The Madhya Pradesh government will soon sign a pact with the International Financial Corporation (IFC), a member of the World Bank Group, to enhance the state's capabilities in areas such as health, education, agriculture and infrastructure through public private partnership (PPP).
"We are signing a memorandum of understanding (MoU) with the IFC. We expect it to be signed in a month or two," Bharatiya Janata Party leader and Madhya Pradesh chief minister Shivraj Singh Chouhan told reporters here.
He said the pact would involve a host of issues including technical assistance, knowledge sharing and capacity enhancement. The services of the IFC would also be used for strengthening the state's road network through private sector involvement, he said, adding that this could also include taking their help in other sectors as well including infrastructure, health and education. The MoU details are being worked out. Referring to his meetings with the IFC leadership during his Washington visit, at the invitation of the World Bank, Chouhan said the IFC has also assured him help and assistance in solar and wind energy and creating a cold storage network to boost agriculture.
The CM, who during his visit also interacted with the US industry, said he felt that given the current economic condition of the US, Madhya Pradesh is unlikely to attract big investments from America. Chouhan said he is not against foreign direct investment (FDI) and wants FDI in Madhya Pradesh, but asserted that his government would disallow FDI in multi-brand retail, as this would kill the small and medium class businessmen. "We have reservations about FDI in multi-brand retail sector. We would not (allow) FDI in multi-brand retailing," he said.
Chouhan will now travel to Michigan to address a meeting at the Ross Business School to participate in a conference on India's economic transformation. Grass Root Changes, A State Driven Growth Story, is the subject of his keynote address to the conference.
"In addition to improving agriculture, food security, and nutrition, Chouhan is working with the National Innovation Council to establish state capital Bhopal as a Global Environment City," the Ross Business School, Michigan, said in a statement on the conference. "He also plans to develop Ujjain, one of the oldest cities in India, into a Knowledge City that will become a centre of research and science," it said. For global businesses looking at investing in India, Madhya Pradesh presents huge opportunities in the area of energy, textile, steel, infrastructure, and agro and food processing, it said. "In the past five years, Madhya Pradesh has signed MoUs worth billions with foreign and domestic investors," the Ross Business School said. Chouhan will also travel to Chicago and will visit the Vivekananda Memorial on October 6 before returning to India.