With Maharashtra elections starting today for all 288 seats of the state legislative assembly, the financial capital of India has continued to attract investments, maintaining its position as the leading destination for foreign investment in the country. Maharashtra has secured the highest foreign direct investment (FDI) in India for the second consecutive time with an investment of Rs 70,795 crore in the April-June quarter (Q1) for FY25.
Rohan Khatau, Director, CCI Projects, said, “Maharashtra’s remarkable achievement of leading in Foreign Direct Investment (FDI) inflows in the June quarter, highlights its strategic importance in India’s economic trajectory. The state’s dynamic mix of world-class infrastructure, a vibrant talent pool, and its reputation as a policy-driven growth hub create unparalleled opportunities for India Inc.”
The state capital Mumbai is the financial capital of India and houses Asia’s oldest stock exchange, the Bombay Stock Exchange. It also has corporate headquarters of many large conglomerates and companies whose operations could be located in other states. But FDI flows get recorded in the state where the headquarters are located.
Maharashtra has held the top position in FDI for the past two years and according to data from the Department for Promotion of Industry and Internal Trade (DPIIT), the inflow in the state accounts for 52.46 per cent of India’s total FDI.
Earlier in September, Deputy Chief Minister of Maharashtra, Devendra Fadnavis had tweeted, “Out of the total FDI Rs 1,34,959 crore that came into India, Rs 70,795 crore i.e 52.46% came into Maharashtra alone !” He added that the state received Rs 1,25,101 crore in FDI during 2023-24, surpassing Gujarat and even more than the combined FDI of Gujarat and Karnataka during the period.
According to the data, Maharashtra left behind eight states — including Karnataka, Delhi, Telangana, and Gujarat. Karnataka followed at a distant second, with FDI of Rs 19,059 crore and Delhi was at the third position with FDI at Rs 10,788 crore. While in power from 2014 to 2019, Maharashtra welcomed Rs 3,62,161 crore of foreign investments, Devendra Fadnavis said.
Prashant Sharma, President, NAREDCO Maharashtra, said, “Maharashtra’s position as the leader in attracting Foreign Direct Investment (FDI), with $8.5 billion in the June quarter alone, underscores its pivotal role in driving India’s economic growth. The state has always been a magnet for global investors due to its robust infrastructure, industrial diversity, and proactive governance. With the elections on the horizon and a renewed focus on policy-driven growth, Maharashtra stands at the cusp of unlocking even greater opportunities for India Inc.”
With the commencement of voting in the state, the focus on development and governance is likely to intensify, paving the way for fresh investments and progressive reforms. “For businesses, this signals a fertile ground to explore innovation and growth across diverse sectors, particularly in real estate, technology, and finance. Maharashtra’s forward-thinking approach and its ability to adapt to global standards make it a cornerstone for India’s long-term economic ambitions, ensuring it remains a preferred destination for both domestic and international investors,” said Rohan Khatau.
Prashant Sharma agreed, “The polls and subsequent policy directions will play a critical role in further enhancing the ease of doing business and accelerating infrastructure development. Maharashtra, with its strategic location, skilled workforce, and commitment to sustainable development, will continue to be a key driver of India’s economic progress, attracting investments across sectors like real estate, manufacturing, and technology. This momentum is a testament to the state’s enduring promise and its vital contribution to India’s growth story.”
Maharashtra has entered into polls with the ruling Bharatiya Janata Party-led Mahayuti alliance eyeing another term, and the Maha Vikas Aghadi (MVA) combine hoping for a strong comeback. The counting of votes is scheduled for November 23.