Amidst geo-political uncertainties, India made a clear show of its economic strength by attracting investment commitments of over Rs 20 lakh crore at the annual World Economic Forum (WEF) summit in Davos this week.
Maharashtra got the biggest pie of almost 80 per cent investments proposals at the global event.
Maharashtra, led by Chief Minister Devendra Fadnavis, signed at least 61 MoUs worth Rs 15.7 lakh crore, which have the potential to generate over 16 lakh jobs. Telangana delegation, led by CM Revanth Reddy, grabbed 20 MoUs worth at least Rs 1.80 lakh crore.
Kerala and Uttar Pradesh also showcased their ambitious future plans and secured significant investment commitments.
Andhra Pradesh Chief Minister N. Chandrababu Naidu had fruitful discussions with CEOs of globally renowned companies and representatives of different nations. In the meetings with the heads of different business houses, the Chief Minister explained in detail the opportunities available in the state for making their investments.
At the event, IT major Infosys also announced to expand its presence in Hyderabad and create 17,000 jobs.
Union Railways and Electronics and IT Minister, Ashwini Vaishnaw, in his address at the World Economic Forum highlighted India's balanced approach to economic development with both manufacturing and services driving the nation's growth. He underlined India's shift from being solely an import-substituting nation to a "Make in India, Make for the World" nation.
Vaishnaw highlighted India's rise in the semiconductor and AI sectors, indicating that "most of the leaders of the semiconductor industry believe today that India will soon join the top three destinations for semiconductors".
"India is now poised to become a major manufacturing player globally since nearly 2,000 GCCs are already working on advanced designs," he said at the WEF Summit.
He emphasised India’s potential to become the “use case capital” of the world, creating innovative applications for industries globally. He noted that while AI models are becoming increasingly commoditised, the focus should shift to developing use cases, applications, and solutions that cater to global industries.
Vaishnaw also underscored the government’s focus on skilling to prepare India’s workforce for emerging technologies, particularly in artificial intelligence (AI).
Read also| India's Manufacturing Sector Shows Robust Growth in January with Export Surge: Report
Read also| NSE Achieves Milestone as Unique Investor Base Crosses 11 Crore for the First Time