Davos 2026: Devendra Fadnavis Announces Mega Investments, New Smart Cities And Innovation Push

At the 2026 World Economic Forum (WEF) in Davos, Maharashtra Chief Minister Devendra Fadnavis outlined a sweeping vision for the state's next decade - anchored in smart cities, innovation hubs, hyperscale data centres, and unprecedented foreign investment. Speaking with NDTV Editor-in-Chief Rahul Kanwal, Fadnavis described the visit as "a truly successful trip," highlighting the signing of nearly 85 strategic MoUs across sectors.

Raigad-Pen Declared Mumbai's First New Smart City

One of the biggest announcements was the formal launch of the Raigad-Pen Smart City, envisioned as the first major city of the emerging "Mumbai 3.0" expansion. Positioned as a new global business district on the lines of Bandra Kurla Complex (BKC), the smart city has already attracted Rs 1 lakh crore in investment from the USA, Singapore, Australia, Netherlands and UAE, according to state government disclosures.

The region, just 15-20 km from the upcoming Navi Mumbai International Airport, is planned as a plug-and-play hub for next-generation industries, including fintech, data centres, global capability centres, and green technology. Clearances, land arrangements, and logistics frameworks are already in place prior to its launch-marking what Fadnavis says is a first-of-its-kind PPP model where private landholders join hands with MMRDA.

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A $11 Billion Innovation City To Drive India's Trillion-Dollar March

Building on India's push toward a $10-20 trillion national economy, Fadnavis also unveiled a new Innovation City near Navi Mumbai, developed in partnership with Tata Sons. Conceptualized by Chairman N. Chandrasekaran, the project aims to become one of the world's foremost innovation ecosystems - "a place where the world comes to innovate," Fadnavis said. The CM said Tata Sons have committed $11 billion to the initiative.

Data Centres, FDI Surge & Global Partnerships

The Chief Minister emphasised that India needs breakthroughs in advanced technology to leapfrog global competition. Fadnavis reiterated Maharashtra's leadership as India's data centre capital, holding nearly 60% of national capacity, and underscored the state's intention to expand aggressively in this domain. Major real-estate player Lodha is bringing in the country's largest hyperscalers with investment from Microsoft and NTT Data-amounting to Rs 1 lakh crore, where 80% is FDI.

Fadnavis emphasised the urgency of building a complete data-centre and semiconductor ecosystem within India. While other states, including Andhra Pradesh, are also competing in this domain, Fadnavis welcomed the competitive spirit, calling it vital for national advancement.

"The future will be determined by data, AI, and semiconductors," he stated, adding that healthy competition among states is needed for India's growth.

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