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State News

Mar 06, 2019
8:27AM

Maharashtra: CM Fadnavis unveils state’s new 5-year industrial policy

@Dev_Fadnavis
Maharashtra Chief Minister Devendra Fadnavis unveiled the state’s new 5-year industrial policy emphasising on high-technology and employment generating businesses. The policy, which will be effective from 1st of April this year, aims to attract investments worth 10 lakh crore rupees.

Addressing a gathering in Mumbai yesterday, Mr Fadnavis said the rate of conversion of Memorandums of Understanding (MoUs) into actual investments was far higher in Maharashtra than the national average. 

He said the national average of converting Memorandums of Understanding into actual investments, after a period of one year from the agreements being inked, could be pegged at 30-35 per cent. He said Maharashtra's average is more than 45 per cent and Magnetic Maharashtra and Make in India in the industrial sector, it has been more than 70 per cent.

Mr Fadnavis said Maharashtra had always been a leader in the industry sector adding that in the last 4-4.5 years, the state has regained its numero uno position.

Minister for Industries and Mining Subhash Desai said new Industrial Policy aims create neraly 40 lakh jobs by 2023-24. He reiterated that the goal is to turn Maharashtra into a trillion dollar (one lakh crore) economy.

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