Friday, Dec 02, 2022

Make in India week in Feb: To attract investments beyond Mumbai, Pune, a policy in the works

Planning a 20-yr roadmap to attract foreign, domestic investments to two-tier and three-tier cities, towns.

The Maharashtra government is working on a model to tap foreign investments beyond Mumbai and Pune to ensure overall development of Maharashtra. A list of potential two-tier and three-tier cities and towns that can be developed into suitable investment hubs in focused sectors is high on the agenda as the state readies to host the Make in India Week event next month in Mumbai. Prime Minister Narendra Modi will inaugurate the event on February 13.

Chief Minister Devendra Fadnavis said he planned to capitalise on the Make in India Week to consolidate FDI gains for Maharashtra in the year 2016.

Accordingly, the government has set goals to draw a list of cities and towns that can be accorded greater priority for development. A 20-year region-wise roadmap centred on these cities and towns is also being chalked out by a core committee. The cities and towns include Aurangabad, Nashik, Nagpur, Jalgoan, Amravati, Solapur, Thane and Navi Mumbai.

The government is looking at investment towards manufacturing, automobile, aerospace, defence, information & technology, textile and food processing sectors among others.

Subscriber Only Stories
JK Cement’s SPSU Udaipur Launches ‘Golden Batch 2022’ In Collaboration Wi...Premium
Appendicitis in Children- A new lifestyle disorderPremium
Using evidence will create strong foundations for the future of education...Premium
Re-Defining The Tradition In Folk Art: An Art Educator’s PerspectivePremium

A list of policy decisions, along with private partners, is being drawn to ensure the Make in India Week culminates into projects that can be taken to the backward districts of Maharashtra. Fadnavis, after taking over as the CM in October 2014, has through his foreign trips roped in investments worth Rs 66,000 crore till now. He has so far visited Germany, Israel, China, US, Switzerland and Japan.

The state government is, however, confronted with plenty of challenges as it embarks on its plan to boost industrial investment, both domestic and foreign, in cities and towns beyond Mumbai and Pune. To begin with, the greatest concern is putting in place complete infrastructure to attract private and foreign players to make investments. The government also acknowledges that allocation of land is another issue.

Maharashtra’s worry is it will have to match the generous incentives rolled out by other states to attract investors. Madhya Pradesh, Tamil Nadu, Andhra Pradesh, Chhattisgarh, Odisha, Karnataka and Rajasthan have an extremely liberal policy on allocation of land and low power tariff.

Advertisement

Maharashtra, which is known for giving highest compensation package to people affected or displaced by government projects and paying five times more compared to the Centre’s package for land acquisition, will have to work out the cost factor. Rationalisation of power tariff to ensure competitiveness along with sustained water supply in the drought-prone state remains a challenge.

The Mumbai-Pune corridor has become saturated. The state government last year granted 1,500 acres of land at Taloja to Foxconn, which signed Rs 35,000-crore investment deal with the Maharashtra government. General Motors, Microsoft, Chrystler, Blackstone, Schlindler and Coca Cola have already signed projects along the belt.

Speaking to The Indian Express, Fadnavis said, “Maharashtra still remains the most chosen destination for foreign and domestic investors. Sweeping reforms undertaken by the government to facilitate ease of doing business will help us in consolidating our investment gains.” He added that the Make in India Week would see a host of global players wishing to invest in Maharashtra. “The event will be a golden opportunity for us to take our Make in Maharashtra Mission ahead,” said the chief minister.

First published on: 11-01-2016 at 01:55:24 am
Next Story

India’s performance will be determined by roles Virat Kohli and MS Dhoni play

Latest Comment
Post Comment
Read Comments
Advertisement
Advertisement
Advertisement
close