Kick-starting the Magnetic Maharashtra 2.0 initiative to draw investments to the State of Maharashtra, 25 MoUs worth Rs 15,260 crores ($2 billion) have been signed in the presence of Minister of Industries, Subhash Desai.
Under Magnetic Maharashtra 2.0, now in its 7th edition and its 1st international edition in World Expo in Dubai, the government of Maharashtra is participating between 19th November 2021 and 2nd December 2021.
The delegation is led by Subhash Desai who is joined by a senior delegation including Additional Chief Secretary (Industries)- Baldev Singh, IAS, Directorate of Industries, Harshadeep Kamble, IAS, Chief Executive Officer Maharashtra Industrial Development Corporation- P. Anbalagan, IAS and Joint Chief Executive Officer Maharashtra Industrial Development Corporation- Amgothu Sri Ranga.
Maharashtra has always been a global investment hub and is home to some of the largest and most successful business houses in the country. The state has been at the forefront of FDI inflows in India, attracting the largest share of approximately One-Third 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 Crores in 2019-20.
The consolidated efforts of the Industries department, their robust policies and visionary leadership of the state government has boosted industrial growth and boosted 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.
The MoUs signed, which have the potential to generate employment for 10,851 people, are in key thrust sectors which are auto & auto components, logistics, EV, textiles, data center, phama, bio-fuels and energy. It is interesting to note that all the interested FDI investors are of the sectors where Maharashtra has dedicated promotion policies. This signifies the importance of the state government’s pro-activeness in policy development and good governance.
Moreover, at least several companies from 6 countries such as Japan, Singapore, Sweden, Korea, Germany and Italy will be investing in Maharashtra.