Mumbai, Maharashtra emerge as key hubs for global clean energy investment and partnerships, diplomats say

Mumbai and Maharashtra are increasingly emerging as major destinations for global investment across the infrastructure, clean energy, education and technology sectors, consuls-general from Australia and Finland said during a panel discussion on the state’s growth opportunities.

Speaking at a panel discussion during The Hindu’s Maharashtra Infrastructure Conclave 2026 held in Mumbai on Friday (May 22, 2026), Australian Consul General Paul Murphy said the pace of infrastructure development in Mumbai and other parts of Maharashtra was “staggering”, with transport, metro and rail as the main drivers for investors.

Investment in public infrastructure

“As a foreigner coming to Mumbai and Maharashtra, it’s really amazing to witness the pace of transformation,” Mr Murphy said, highlighting projects such as the coastal road, metro rail systems and emerging transport corridors.

Describing Mumbai as the Indian city most visited by Australian business delegations, Mr Murphy said Australian companies are increasingly looking at Maharashtra as a long-term investment destination across infrastructure, transport, engineering services, renewable energy and sports infrastructure. The companies have also been looking into India’s growing electric mobility ecosystem, including electric bus leasing and clean energy partnerships.

Mr Murphy said renewable energy cooperation between India and Australia had gained importance given the growing global concerns about energy security and supply chains. “Australia has significant expertise in rooftop solar integration and clean energy systems, while India will be a major part of the global clean energy solution due to the scale of its economy and manufacturing capabilities,” he added.

The Consul General also highlighted Mumbai’s role as a global engineering and services hub.

While stressing the importance of strengthening public transport systems, Finland’s Consul General Erik Hallstrom said Mumbai’s transformation over the past few years has been significant. He pointed to the Coastal Road and Metro widening projects.

“What this city needs is more public transport – more metro lines, buses and integrated transport systems,” Mr Hallstrom said, adding that urban mobility also requires a change in public thinking to avoid reliance on private vehicles.

The diplomat noted that while Mumbai remained India’s financial capital, there was growing competition between states like Karnataka and Telangana to attract global investment.

He said Finnish companies are particularly interested in sectors such as sustainability, circular economy solutions, green technology and education. Finnish firms are already involved in projects related to urban planning, environmental restoration and sustainability initiatives, he said, while stressing that development projects should take into account local and indigenous communities.

Referring to the proposed free trade agreement between India and the European Union, the Finnish Consul General said it could help improve market access and boost confidence among European investors looking to expand operations in India.

Investment in Education Sector in Maharashtra

On education, Mr. Hallstrom said that Finnish models of education have already found a presence in parts of Mumbai and Maharashtra through collaborations with local universities.

Mr Murphy, on the other hand, pointed out that education remains one of the strongest pillars of the India-Australia relationship, with nearly 120,000 Indian students studying in Australia. Australian universities were actively exploring expansion opportunities in India, he said. “This opportunity is significant as students can access an international quality education at potentially lower costs while remaining connected to family and local networks,” the Australian Consul General added.

While Finland is globally renowned for its primary education models, Australia on the other hand is known for its higher education sector.

Challenges for foreign investors

The panel discussion also discussed the challenges facing foreign investors, with Mr Murphy saying businesses often sought regulatory clarity and simplified approval systems. “What helps tremendously is when states provide effective single window mechanisms for approval and ease of doing business,” he said.

Despite the challenges, both diplomats expressed optimism about Mumbai’s long-term trajectory as a global economic and innovation hub.

Asked what they liked most about Mumbai, Mr Murphy pointed to the city’s evolving skyline and public spaces, while Mr Hallstrom said “the people” stood out the most.

To end the discussion on a lighter note, the diplomats were also asked what they thought was the “worst” thing about Mumbai.

Mr Hallstrom said Mumbai still had gaps in urban infrastructure and cleanliness in certain areas, especially compared to cities like Dubai or Singapore. However, he added that Mumbai is gradually changing.

Meanwhile, Mr Murphy jokingly pointed to the seemingly never-ending roadworks in the city. “My driveway is never quite done. It’s dug up every other day,” he noted.

Published – 23 May 2026 01:51 IST