Audit dollar-seeking sallies of CMs

There is hardly a CM who hasn’t wooed friendly governments, offering their fiefdoms as money-making markets.
Our politicians may be divided by political identity, but are united by one lust: get foreign money for their states in the name of development.
Our politicians may be divided by political identity, but are united by one lust: get foreign money for their states in the name of development.Photo | Sourav Roy
Updated on
5 min read

Network is now the new net worth for the Indian political class. Dollar chasing is the most popular obsession of Union ministers and chief ministers who are spreading their carbon footprint, landing in Washington, Tokyo, Singapore, Seoul, London, Paris and Bonn with hype and hope. Each year starts with netas making a beeline for the super-expensive ski town Davos in Switzerland, where billionaires gather to dictate with money the policy of nations. Our politicians may be divided by political identity, but are united by one lust: get foreign money for their states in the name of development.

Last week, five Union ministers and three chief ministers, along with 100-odd babus in tow, were seen confabulating with global barons, lobbying for lucre in the salubrious spaces of the World Economic Forum: visits that cost around Rs 50 lakh per person for membership fees and other expenses.

Davos isn’t their only port of call. Ever since Narendra Modi became prime minister in 2014, he, his ministers and BJP CMs, along with their highly competitive counterparts from other parties, have been frequently tapping the world’s coffers to attract investment. Modi, when he was running Gujarat, was one of the most active chief ministers wooing foreign capital. There is hardly a CM who hasn’t wooed friendly governments, offering their fiefdoms as money-making markets. Vociferously advertising their foreign trips is their financial hobby.

Here is a glance at some recent junkets.

* Devendra Fadnavis, Maharashtra: A four-time visitor to Davos as CM, he was given a traditional Indian welcome at Zurich airport by the Indian ambassador, and celebrated his fourth day with a gloating post on X: “It’s Jan 22, a very historic day. Jai Shri Ram to everyone from #Davos! Maharashtra is making its mark here. Rs 6.25 lakh crore of MoUs (memorandums of understanding) in one day, reflect the unwavering trust in Maharashtra’s growth potential under the leadership of PM Narendra Modi. Looking forward to do more today.” Last year, his predecessor Eknath Shinde, on his first visit to the ski resort, had claimed that MoUs worth Rs 3,53,000 crore had been signed. Before that, Uddhav Thackeray had attended the WEF in 2022 to promote health tech and financial services.

* A Revanth Reddy, Telangana: It just took four months since his inauguration for the Congress CM to make globetrotting in search of investment his mission of choice. His latest sojourn to Europe included Davos. He signed off on new investment deals worth Rs 40,000 crore. Earlier in January, Team Reddy concluded its first official US tour on a high note, securing investment worth Rs 31,500 crore. Then Reddy took off to South Korea, where companies signed agreements to invest Rs 4,500 crore—Youngone Corporation plans a fashion city in Hyderabad, Hyundai will set up a mega automotive testing centre, and other multinationals have promised to open their wallets to manufacture cosmetics, pharma and LED screens.

* Mamata Banerjee, West Bengal: Didi usually avoids foreign jaunts, but deploys her officials to seek foreign investment. However, in March 2024 she visited Spain, seeking partnerships for renewable energy and manufacturing. In May 2024, she went to Dubai to engage with the Indian diaspora and potential investors in the real estate and finance sectors.

* Bhupendra Patel, Gujarat: His official flight ticket was to Japan in April 2024. Charter: to promote the Vibrant Gujarat Global Summit, target Japanese investments in the automotive sector, renewable energy and smart cities.

* Yogi Adityanath, Uttar Pradesh: Though not a frequent financial flyer earlier, one of the most popular CMs has decided to launch a Get FDI campaign. During his second term, Yogi visited the UK in March 2024 to explore potential investments in defence, infrastructure and education. He also flew to the UAE in May 2024 to meet business leaders and discuss opportunities in logistics and tourism.

* Mohan Charan Majhi, Odisha: Less than a year on the job, he landed in Singapore in November 2024 to bag investments in sectors ranging from semiconductor, green energy and ship recycling to container manufacturing, and ask for funds for port-led industrial development in his state.

* Mohan Yadav, Madhya Pradesh: His boarding pass said England and Germany during his first foreign jaunt in November 2024. During a seven-day hectic tour accompanied by key officials, he claimed to have wrangled proposals worth over Rs 78,000 crore from various multinationals.

*M K Stalin, Tamil Nadu: Accompanied by senior officials, he spent 17 days in August 2024 in the US, meeting potential investors and leading members of the Tamil diaspora to convince them to put their money in his state. Two months earlier, he had participated in business forums in New York and California, focusing on tech start-ups and electronics manufacturers. On his return, Stalin declared that 19 MoUs worth Rs 7,618 crore had been signed with various US entities.

* Bhajan Lal Sharma, Rajasthan: His investment itinerary included Japan, South Korea, Germany and the UK in 2024 to attract communities and entrepreneurs to invest in Rajasthan. Accompanied by top civil servants and joined by key entrepreneurs in the countries on his map, he made hi-tech presentations that tom-tommed his sarkar’s business-friendly policies.

* Himanta Biswa Sarma, Assam: His destinations of desire this month were Tokyo and Seoul. Target: wooing wallets for the Advantage Assam Summit. Lollies: locational, strategic and policy advantages of the northeastern state.

*N Chandrababu Naidu, Andhra Pradesh: A frequent visitor to Davos since 1995, his high-profile presence at the summit was a highlight this year too. He and his son Lokesh have landed in numerous global capitals to lasso investments; previously for undivided Andhra Pradesh and later for the truncated state that was starved of funds and multinational presence. He held meetings with CEOs and chairpersons of Coca-Cola, LG, Carlsberg and Cisco. Elated, he posted on X: “Back in 1995, IT; now in 2025, AI. A pleasure reconnecting with Bill Gates after many years.”

The international forays by CMs were mostly from BJP-ruled states who had the mission to promote Modiplomacy and Modinomics. While not all objectives were met immediately, these high-profile, premium visits may have served a significant purpose in branding Indian states internationally and highlighting their economic potential in various sectors.

However, the outcomes of such visits have been challenged. According to unofficial estimates, various CMs have claimed that MoUs worth over Rs 50 lakh crore have been signed over the past 10 years. But how much of that sum has been actualised is a matter of speculation, since a fat parcel of pacts still remains on paper. Both the Centre and the states must do a holistic audit of the outcomes of all visits made at public expense. Just burning air-miles could mean results are still up in the air, although their promoters have landed on the populist terra firma of propaganda and pride. Putting others’ money where their mouth is serves little purpose.

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