The Devendra Fadnavis-led BJP-Shiv Sena government is pitching rapid industrial development and resultant job creation as one of its policy cornerstones.
After hosting the Make in India week in Mumbai, the Maharashtra government is considering holding its first investment summit to attract investors to the state.
The Devendra Fadnavis-led BJP-Shiv Sena government is pitching rapid industrial development and resultant job creation as one of its policy cornerstones.
A senior state industries department official said that they were thinking of holding an investment summit for attracting industries to Maharashtra. This would help increase the state's visibility and promote it as an investment destination for global investors.
He noted that other states like Haryana, which recently concluded its 'Happening Haryana Global Investors' Summit-2016,' Uttar Pradesh, Andhra Pradesh, Tamil Nadu, Karnataka and Odisha also held such global investors' meets. The Gujarat government pitches its state as an investment destination using the 'Vibrant Gujarat' biennial investors' summit.
"Maharashtra has been comparatively late in jumping on to the bandwagon," the official said, adding that the state government had lagged behind in the initiative barring a few instances, like holding the 'Agro Advantage Maharashtra' summit in November 1998.
"However, the Make in India week had support from the Centre. We may not be able to hold our state's investment summit on the same scale in case we do not get similar support," he said.
In the recently-concluded Make in India week, Maharashtra could scoop up investments to the tune of Rs 7.94 lakh crore, which formed a lion's share of Rs15.20 lakh crore worth of MoUs signed during the meet. It signed a total of 2,594 MoUs, which can generate employment for 30 lakh people.
However, its past record suggests that most of these investment commitments may not be converted into actual projects on the ground as, in around two and a half decades, just around 45% of industrial proposals have been commissioned.
"Since August 1991 to October 2015, a total of 19,053 industrial proposals with investment of Rs 10,97,337 crore were approved. Of these, 8,497 projects (44.6%) with investment of Rs 2,62,631 crore (23.9%) with proposed employment of 11.24 lakh people were commissioned and 2,108 projects with investment of Rs 87,701 crore and proposed employment of 3.98 lakh people are under execution," noted the Economic Survey of Maharashtra 2015-16.
The state has formed a high-power committee under the chief secretary with sectoral task forces to ensure a higher conversion rate of investments by translating these commitments into actual commissioning.
It is also covering services offered to industries under the sunshine Right to Services Act. The MAITRI platform has also been proposed as a single-window platform to facilitate online applications and disposal of 44 permissions across 15 departments using the statutory powers under the Act.
The state government is also banking on new niche policies to facilitate investments in sectors like ports, retail, electronics and FAB and a simplified permits regime for Maharashtra to become a magnet for investors.
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