Make in India: Rs 15.20 lakh crore investment promised

Host state Maharashtra garners lion’s share of proposals

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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.

 

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