State unveils Magnetic Maharashtra 2.0; signs MoUs worth over ₹16,000 crore

Chief minister Uddhav Thackeray on Monday inaugurated the Magnetic Maharashtra 2.0, the second instalment of global investors summit hosted by the state amid a partial

Chief minister Uddhav Thackeray on Monday inaugurated the Magnetic Maharashtra 2.0, the second instalment of global investors summit hosted by the state amid a partial lockdown due to Covid-19.

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Thackeray said his government will ensure industries won’t have to face any difficulties in Maharashtra as the government inked 12 memorandum of understanding (MoUs) worth ₹16,300 crore.

“The confidence entrusted by the companies by signing MoUs will give a push to the economic growth of the state. We will ensure that industries won’t have to face any difficulties,” the chief minister said.

Some of the major MoUs include with companies like Exon Mobil (USA), Hengli (China), United Phosporus Ltd. (India), APG DC Infrastructure (Singapore), Hiranandani Group, Great Wall Motors (China), PMI Electro Mobility Solutions, a joint venture with Foton China, Estec (South Korea), Ascendas (Singapore), Varun Beverages, Isambe logistics Enterprise (Singapore) and Rackbank (Singapore).

The summit and signing of MoUs were done digitally with Thackeray participating from his residence, Matoshree in Bandra.

The state government has further signed an MoU with the World Association of Investment Promotion Agencies (WAIPA), an international organisation that connects global investment promotion agencies to develop a strong network. It has also signed another MoU with US India Strategic Partnership Forum (USISPF) for attracting investment from US companies.

“The move will help the state in bringing more investment,” said Venugopal Reddy, secretary, industries department.

While unveiling its roadmap for Magnetic Maharashtra 2.0, Thackeray said that very soon MoUs worth another ₹8000 crore will be inked with some more global companies.

Confederation Indian Industry (CII) has welcomed Maharashtra’s move to re-start industrial investment with Magnetic Maharashtra 2.0.

Arvind Goel, chairman, CII, state council and managing director and chief executive officer of Tata Autocomp Systems Pvt Ltd said, “The kickstart of Magnetic Maharashtra 2.0 truly conveys government’s readiness for a post-pandemic world. The signing of investment intentions with 12 global business houses reiterates Maharashtra’s leadership in the country as an investment destination. With several path-breaking initiatives in terms of infrastructure support, land availability, automatic approvals, the state has laid a strong foundation for building a competitive industrial ecosystem. CII strongly believes that Maharashtra will be truly magnetic for businesses across the globe.”

Maharashtra has so far reopened over 60,000 industries since relaxations from lockdown were granted and have employed close to 15 lakh people in these units.