Maharashtra cabinet passes pro-industry policies to attract USD 200 crore of investments

Mumbai: Ahead of Magnetic Maharashtra – an investment summit scheduled February 18 to 20 in Mumbai, the cabinet meeting chaired by chief minister Devendra Fadnavis on Tuesday approved several policies related to industries to woo foreign investment in the state. Among the major policies approved in the cabinet on Tuesday, the Maharashtra Aerospace, Aviation and Defence Sector Manufacture Policy.

The aim is to reduce imports of defence from the current 70 percent to 30 percent within next five years. The cabinet is expecting investment worth US$ 200 crores in the next five years. Among the other policies, the cabinet has given approval to extend by six months the Industries Policy which was approved in 2013. Approval was given to Maharashtra Fintech policy, Maharashtra Electrical Vehicle Promotion policy, Maharashtra Logistic Park policy, Maharashtra Coir Industry policy, Maharashtra Textile Park policy, Industrial Park policy for ready-made garments, gems and jewellery, micro electronics and engineering products. The cabinet also approved the Logistic Park policy.

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Fadnavis said the policy for space and defence manufacturing will boost the Micro, Small and Medium Enterprises (MSMEs) through which they will train people for jobs. “This policy will generate one lakh employment and the state will create a corpus fund of Rs 1000 crore,” said Fadnavis. In the new announcements, Fadnavis has furthered MIHAN, the Nagpur-based project, another of this favourite, will be promoted for Maintenance, Repair and Overhaul (MRO) of aeroplanes. According to official from Chief minister office (CMO), MRO at MIHAN will be developed as international centre. “Ahmednagar, Nasik, Nagpur, Pune and Aurangabad will be developed as centre of manufacturing hub of defence related items,” said the official.

The state will be developed as the most advanced Financial Technology Centre in which 300 Start-Up units will be started in next three years. The state will create corpus fund of Rs 250 crore in upcoming year to promote new start-ups. The state announced a coir policy to help start new 800 coir manufacturing units in the Konkan region which is expected to generate employment for 50,000 people. In order to encourage clean climate, the new electric vehicle policy will provide electricity at residential rate instead of commercial rate. First one lakh electric vehicles will be given a subsidy and the charging centres will be incentivised.