Maharashtra okays policies to attract $200 crore investment


Ahead of the showcase Magnetic Maharashtra investment summit, the state government today approved a slew of pro-industry policies to woo foreign investment.

Magnetic Maharashtra is scheduled to be held in the country’s financial capital from February 18 to 20.

Among major policies approved in the state cabinet meeting held here today under Chief Minister Devendra Fadnavis were Maharashtra Aerospace and Aviation and Defence Sector Manufacture policies.

The aim is to bring down the defence imports from the current 70 per cent to 30 per cent within the next five years.

“The government expects investments worth USD 200 crore in the next five years,” a statement issued by the Chief Minister’s office stated.

Also, the cabinet has given its approval to extend the existing Industries Policy announced in 2013 by six months.

The other major policies which received the cabinet nod are: 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, it said.

Fadnavis said the policy for space and defence manufacturing will boost Micro, Small and Medium Enterprises (MSMEs) through which they will train people for jobs.

“This policy will generate one lakh employments and the state will create a corpus fund of Rs 1000 crore,” the chief minister said.

MIHAN at Nagpur has been promoted for Maintenance, Repair and Overhaul (MRO) of aeroplanes.

MRO at MIHAN will be developed as an international centre, it said.

“Ahmednagar, Nasik, Nagpur, Pune and Aurangabad will be developed as centres of manufacturing hubs for defence related items,” the CMO said.

Maharashtra will be developed as the most advanced financial technology centre in which 300 startup units will be started in the next three years.

The state will create a corpus fund of Rs 250 crore in the upcoming year to promote new startups.

The government also 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 a clean climate, the new electric vehicle policy will provide electricity at residential rates instead of commercial rates.

First one lakh electric vehicles will be given a subsidy and the charging centres will be incentivised, the statement said.moneycontrol