Make in India: Rs 15.20 lakh crore investment promised

Host state Maharashtra garners lion’s share of proposals

geetanjali

Geetanjali Minhas | February 19, 2016 | Mumbai


#make in india   #economy   #maharashtra   #devendra fadanvis   #narendra modi   #industry  

The just concluded Make In India Week has garnered business commitment of Rs 15.20 lakh crore in investment from global and domestic companies – of which  close to Rs 8 lakh crore will go to the host state, Maharashtra. As many as 30% MoUs are signed with foreign companies.

The developments will generate 30 lakh jobs in the state. Most of the written agreements pertain to the backward areas of Vidarbha and Marathwada.

Calling the Make in India week event the 'biggest show of cooperative, competitive and collaborative federalism’, chief minister Devendra Fadnavis told the media that prime minister Narendra Modi's dream to establish a ‘global factory’ would be accomplished in two to three years. He said that though the event was hosted in Maharashtra all states participated in it.

Signed MoUs relate to a whole range of fields like energy, manufacturing,  real estate,
pharma, IT, ports, MSME, IT, retail, skill development, agro and food processing, animal husbandry, tourism, industrial infrastructure, telecom, textiles, automobiles and components and health care.

Adding that more than 100 countries participated in the event he said, "Though there were many MoUs, only whetted documents could be signed. MoUs in Marathwada and Vidharbha are worth Rs 50,000 crore, Khandesh division Rs 25,000 crores, Pune Rs 50,000 crore, and Konkan Rs 3,25,000 crore. Once these areas open up to investments they have to power to expand further."

Fadanavis said one of the main objectives of Make in India was to generate large scale employment. He specified that electronic policy attracted investments of Rs 60,000 crore, IT policy Rs 25,000 crore and SME policy attracted thousands of entrepreneurs who signed MoUs worth Rs10,000-15,000 crore where not only big giants are welcome but an entire ecosystem for manufacturing indigenous manufacture of components was witnessed during the  week.

Fadanavis said a task force headed by the state industries minister is being set up to further carry forward the signed MoUs. Amitabh Kant, secretary, Department of Industrial Policy & Promotion – the main organizer of the event, said that the Make In India Week in Mumbai was a phenomenal hit and successfully brought manufacturing, design and innovation to the centre stage.

Kant said that of 80-85%of the Rs 15.20 lakh crore committed investments will materialise. "These are investment commitments, which means pre-clearance work has been done," he said and added that it takes about 18 months from the time of commitment to execution of project but results will start showing in 2.5-3 years. He added that the government believes in 100% transparency and all details will be put up on the DIPP website.

On establishment of an International Financial Services Centre at BKC in Mumbai, Fadanavis said a task force including representatives of Reserve Bank of India and State Bank of India had been set up and that the union minister of state for finance was also looking into the legal framework.

Maharashtra principal secretary Swadheen Kshatriya said that Mumbai was the natural choice for Make in India event and hosting it in Maharashtra accelerated the pace of reforms in state. He added that defence companies have showed keen interest for 30-40% machine components ingenuously manufactured in India.

 

Comments

 

Other News

Business houses donated Rs 956.77 crore to political parties in 4 years

Business houses loosened their purse strings while making donations to political parties, showed an analysis carried out by Association for Democratic Reforms (ADR).   Various sectors of business houses, between FY 2012-13 and 2015-16, donated a total of Rs 956.77 crore, cons

PPP model in metro rail may not be a good idea

The PPP model has been made mandatory in metro rail projects, but it has not been successful in at least three cities – Delhi, Mumbai and Hyderabad.  The cabinet chaired by prime minister Narendra Modi approved a new Metro Rail Policy that m

India must have a cyber security framework: Deloitte

In absence of proper regulatory and supervisory capabilities, some regulators in Asia-Pacific region believe the next financial crisis might be triggered by a cyber attack, said a new report on cyber security. According to Deloitte`s ‘cyber regulation in Asia Pacific’ report, cyber at

Industrial performance has weakened: RBI panel

There is a need for speedier clearance of projects by states, RBI’s monetary policy committee said and added that there is an urgent need to reinvigorate private investment, remove infrastructure bottlenecks and provide a major thrust to the Pradhan Mantri Awas Yojana for housing needs of all.

“Parents need to be taught that each child is special”

It has been a year since you took charge of the new ministry. What is your biggest worry as in charge of education in India? My first priority – and that reflects my worry as well – is to improve the quality of government schools. It’s a tough job. Unfortunately,

Should National List of Essential Medicines be expanded?

Should National List of Essential Medicines be expanded?



Video

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter