Mumbai and Maharashtra are increasingly emerging as major destinations for global investment across infrastructure, clean energy, education and technology sectors, Consul Generals 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, which was held in Mumbai on Friday (May 22, 2026), Australian Consul General Paul Murphy said that the pace of infrastructure development in Mumbai and other parts of Maharashtra had been ‘astounding’, citing metro rail expansion, highway connectivity, and urban transport projects as major drivers of investor confidence.

Public infrastructure investments

“As a foreigner coming to Mumbai and Maharashtra, it truly is astounding to witness the pace of transformation,” Mr. Murphy said, highlighting projects such as the Coastal Road, metro rail systems, and emerging transport corridors.

Calling Mumbai the Indian city most visited by Australian business delegations, Mr. Murphy said Australian companies were increasingly looking at Maharashtra as a long-term investment destination across infrastructure, transport, engineering services, renewable energy, and sports infrastructure. Companies were also looking at 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 amid growing global concerns around energy security and supply chains. “Australia has significant expertise in rooftop solar integration and clean energy systems, while India is going to be a major part of the global clean energy solution because of the scale of its economy and manufacturing capabilities,” he added.

The Consul General also highlighted the role of Mumbai as a global engineering and services hub.

Finland’s Consul General Erik Hallstrom, while stressing the importance of strengthening public transport systems, said Mumbai’s transformation over the past few years has been significant. He pointed to Coastal Road and Metro expansion 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 required a shift in public mindset to stray away from dependence on private vehicles.

The diplomat noted that while Mumbai remained India’s financial capital, there was growing competition among States such as Karnataka and Telangana in attracting global investments.

He said Finnish companies were particularly interested in sectors such as sustainability, circular economy solutions, green technologies, and education. Finnish firms were already involved in projects related to urban planning, environmental restoration, and sustainability initiatives, he said, while emphasising that development projects should consider local and indigenous communities.

Referring to the proposed India-European Union Free Trade Agreement, the Finnish Consul General said it could help improve market access and strengthen confidence among European investors looking to expand operations in India.

Education sector investment in Maharashtra

On education, Mr. Hallstrom said Finnish schooling models had already found a presence in parts of Mumbai and Maharashtra via collaborations with local universities.

Mr. Murphy, on the other hand, pointed that education remained 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. “The opportunity is significant because students can access international-quality education at potentially lower costs while remaining connected to family and local networks,” the Australian Consul General added.

While Finland is renowned world-over 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 challenges faced by foreign investors, with Mr. Murphy saying businesses often sought regulatory clarity and streamlined approval systems. “What helps tremendously is when states provide efficient single-window mechanisms for approvals and business facilitation,” he said.

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

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

Ending the discussion on a lighter note, the diplomats were also asked about what they thought was the ‘worst’ thing about Mumbai.

Mr. Hallstrom said that Mumbai still had gaps in urban infrastructure and cleanliness in certain areas, especially in comparison to cities like Dubai or Singapore. He, however, added that Mumbai was gradually changing.

Mr. Murphy, meanwhile, jokingly pointed to the city’s seemingly endless roadwork. “My driveway is never quite finished. It gets dug up every second day,” he remarked.