As investments pour in, government raises target to Rs 12 lakh crore
Going by the MoUs signed on Day 1 and Day 2 of the Magnetic Maharashtra investor summit, it seems that the state is set for a windfall. CM Devendra Fadnavis had announced that investments worth Rs 10 lakh crore were expected in all but Day 1 itsel...
MUMBAI: Going by the MoUs signed on Day 1 and Day 2 of the Magnetic Maharashtra investor summit, it seems that the state is set for a windfall. CM Devendra Fadnavis had announced that investments worth Rs 10 lakh crore were expected in all but Day 1 itself saw MoUs in excess of Rs 6 lakh crore. More big-bang MoUs are expected to be signed on Tuesday, said a source. Prime Minister Narendra Modi on Sunday had said while inaugurating the event that Maharashtra is on track to be the first state to achieve a $1 trillion GDP.
“Looking at the overwhelming response we are likely to sign investment commitments worth Rs 12 lakh crore,” said Fadnavis on Monday. “What is remarkable about the MoUs that were signed on Monday is that many investors have chosen to put money in the industrially backward tier-III places like Nandurbar, Nanded and Parbhani in Marathwada, and Wardha in Vidarbha,” Fadnavis said.
The biggest among the investments that came through on Monday were in the housing sector. Around 10 organizations such as CREDAI, NAREDCO, MCHI, Khaleeji Commercial Bank & Bhumi Raj, K Raheja and Poddar Housing promised to create 14.5 lakh affordable homes, majority in Mumbai Metropolitan Region, at a cost of Rs 3.5 lakh crore. The projects will generate employment for over 27 lakh people.
At the summit, real estate developer Niranjan Hiranandani, speaking on behalf of developers, said by 2022, a large stock of affordable housing would be available in MMR, going by the investments proposed by firms in the realtysector.
The other projects finalized on Monday were JNPT’s Rs 8,000 crore container terminal project at Nhava, Tata Power’s Rs 15,560 crore investment, a Rs 14,000-crore project by Renew Power Ventures and a Rs 7,000-crore by Adani Green Energy.
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Fadnavis said Dubai-based Bin Zayed Group, a conglomerate from the Middle East, promised to invest in industrial development along the Mumbai-Nagpur Expressway. However, he denied a hyperloop connectivity between Mumbai and Nagpur as “the government was keen on completing the Expressway project first”.
When asked about Shiv Sena’s opposition to set up a refinery in Nadar in Ratnagiri, he said dialogue with those concerned was under way. Other investors who signed MoUs with the government were Yes Bank, Kinetic Green & Tonion Lamborghini, Tata Technologies and Raymonds.
