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Maharashtra Chief Minister Devendra Fadnavis on Thursday announced the creation of an ‘Innovation City’ near Navi Mumbai. Through this, the government is trying to promote innovation to accelerate the pace of the economy.

Talking to news agency IANS on the sidelines of the World Economic Forum (WEF), he said that the Maharashtra government has announced to build an innovation city near Navi Mumbai in front of 450 investors from different places around the world.

A large number of investors have shown interest in this. Also said that Tata Group is planning to invest about one lakh crore rupees (11 billion dollars) in this innovation city.

Fadnavis further said that the Innovation City will help in bringing global innovation ecosystem in Mumbai. Our aim is to make Mumbai a hub where anyone in the world can easily access plug-and-play innovation systems. Tata Sons has invested $11 billion to develop the Innovation City, which also includes a data centre.

Talking to IANS, he further said that in this event it has been announced to make Mumbai a circular economy. Under this, the city’s solid waste, liquid waste, medical waste, electronics waste, building material waste and other types of waste will be converted into circular economy waste. This will help in improving the air and water quality of Mumbai and develop the country’s financial capital as a sustainable city.

Earlier, speaking to IANS on the sidelines of the WEF annual meeting, Chief Minister Sarma said that Indian companies need access to different global markets, which will be fulfilled through the India-EU trade agreement.

He said, “Europe views India as a reliable partner. This is evident from EU leadership statements in recent times. EU statements also point to India emerging as a major global investment hub. India’s stable policies and fast-growing economy are attracting European investments and partnerships.”

The India-EU summit is scheduled for January 27. The meeting is taking place at a time when there is uncertainty in global markets due to the turmoil to US tariffs and geopolitical changes.