Maharashtra has solidified its position as the top destination for foreign direct investment (FDI) in India, attracting Rs.1.13 lakh crore in the first half of the 2024-25 fiscal year. According to Chief Minister Devendra Fadnavis, this figure accounts for 31.48% of India’s total FDI inflows during this period, surpassing all other states.
Fadnavis shared the data in a post on X, emphasizing that the state’s FDI inflows from April to September of FY 2024-25 were equivalent to 94.71% of the annual average FDI received in the last four years, which ranged between Rs.1.15 lakh crore and Rs.1.25 lakh crore. In FY 2023-24, Maharashtra attracted Rs.1.25 lakh crore in FDI, maintaining its leading position.
The state’s performance has been a point of contention for opposition parties, particularly the Maha Vikas Aghadi (MVA), which has criticized the state government’s policies for allegedly failing to attract sufficient investment. During the 2024 elections, the opposition argued that Maharashtra was lagging behind other states, particularly in terms of industrial development.
The latest data from the Department for Promotion of Industry and Internal Trade (DPIIT) shows Maharashtra far ahead of other states, with Karnataka and Gujarat trailing behind, attracting 21% (Rs.83,628 crore) and 16% (Rs.37,059 crore) of the national total, respectively. Overall, India’s total FDI inflows during this period amounted to Rs.4.6 lakh crore.
From October 2019 to September 2024, Maharashtra received Rs.6.45 lakh crore in FDI, maintaining a 31.48% share of India’s total. Despite these positive figures, opposition leaders, like Sachin Sawant of the Maharashtra Congress, have raised concerns over the central government’s alleged favoritism toward Gujarat. Sawant argued that Maharashtra could have attracted even more FDI had key projects not been shifted to Gujarat, further questioning the state government’s ambitions of making Maharashtra a $1 trillion economy.
