The ‘FICCI Foundation Day’ event in Mumbai focused on the role of industry in supporting Maharashtra’s economic ambitions and India’s long-term goal of becoming a developed nation by 2047. Speakers at the event highlighted Maharashtra’s contribution to the economy, the importance of manufacturing and innovation, and the need for industry bodies to help address emerging global and domestic challenges.

Maharashtra Governor Jishnu Dev Varma said FICCI has played a key role in India’s economic journey, having witnessed the country’s transition from pre-independence regulation to post-liberalisation growth.

“In its 99 years of journey FICCI has empowered countless entrepreneurs, witnessed success stories and even faced challenges,” he said.

He said the industry body would continue to have an important role in India’s push towards becoming a developed nation by 2047.

“Under the guidance and leadership of the Prime Minister of India Narendra Modi, India is advancing towards becoming a ‘Viksit Bharat’ by 2047. FICCI should continue to stand as a trusted partner in achieving this goal. The success of ‘Viksit Bharat’ rests on the foundation of ‘Viksit States’,” he said.

The Governor said Maharashtra remains central to that goal because of its industrial base, investment potential and contribution to direct taxes.

“Maharashtra’s $1 trillion economy vision reflects its ambition to emerge as a global hub for manufacturing, services, innovation, and inclusive growth. As the constitutional head of the State, my office has consistently emphasized the importance of industry participation, innovation, and investment in addressing complex public challenges,” he said.

He also called for closer collaboration between FICCI, the state government and universities to support socio-economic development. Referring to the ongoing conflict in the Middle East, he said FICCI should study its impact on Indian industries and vulnerable communities.

“The Federation is entering its Centenary year at a critical global juncture. The ongoing conflict in the Middle East has already impacted on the economies of nearly all countries in varying degrees. While our governments are taking all necessary measures to safeguard India’s interests particularly in energy security, it would be both timely and appropriate for FICCI to commission comprehensive studies assessing the overall impact of the conflict on different sectors of the Indian economy. We need to find out how we can mitigate the suffering of the poorest and the marginalised people, who are getting affected by the war,” he said.

As per the Marketing and Protocol Minister Jaykumar Rawal, Maharashtra leads India's economy in terms of GDP contribution, which is around 13.5%, and also in terms of foreign direct investment inflows into India, which stand at about 40%.

“The country continues to be one of the fastest-growing major economies in the world. Within India, Maharashtra serves as a leading growth engine, contributing over 13.5 per cent to the nation’s GDP, attracting nearly 40 per cent of total FDI, and consistently ranking as the top investment destination,” he said.

Kotak Mahindra Bank founder and director Uday Kotak said India is currently at an important stage in its economic journey and industry must respond with urgency.

“History is made at turning points, and India is at one such moment. We (industry) must seize this opportunity and do so with a sense of urgency and purpose, the very same spirit with which FICCI was founded in 1927, and which Mahatma Gandhi believed made it an institution for nation-building in 1931,” he said.

Kotak also said India should invest more in research and innovation, especially to strengthen medium-sized manufacturing companies.

“But the biggest area where FICCI can play an important role in the journey towards Atmanirbhar Bharat is to create ‘middle manufacturing’ capability for companies with capital between Rs 100 crore to 1,000 crores,” he said.

FICCI President Anant Goenka said Maharashtra remains one of the country’s strongest industrial and investment destinations, while Director General Jyoti Vij said the organisation’s centenary year in 2027 would focus on manufacturing, sustainability and global competitiveness.

The event also saw 31 FICCI past presidents from 1994 to 2025 being felicitated.