Maharashtra government on Tuesday signed MoUs with 25 Indian companies proposing to invest Rs 61,000 crore in multiple sectors under the 'Magnetic Maharashtra' initiative. The government expects the creation of 2.60 lakh jobs with the implementation of these projects across the state.
The investors signed the MoUs with the Maharashtra Industrial Development Corporation on Tuesday afternoon in the presence of Chief Minister Uddhav Thackeray, Industries Minister Subash Desai and his deputy Aditi Tatkare.
Maharashtra has been at the forefront of FDI inflows In India, attracting the largest share of approximately 30% of India's cumulative Foreign Direct Investment (FDI) inflows during April 2000 - 2020. The state's journey has included an increase in FDI Inflow from Rs 2,543 crore in 2004-05 to Rs 79,216 crore In 2019-20.
The State launched key investment promotion recovery initiatives under Magnetic Maharashtra 2.0 such as Plug & Play Infrastructure, Maha Jobs, Maha Parwana, Investor First Program, Capacity Augmentation of MIDC land banks and Dedicated Country Desks.
This has helped consolidate industrial growth and boost investor confidence; positioning the state to be one of the most favored investment destinations of the country, thereby flourishing the industrial sector of the state.
Previous engagements under Magnetic Maharashtra 2.0 In June 2020 saw investment commitments of about Rs 17,000 crore. This was complimented by a second such event in November 2020 where there was additional investment commitment of approximately Rs 35,000 crore. In addition, the state attracted investments of about Rs 14,000 crore through organic investments via their advanced single window system in the year 2020.
Today's event on the 22nd of December, 2020 is the 3'd such chapter of MoU signings with domestic investors, chaired by the Hon'bie Chief Minister of Maharashtra, worth over Rs 61,000 crore committed through 25 MOUs and across 15+ sectors.
Our event today includes a diverse range of sectors that have been very significant in recent times -pharmaceuticals, healthcare, biotechnology, food processing and FMCG as well as steel & automobiles, engineering and oil & gas among others. This also underlines the state's positive domestic business sentiment which is in line with vision of a self-reliant India and thereby Maharashtra.
Coupled with the state's robust FOI pipeline of an additional Rs 79,000 crore the state is positioned to surpass its previous targets and cross Rs 2,00,000 crore In formal industrial Investment Intentions signed by the state. The total potential employment generation from this effort is conservatively estimated at 2.5 lakh people.
With the success of today's event, the Hon'ble Chief Minister has once again reiterated the state's belief in Industries, sector diversity, Indigenous capacities, future-readiness and the executional prowess. With this Magnetic Maharashtra 2.0 bolsters the message that Maharashtra - the torch bearer of India's growth is "Open for Business"