Maharashtra CM sets up panel to attract $1 tn investments by 2025

Six months after the ambitious industrial policy was unveiled, CM Devendra Fadnavis set up a high level Global Investment Promotion Council to achieve the goal of one trillion dollar investment in the state by 2025.

As per a notification issued by the industries department, while the council will be led by Fadnavis, cabinet members; secretaries of the departments of industries, finance and planning, urban development, public works, skill development, tourism; the chief secretary; and development commissioner as well as FICCI and CII nominees will be its members.

An industries department official said the council will act as one window and coordinate with all central and state departments, as well as leading industrial houses and foreign investors. “The council will organize conferences, exhibitions, road shows and follow-up proposals of entrepreneurs in India as well as abroad,” he said.

He said the council will analyze current investment trends, draft a comprehensive policy and advise the government on strategic planning to attract foreign direct and domestic investment. “We expect the council to examine the status of proposals received during Magnetic Maharashtra conference. We were promised massive investment; it will be the responsibility of the council to ensure the proposals are implemented in a time bound period,” he added.

In addition to the GIPC, another committee headed by the chief secretary has been set up to draft an action plan for effective coordination between different departments, exhibitions and road shows across the world, to study and evaluate investment proposals, coordinate between entrepreneurs and concerned departments, and ensure that all the proposals are leading to the logical end.

The official said the chief secretary,-led committee has been asked to draft a targeted approach for attracting foreign direct and domestic investment, coordinate with foreign investors, tackle the difficulties faced by investors, ensure all permissions are received in a time-bound period, set up a special purpose vehicle for projects on PPP basis and create an industrial corridor, capital and smart city, villages, science and research centres. “We expect the chief secretary’s committee to coordinate with nominees of different countries for foreign direct investment,” he said.

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