Investors’ summit: Nine focus sectors identified for investments in MP
The Madhya Pradesh industry department has identified nine focus sectors for investments and started policy review for these sectors ahead of the Global Investors Summit (GIS) here in October.indore Updated: Jul 21, 2016 20:29 IST
The Madhya Pradesh industry department has identified nine focus sectors for investments and started policy review for these sectors ahead of the Global Investors Summit (GIS) here in October.
“We have identified nine focus sectors that include agribusiness and food processing, IT and IT-enabled services, automobile and engineering, pharmaceuticals, defence, textile, tourism, urban development and renewable energy,” Audyogik Kendra Vikas Nigam (AKNV) Indore managing director Kumar Purushottam said.
The 2014 GIS saw India Inc promise investments worth Rs 6.79 lakh crore.
Dept keen to attract investments in agribusiness and food processing
The department is keen to attract investments in agribusiness and food processing sectors. It has attracted Patanjali Ayurveda in the food processing sector and land allocation process is underway.
Madhya Pradesh has recorded the highest agricultural growth among the states, averaging 20% for the last three years. It is a leading producer of gram, soybean, pulses, wheat, onion and green peas.
“Investment opportunities exist in trading and processing of agricultural produce. Additionally, opportunities exist in the development of allied infrastructure such as food parks, warehouses and cold storages,” an industry department official said.
Policy concessions include land allotment at a concessional rate of 25% for micro, small and medium enterprises, concessions on stamp duty and registration charges, reimbursement at the rate of 15% for the expenditure incurred on establishment of food park or horticulture hub.
For IT and IT-enabled service sectors, the department has unveiled an IT policy and a BPO policy. The government will highlight the availability of skilled technical manpower and space in Crystal IT Park.
Reliance ADAG group setting up a defence park in Pithampur
Defence is another sector of focus. Reliance ADAG group is setting up a defence park in Pithampur. Defence product manufacturing, supply chain sourcing opportunity, defence offsets and manufacture, repair and overhaul are the avenues identified for business opportunities.