Business

Poor regions to receive investment boost at Magnetic Maharashtra

The Maharashtra government has received investment intentions for 4,106 projects worth Rs 12,10,464 crore, with job potential of 36,77,185. In addition to this, the government has received an approved investment for 104 projects from the Centre and various state undertakings worth Rs 3,90,419 crore during the three-day Magnetic Maharashtra Summit which concluded on Tuesday. Collectively, the investment is worth Rs 16,00,883 crore for 5,110 intentions.

Chief Minister Devendra Fadnavis, who was accompanied by Railway Minister Piyush Goyal and state Industries Minister Subhash Desai, said at the valedictory session of the Rs 12.10 lakh crore, as high as Rs 5,48,166 crore of investment is proposed in industries, Rs 3,85,000 crore in the Housing sector and Rs 1,60,268 crore in the Energy sector. “The investment intentions are across the state and not just restricted to developed regions. Investors have preferred to put in money in the underdeveloped regions like Marathwada, Vidarbha and North Maharashtra in multiple sectors,” he noted.

Desai said overwhelming response from investors from India and abroad has once again proved that Maharashtra continues to be one of the most favored destination in the country for doing business.

Some of the major investment intentions include Reliance Industries for development of integrated industrial area (Rs 60,000 crore); Virgin Hyperloop One for Mumbai-Pune hyperloop transportation system (Rs 40,000 crore); Thrust Aircraft Cluster (Rs 35,000 crore); Hyosung for textile technology (Rs 1,250 crore) and Mahindra&Mahindra for E-vehicle (Rs 500 crore).

Some of the key projects in foreign direct investment are Carier Midea India (Rs 300 crore), Emerson Process Management (Rs 815 crore), Iljin Global (Rs 750 crore), LG Electronics (Rs 350 crore), Owens Corning India (Rs 1050 crore) and Peri Werk (Rs 528 cr).

Fadnavis highlighted that the government’s recent move to release 13 policies in various sectors, including defence and aerospace, logistics, textiles, logistics, fintech and start-ups and gems and jewellery, have been well received by investors.

“The government will focus on services and manufacturing to achieve 15.4% growth rate from the present level of 9.5% and thereby become a trillion dollar by 2025. Policies are dynamic and the government will amend the policies released recently and also bring in some more for the benefit the investors too,” he added.

Fadnavis said the state government through Maharashtra Industrial Development Corporation (MIDC) will set up a defence and aerospace fund of the order of Rs 1,000 crore. The government has tied up with IDBI Bank and couple of other banks and financial institutions to boost skill development, he added.

Meanwhile, the government, in a bid to pacify its ruling partner Shiv Sena, refrained from signing MoUs with oil companies for the setting up a refinery in Ratnagiri district, with a proposed investment of Rs 3 lakh crore.

Fadnavis said the government will soon ink MoUs, but a decision on project development will be made only after reaching out to local villagers for their views. He clarified that the government will not impose the refinery project on the people.

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