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State plans to become a trillion Dollar economy in the coming years with the aid of hefty foreign capital deployments to help modernise the state and the Indian economy.
Founder and Editor, The Tech Capital
November 22, 2021 | 3:00 AM GMT
Maharashtra Industrial Development Corporation (MIDC) has signed a total of 25 memorandums of understanding (MoU) which cater to potential investments of up to Rs 15,260 crore (US$2 billion).
The documents, signed at Dubai’s Expo 2020, cover key sectors such as auto and auto components, logistics, electric vehicles, textiles, data centre, pharma, bio-fuels and energy, and have the potential to generate 10,851 jobs.
Part of the capital will be invested by unnamed companies based in Japan, Singapore, Sweden, Korea, Germany and Italy, including Mitsubishi Belting, Reliance Life Sciences, Indian Oil Corporation, Caravan Logistics, Kinetic Green Energy, Glenmark Life Sciences, Altas Copco, Hyosung, TDK Corporation, Marqardt and Capitaland.
MIDC is an investment promotion agency overseen by the Mumbai-headquartered government of Maharashtra state, in the western and central peninsular region of India.
The organisation’s Expo 2020 delegation is led by Subhash Desai, Maharashtra’s Industry Minister, 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.
Mr Desai said: ‘’Maharashtra is the favoured destination for investments. The government has taken a slew of decisions including clearances and approvals given at one platform.
“Maharashtra is the growth engine of the Indian economy, and we are ready to welcome the world from Expo 2020 Dubai. We look forward to signing many MoUs with prospective big corporates and governments.
“Maharashtra is banking big on the investor fraternity as part of its participation in Dubai Expo. The state is expected to sign some key investment initiatives as well as bilateral agreements of economic corporation with strategic investment and country partners and is offering a series of support services through its industry department, where all the clearances and approvals are available at one platform.”
The Maharashtra state contributes roughly 15% to the Indian GDP and has attracted $27.5 billion in foreign direct investment between October 2019 and June 2021.
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