Maharashtra To Sign 12 Business Deals In Effort To Revive Economy

Mumbai: Looking for ways to revive an economy battered by the coronavirus crisis, Maharashtra is all set to sign 12 large contracts with companies from across the globe, including the US, China, South Korea and Singapore, and India later today.

According to reports, the state, which makes the highest industrial contribution to India’s economy, has been promised an investment of Rs, 16,000 crore through these memoranda of understanding (MoUs).

“The state has seen a significant uptick in investment intentions from various countries. The investments represent a diversity of sectors including – Engineering, Automobiles, Food Processing, ESDM, IT/ITeS and many others,” Shiv Sena leader Priyanka Chuturvedi said on her Twitter handle, where she gave information about the initiatives that would be taken under the investment programme ‘Magnetic Maharashtra 2.0’.

12 large MOU’s with companies from across the globe including US, China, South Korea, Singapore& India will be signed today in presence of honourable @CMOMaharashtra& Industries Minister @Subhash_Desai ji. Maharashtra #MadeForBusiness

— Priyanka Chaturvedi (@priyankac19) June 15, 2020

The investment will be likely declared later today after unveiling of the Magnetic Maharashtra 2.0 via video conferencing in the presence of Chief Minister Uddhav Thackeray, Industries Minister Subhash Desai and other global leaders, who will join in electronically.

Ms Chaturvedi said the initiatives taken under the programme include earmarking land bank of more than 40,000 acres, 48-hour permissions through the Maha Parwana route, flexible rental and pricing structures and setting up of industry employment bureau for matching local skill and capacity with industries.

The reports of investment come in the backdrop of the state’s industrial output taking a major hit due to the coronavirus lockdown.

Though Maharashtra has re-opened more than 60,000 industries that employ nearly 15 lakh people, the state, which is the worst hit by coronavirus in India, is gearing up to restart commercial activities with virus prevention measures in place.

In one of his addresses earlier, Chief Minister Uddhav Thackeray had asked the “sons and daughters of the soil” to come forward and grab the opportunity to work for the state. The appeal came as thousands of migrant workers left the state because of the coronavirus pandemic, posing a big challenge to resuming economic activity.

“Since migrant workers have left the state due to the lockdown it is an opportunity for fellow Maharashtrians to come forward and make the state atma-nirbhar (self-reliant),” the chief minister had said.