Maharashtra has once again secured the highest foreign direct investment (FDI) in India, attracting Rs 70,795 crore in the first quarter of FY2024-25 (April-June 2024), according to data from the Department for Promotion of Industry and Internal Trade (DPIIT).
This marks the second consecutive year that the state has emerged as the top destination for foreign investment.
The state accounted for 52.46 per cent of India’s total FDI for the quarter, which stood at Rs 1,34,959 crore.
Maharashtra Deputy Chief Minister Devendra Fadnavis commented on the data, saying, "The total investment in the country during this quarter is Rs 1,34,959 crore, of which Rs 70,795 crore or 52.46 per cent alone is reported from Maharashtra."
Fadnavis also noted that Maharashtra had been the leader in FDI for the past two years, receiving Rs 12,35,101 crore in FDI in FY2023-24. This is more than Gujarat's total and more than Gujarat and Karnataka combined. In this quarter, Maharashtra outpaced eight states, including Karnataka, Delhi, Telangana and Gujarat. Karnataka ranked a distant second, with Rs 19,059 crore in FDI.
Sharing the data, Fadnavis added, "We said from day one that we would do five years' work in just 2.5 years! In just two years and three months, we have brought in Rs 3,14,318 crore in investment. And the second quarter numbers are yet to come."
Fadnavis also mentioned that during his previous tenure as Maharashtra’s chief minister from 2014-19, the state secured Rs 3,62,161 crore in foreign investment.
The DPIIT data comes as a boost to the Mahayuti government amid criticism from the opposition Maha Vikas Aghadi (MVA) over the loss of major projects to other states.
The MVA intensified its attacks after Maharashtra lost several high-value projects, including the Rs 1.80 lakh crore Vedanta-Foxconn project, Tata Airbus manufacturing plant, and GAIL’s Rs 50,000 crore ethane cracking unit in Madhya Pradesh.
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