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Industry pledges big investment, lauds development in MP

bhopal Updated: Oct 23, 2016 15:21 IST
global investors summit

INDORE, India - Oct. 22, 2016:Yoga guru Baba Ramdev meets Union finance minister Arun Jaitley as chiefe minister Shivraj Singh Chouhan looks during the inaugural session of Global Investors summit 2016 at Brilliant convention centre in INDORE, India, on Saturday, October 22, 2016. (Shankar Mourya/ HT Photo Photo)

Some of India’s top industrialists pledged thousands of crores to set up new ventures or expand existing businesses in Madhya Pradesh on Saturday on the inaugural day of global investors summit.

Responding to chief minister Shivraj Singh Chouhan’s call for investments, industry bigwigs Kumar Mangalam Birla, SRF chairman Arun Bharat Ram, and Essar’s Shashi Ruia announced plans to make further investment in the state.

Kumar Manglam Birla said his group had already invested Rs 30,000 crore in MP in the fields of cement, aluminum, telecom and services sector and was planning to invest a further Rs 20,000 crore in the coming years. Essar’s Shashi Ruia also pledged a further investment of Rs 8,500 crore in the coming years. The Essar group, which has already invested in power, steel and BPO operations in the state, will invest more in coal bed methane exploration, Ruia said. SRF was planning an investment of about Rs 5,000 crore in chemical sector segment. Sun Pharma chairman Dilip Sanghvi also pledged investments in the state and announced an initiative for eradication of malaria.

Anil Dhirubhai Ambani Group (ADAG) chairman Anil Ambani talked about his group’s investment in the ultra-mega Sasan power project and said his group will make further investments in energy sector in MP. Trident group’s Rajinder Gupta pledged further investment in the textile sector in the state.

Long held back by lack of infrastructure, Madhya Pradesh is now India’s fastest growing state with the government making efforts to improve ease of doing business.

State chief secretary Anthony DeSa presented a report card on previous investments and said that the state has received Rs 2.71 lakh crore of actual investment since the last GIS in 2014.

Addressing the event, union finance minister Arun Jaitley said that once goods and services tax (GST) is implemented and India becomes one consolidated market, then Madhya Pradesh due to its geographical location will become a supply hub for the Indian industry for supplying goods in all the four directions.

Jaitley said the fact that Madhya Pradesh, which was until a few years ago counted among the BIMARU states, is now able to attract global and domestic investments on a large scale is a reflection of the India’s growth story.

Union communications and information technology minister Ravishankar Prasad said the development in Madhya Pradesh has been outstanding and gave the credit to its leadership.

Chief minister Shivraj Singh Chouhan exhorted the industrialists to invest in Madhya Pradesh saying that all their needs would be handled in a fast-track manner under the single window system. The government, he said, has made a provision to penalize the officials who don’t deliver in time.

While chief minister also mentioned some investment figures received online, the final figure of EoIs (expression of interests) received during the three-day summit will be released on Sunday, the concluding day of the summit.

CII president Naushad Forbes said Madhya Pradesh has laid foundation for next generation for development and growth. MP’s high growth economy with fastest agri growth conforms to stylised facts of growth and development.