MP receives Rs 5.62 lakh crore investment proposals at meet | indore | Hindustan Times
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MP receives Rs 5.62 lakh crore investment proposals at meet

indore Updated: Oct 24, 2016 07:26 IST
Manoj Ahuja, Indore
Global Investors’ Summit

Chief minister Shivraj Singh Chouhan, Union minister Sushma Swaraj at the Global Investors’ Summit in Indore.(Shankar Mourya/HT photo)

Madhya Pradesh received more than 2,600 proposals promising investment worth Rs 5.62 lakh crore in the state during the two-day Global Investors’ Summit (GIS) 2016 which concluded here on Sunday.

Buoyed by the response, chief minister Shivraj Singh Chouhan said ‘Invest MP’ had become a popular brand among investors across the globe.

“Many companies have shown interest in food processing, textile, defence, automotive, energy and tourism sectors,” he told reporters.

As many as 2,630 ‘intention to invest’ proposals were received at 356 B2B (business to business) and B2G (business to government) meets held during the Summit.

In a bid to deflect criticism that many proposals remain only on paper, Chouhan said that between GIS 2014 and 2016, actual investments worth Rs 2.71 lakh crore have materialised, out of which production has commenced in projects worth over Rs 50,000 crore while the remaining are under various stages of implementation.

The chief minister also allayed investors’ fears over the continuation of concessions after implementation of goods and services tax (GST), saying, “Incentives and concessions being given to investors will continue post GST even if we make separate fund allocation.”

A committee headed by additional chief secretary (finance) will look into the entire issue.

Responding to a proposal by the business community, the government will hold discussions on how to give benefit of doubt in cases where “the mistake was committed unintentionally”, Chouhan said.

Replying to a query on Chinese investment, he said no fresh investment has come from the neighbouring country, but the state government was not opposed to it.

“The protests (by certain organisations) are against dumping of Chinese goods and not against foreign direct investment by China. We have to differentiate between the two,” he said.

The Madhya Pradesh government will conduct an extensive survey for mineral resources after Geological Survey of India recently discovered huge quantities of graphite in Betul district.

The next GIS will be held on February 16-17, 2019, the state government announced.