Magnetic Maharashtra summit begins today, government eyes investments of Rs10 lakh crore

The Maharashtra industries department expects to ink around 4,500 MoUs in the automobile, housing, textile and information technology sectors

Prime Minister Narendra Modi will inaugurate global investors summit ‘Magnetic Maharashtra’ at MMRDA grounds in Bandra-Kurla Complex on Sunday evening. The Maharashtra government aims to rake in investments worth Rs10 lakh crore across various sectors.

The state government is set to showcase its infrastructure projects, including PM Modi’s pet project, the Ahmedabad-Mumbai bullet train. (HT FILE)

The state industries department expects to ink around 4,500 MoUs in the automobile, housing, textile and information technology sectors. State industries minister Subhash Desai said the state government will be able to convert most of the MoUs to actual investments, as it did after the ‘Make in India’ week in February 2016, when 51% of the MoUs inked were converted.

“We have an excellent track record when it comes to converting MoUs to investments, unlike our neighbouring state. We have taken special care to inform these companies that these MoUs will be translated, and we have not made an announcement only to create a buzz,” Desai said.

This the first time an event of this scale has been organised by the Maharashtra government. It is the state government answer to Gujarat’s ‘Vibrant Gujarat’ investors summit, held to attract investment. In the past, Gujarat has pipped Maharashtra in attracting industries.

Desai said Italian automobile giant Lamborghini plans to invest in Maharashtra for its electric vehicle manufacturing plant. “The MoU will be signed during the summit,” he said.