‘Magnetic Maharashtra’ to attract investors

Magnetic MaharashtraAiming to establish Maharashtra as a destination for global investors, the State Government is going to organise Magnetic Maharashtra on 18 February which will be inaugurated by Prime Minister Narendra Modi. Maharashtra’s Chief Minister Devendra Fadnavis expects an investment of more than Rs 10 lakh crore as 5,000 Memorandum of Understandings (MoUs) is likely to be signed during the summit which will generate employment for 35 lakh people.

‘Make in India’ Summit organised by the Centre in February 2016, Maharashtra, the co-host of the summit,  has already signed MoUs worth of Rs 8 lakh crore. Calling the ‘Make in India’ a huge success, Fadnavis said that out of the promised Rs 8 lakh crore investments, the State received investments worth Rs 4.09 lakh, 65 per cent of the 2,984 MoUs have been converted into reality and there has been a 75 percent job generation since then. “We are on the verge of setting a new record in terms of domestic and foreign direct investments,” he added.

The proposed World’s largest Petroleum Refinery at Ranagiri is expected to be finalized during the summit which is likely generate an investment of Rs 3 lakh crore. The unit will come in collaboration with state-run petroleum corporations and is expected to to create jobs for 8 lakh people on 12,000 acres of land.

An investment of Rs 3.8 lakh crore is expected to come from the affordable housing section which targets to construct 16 lakh affordable houses across the state and an employment potential of 29 lakh. Credai-Maharashtra, National Real Estate Development Corporation, Maharashtra Chamber of Housing and Industry, Khaleeji Commercial bank, Poddar Housing, Mangal Namoh and Sun Pharmaceutical are among the groups which will construct affordable houses.

As per sources, the State is likely to unveil at least seven new policies to encourage sectors like defence, e-automobile, textile, coir, logistics, start-ups and women entrepreneurship. While budget of defence production, most items are imported, has increased remarkably now-a-days, th State will encourage entrepreneurs to manufacture these products in Maharashtra.

Fadnavis is expected to present the government’s proposed investments as well like Rs 40,000 crore for coastal Road, Rs 42,000 crore for the Nagpur-Mumbai Super Expressway, besides in Metro projects in Pune, Mumbai and Nagpur and the Navi Mumbai airport.

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