Goal '47: Madhya Pradesh to headline India growth story, says CM Mohan Yadav at ET WLF

Madhya Pradesh, through reforms across sectors, aims to emerge as a role model state and help India to achieve its Viksit Bharat 2047 goal, chief minister Mohan Yadav said on Friday.

Speaking at ET's World Leaders Forum, Yadav highlighted the state's many advantages. "MP already has surplus electricity, land and water, and strong connectivity, which makes it a great investment hub," he said. "We have come up with 18 policies focusing on ease of business and quicker approvals for new industries seeking to establish within the state."

The CM noted that the number of permissions required for establishing industry in the state has been trimmed to 10 from 29.

To attract large investments, the state offers direct approval to projects worth over ₹500 crore alongside electricity rebates and other incentives.

Yadav said his government is determined to keep expanding its budget by 15-16% each year and drive growth.

Madhya Pradesh's budget size is ₹4.2 lakh crore for the current financial year, which is around 15% higher than the ₹3.65 lakh crore for FY25.

The state's gross domestic product (GDP) grew by 6.05% to ₹7.1 lakh crore in FY25 from ₹6.7 lakh crore in FY24.

Its labour force participation increased to 72.7% in 2023-24 from 67.8% the previous year.

The state is incentivising employment generation by offering ₹5,000 as a one-time viability gap funding (VGF) for every labourer employed by the industry.

According to the MP chief minister, states need to be self-reliant and implement innovative policies to be less dependent on the Centre for funding.

"Madhya Pradesh has come up with a PPP (public-private partnership) model for building a medical college, which helps the state to use private funding for establishing more colleges," he said.

River interlinking projects such as Ken-Betwa have also benefited the state as " water is available for industrial, farming and other purposes," he said.

Yadav said the state is attracting more tourists and to address increasing demand, over 200 hotels have been built over the last couple of years.