At a time when the State has announced a policy to attract new industries, Maharashtra has few achievements to showcase in order to bring in investment.

According to its own data, the State has managed to convert only 1,337 agreements from a total of 6,718 Memoranda of Understanding (MoUs) signed during the Make in Maharashtra and Magnetic Maharashtra summits held over three years. This is a conversion rate of less than 20%, when the State’s new Industrial Policy targets attracting 3,500 units. The MoUs signed in the past faced hurdle of not having sufficient land available while at the same time green clearances took time to complete. Many agreements signed during big-ticket events did not materialise in the absence of better road connectivity, and lower stamp duty, officials said.

In line with the Centre’s Make in India, Maharashtra too had unveiled initiatives such as Make in Maharashtra and Magnetic Maharashtra in 2016 and 2018. During the Make in Maharashtra summit, agreements worth ₹8 lakh crore were signed. During the three-day Magnetic Maharashtra event, the State had signed 3,868 MoUs involving investment of nearly ₹12.10 lakh crore.

But of the 3,868 MoUs, only 243 managed to cross the manufacturing stage, the last of the total three stages. Around 1,425 entered land acquisition proceedings and another 195 began construction, the second and third stages respectively.

Of the MoUs in Make in Maharashtra, 884 entered land acquisition proceedings, 548 started construction while 1,094 crossed the manufacturing stage. “This is not a bad conversion rate considering it has not been long since Magnetic Maharashtra concluded. We are looking to attract another 3,500 units under the new Industrial Policy,” said Secretary (Small and Medium Industries) and Development Commissioner (Industries), Harshadeep Kamble.

Unveiled by Chief Minister Devendra Fadnavis and Shiv Sena chief Uddhav Thackeray this week, days before the code of conduct for the Lok Sabha elections kicks in, the new policy comes into effect from April 1. It aims to attract investments of over ₹10 lakh crore and create around 40 lakh jobs by 2023-24. The policy offers a fiscal incentive bonanza of ₹17,500 crore for new businesses, in a year the State goes to the polls both at the Central and Assembly levels.