Published On : Mon, Feb 8th, 2016

‘Make in India’ week: Maharashtra aims Rs 4 trillion investments

CM-FadnavisMumbai/Nagpur: Maharashtra is targeting to bag Rs 4 trillion in investments during the maiden ‘Make in India’ (MII) week to be held in the country’s financial capital from Saturday.

“We are targeting up to Rs four lakh crore of investments through the agreements,” Maharashtra Industrial Development Corporation’s chief executive Bhushan Gagrani told reporters on the sidelines of a curtain-raiser press conference for MII week.

He however, declined to outline more details like the sectors which will see the investment commitments or companies with whom the state government is negotiating.

Declining to quantify investments which his administration is targeting, Chief Minister Devendra Fadnavis said it will be a “big number”, and added that officials have been working on stitching the agreements for the last three months.

Fadnavis said Memorandums of Understanding are being signed after full diligence and focus is also being given to make sure that the agreements translate into actual investments on the ground.

He said the state will be announcing five new policies aimed at ease of doing business, during the event.

Senior officials said these include new frameworks for retail, electronics, ports, backward classes (SC/ST) and single window clearances.

Maharashtra has been at the forefront of industrial development in the country, but has been facing competition from others like Tamil Nadu, Gujarat, Andhra Pradesh, Karnataka and others.

The disparities in the state, especially with backward regions like Vidarbha, Marathwada and North Maharashtra have also attracted flak from critics.

Over 1,000 business delegates from 60 countries, 2,500 domestic delegates, 192 companies and four heads of state are expected at the maiden MII week which will be inaugurated by Prime Minister Narendra Modi on February 13.

A business forum organised by international news network CNN, and an award show by Time Magazine for manufacturing is being held as part of the week, Chief Secretary Swadheen Kshatriya said.
Maharashtra will be having a dedicated pavilion at the venue, and will also have a session exclusively devoted for the investment opportunities in the state where industrialists Ratan Tata and Mukesh Ambani will be speaking, he said.

The state is focusing on opportunities in the agro-processing and textiles sectors during the week, which will benefit the farmers, Fadnavis said.

It is also laying additional stress on the small enterprises, he said.

Maharashtra will also be showcasing its rich cultural heritage during the week, which will see an event at the Girgaum Chowpatty by the Arabian Sea.