In a clear pointer to the fact that the investment climate remained unaffected in Maharashtra even during the Covid-19 period, the total industrial investments made in Maharashtra during the last six months went up to a staggering Rs 1.12 lakh crore on Tuesday, as the domestic entrepreneurs committed an investment of a Rs 61,000 crore through 25 Memorandums of Understanding (MoUs) across 15-odd sectors.
At the third MoU signing event with domestic investors held in the presence of chief minister Uddhav Thackeray, the MoUs signed by the Maharashtra included a diverse range of sectors that have been very significant in the recent times – pharmaceuticals, healthcare, biotechnology, food processing and FMCG as well as steel & automobiles, engineering and oil & gas.
Previous engagements under Magnetic Maharashtra 2.0 in June 2020 saw investment commitments of about INR 17,000 crore. This was complemented by a second such event in November 2020 where there was additional investment commitment of approximately INR 35,000 crore.
In addition, the state attracted investments of about INR 14,000 crore through organic investments via their advanced single window system in the year 2020.
Speaking on the MoU signing meet, Uddhav expressed confidence that the state intended to cross total investment of Rs 2 lakh crore during 2020-21.
“The Rs 1.12 lakh crore investment commitments received underline the state’s positive domestic business sentiment which is in line with vision of a self-reliant India and thereby Maharashtra,” the chief minister said.
Maharashtra has been at the forefront of FDI inflows in India, attracting the largest share of approximately 30 per 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 INR 2,543 Crores in 2004-05 to INR 79,216 crore in 2019-20
As part of its key investment promotion initiatives under Magnetic Maharashtra 2.0 such as Plug & Play Infrastructure, the state government has launched schemes like 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,” a senior state industry department official said.
The senior official said that coupled with the state’s robust FDI pipeline of an additional Rs 79,000 Crore the state was positioned to surpass its previous targets and cross Rs 2 lakh 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 at Tuesday’s event, the chief minister reiterated the state’s belief in industries, sector diversity, indigenous capacities, future readiness and the prowess for execution.
“With this Magnetic Maharashtra 2.0 bolsters the message that Maharashtra-the torchbearer of India’s growth -- is ‘Open for Business’,” Uddhav said.