Magnetic Maharashtra And The Promise Of Investments
Some key investment promises made at the #MagneticMaharashtra summit.
“Magnetic Maharashtra” has drawn up to Rs 12 lakh crore in investment commitments, said the state’s chief minister Devendra Fadnavis on the sidelines of the two-day investment summit.
The ongoing Magnetic Maharashtra Global Investment Summit saw several memoranda of understanding being signed, in a host of sectors such as affordable housing, defence, electronics, aerospace and infrastructure.
Among those promising the state big money is local real estate developer lobby, CREDAI Maharashtra, who has committed Rs 1 lakh crore for construction of 5 lakh affordable houses. Private-sector bank Yes Bank Ltd. has committed Rs 10,000 crore in lending to micro, small and medium enterprises, utility company Tata Power Company Ltd. said it will invest Rs 15,560 crore and members of the Gems and Jewellery Exports Promotion Council committed to investing Rs 13,000 crore. Smaller amounts were promised by Kinetic Green Energy & Power Solutions Ltd., Tonino Lamborghini and Mahindra and Mahindra Ltd.
Mukesh Ambani, chairman of fuel to telecom giant Reliance Industries Ltd. had on Sunday, the inauguration day, announced that his company intended to invest Rs 60,000 crore to develop an integrated industrial area in Maharashtra.
The state has also identified five hubs for defence manufacturing - Nagpur, Ahmednagar, Pune, Nashik and Aurangabad.
Fadnavis used the occasion to articulate a vision towards making Maharashtra state a trillion dollar economy by 2025.
"To achieve that vision, Maharashtra needs to grow at a compound annual growth rate of 15.4 percent from the current 9.4 percent, he said. That would imply 5.5 percent growth in agriculture, 12.4 percent in industry and 15.4 percent in the services sector, he added.