fadnavis said, “The USD 96 billion in investments secured on the very first day of WEF 2026 reflects global investors’ unwavering faith in Maharashtra’s potential. These MoUs are not just financial agreements; they are the blueprints for ‘Mumbai 3.0’ and key to accelerating our journey towards a USD 1 trillion economy.”
In a separate session on energy transition at the forum, Fadnavis highlighted Maharashtra’s leadership in solar energy, particularly for the agricultural sector. He said the state has built Asia’s largest distributed solar infrastructure, supplying 16,000 MW of solar power to farmers.
“Sixty per cent of all solar pumps installed in the country are in Maharashtra, which is why the state ranks number one under the Prime Minister’s KUSUM scheme,” he said. He added that Maharashtra has already completed 4,000 MW of rooftop solar installations and that its solarisation model is now being studied by the International Solar Alliance as a potential case study for other countries.
Fadnavis further announced that the state’s major solar energy project for farmers will be completed by the end of this year. “We created a new company to supply power to farmers, and around 16 GW of electricity will be generated through this distributed solar system,” he said, crediting the transformation of Maharashtra’s energy landscape to the leadership of Prime Minister Narendra Modi and the Centre’s renewable energy push.
He said the combined focus on innovation, clean energy, and sustainable urban development would “completely transform Mumbai’s air quality, water quality, and overall liveability,” reinforcing Maharashtra’s position as one of India’s most attractive destinations for global investment. (ANI)
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