Maharashtra bags Rs 6.11 crore in investments

Ratan Tata, chairman, Tata Trusts and Maharashtra CM Devendra Fadnavis share a light moment during the Maharashtra Investment Seminar. (Photo: Shripad Naik)

The global and domestic investor has shown such faith in Maharashtra that the progressive state has bagged investment more than the target set before the deadline. The target of investment was Rs 5 lakh crore which had to be achieved in a period of five years. However, the state has signed Memorandums of Understanding (MoUs) for investment worth Rs 6.11 crore during the ongoing ‘Make In India’ week held at Bandra-Kurla Complex (BKC) Ground in Mumbai, the financial capital of the state.

Maharashtra has attracted investment worth Rs 6.11 lakh crore through 2,560 MoUs during the ‘Make In India’ week so far. It will generate employment of 16.92 lakh. Chief minister Devendra Fadnavis said the MoUs were deliberations at Davos that had been translated into reality. However, Apurva Chandra, secretary to industries department said that the transformation of MoUs into actual investment would take time.

The investors have shown interest in textile, IT, skill development and small and medium industries, along with chemical and manufacturing sectors. Mr Chandra said, out of 2,560 MoUs signed, 297 have been signed in the Micro, Small and Medium Enterprises (MSME) sector. “MSME are the backbone of industries and it will be started in the rural hinterlands and semi urban areas. It will also generate employment for rural youths,” said Mr Chandra. The investment in the MSME sector will be Rs 22,137 crore and 1.16 lakh jobs will be generated, he added.

Another major investment will be in the textile sector where global players will invest Rs 10,800 crore. The investment in the textile sector is focused on Marathwada and Vidarbha region, said Mr Chandra.

Meanwhile, in the morning, at the Maharashtra Investment Seminar, chief minister Devendra Fadnavis unveiled AURIC (Aurangabad Industrial City) logo. Mr Fadnavis said, “It will give a new identity to Aurangabad, the city which is on the map of the Delhi-Mumbai Industrial Corridor (DMIC). Mr Chandra said, “AUR means gold and Aurangabad will become a golden city once Shenra-Bidkin are developed.”

On the third day of the ‘Make In India’ week, 21 MoUs were actually signed in the presence of the chief minister and a few Union ministers. The process of signing MoUs will continue for the next two-three days, said Mr Chandra.

Both domestic, as well as global business have responded positively to the slew of investment friendly measures announced by the state government in the last one year. “When we assumed office, we had set a target to attract Rs 5 lakh crore worth of investment and 20 lakh new jobs during the course of our five year term. But looking at the progress and rapid response that we are receiving from the business world over, I am confident that the total investment would be multiple times the target we have set,” said Subhash Desai, industries minister.