Photo by BL SONI
Photo by BL SONI

Despite the competition from various states and the ongoing COVID-19 pandemic, Maharashtra continues to be a favoured destination for investments. According to the Economic Survey, Magnetic Maharashtra 2.0 was launched in June, 2020, in the state with an aim to attract investments and generate employment. Both domestic and global investors have shown fabulous interest in investment in the state. The state has attracted investment proposals of Rs 1.13 lakh crore with expected employment over 2.50 lakh. Steel manufacturing (24 per cent), data centres (23 per cent), logistics (20 per cent), IT (9 per cent), chemicals and pharmaceuticals (5 per cent) and automobiles (4 per cent) were the key sectors that attracted investments.

Since liberalisation (August, 1991) up to October, 2020, in all, 20,909 industrial projects with an investment of Rs 14,29,142 crore were approved. From January, 2020, up to October, 2020, 247 projects with a proposed investment of Rs 37,887 crore were registered. The state’s share in the total approved industrial projects and total investment therein is 18.0 per cent and 10.7 per cent, respectively.

Foreign Direct Investment (FDI) has brought innovative technologies in the industrial units, raised competitiveness amongst the units and also increased domestic investment in the state. The share of the state is about 28 per cent of total FDI inflow at all-India.

Under the Mega Project Policy, which has been implemented in the state since 2005, up to December, 2019, approval has been given to 643 mega projects with an investment of Rs 4,79,950 crore and proposed employment of 5.23 lakh. Of these, up to November, 2020, eligibility certificates have been issued to 220 projects with an actual investment of Rs 1,13,132 crore with a proposed employment of about 1.46 lakh.

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