On December 22, 2020 Maharashtra Industrial Development Corporation (MIDC) signed Memorandum of Understandings (MoU) worth about INR 61, 042 Crore with 25 Indian Companies under its ‘Magnetic Maharashtra 2.0’ initiative. With this the proposed investment in Maharashtra has gone above INR 1 Lakh Crore (through MoUs) target set by Maharashtra Chief Minister (CM) Uddhav Thackeray.
i.The MoUs were signed across 15 sectors and are expected to create 2.53 Lakh Jobs in Maharashtra.
ii.The MoUs were signed in the presence of Maharashtra CM Uddhav Thackeray & Industries Minister, Subhash Desai & Aditi Tatkare, Minister of State for Industries, Maharashtra.
MoUs:
i.The MoUs were signed across a range of sectors such as Information Technology (IT), Pharmaceuticals, healthcare, biotechnology, food processing, steel, automobiles, engineering and oil & gas sectors.
ii.Some of the MoUs signed during the event are – JSW Steel (INR 20, 000 crores), Indian Corporation Logistic (INR 11, 049 crores) & INR 7500 crores each by Kirtikumar Steel Udyog & Inspire Infra Projects.
iii.MIDC also signed MoU with Bajaj Motors worth INR 650 crores for setting up a new manufacturing unit at Chakan.
iv.MIDC signed a MoU with the Monetary Authority of Singapore (MAS) to strengthen cooperation in promoting FinTech innovation in the 2 markets.
Highlights:
i.Maharashtra Government has stated that it has attracted an Investment of INR 2 Lakh Crore, including Foreign Direct Investment (FDI) & MoU in 2020.
ii.In November 2020, Maharashtra had signed MoUs worth INR 34, 850 crores with 15 companies, while it was INR 16, 000 Crores in June.
iii.The CM also stated that Maharashtra expects to cross the Total Investments Target of INR 200, 000 Crore during the financial year 2020-21.
iv.Maharashtra has attracted around 30% of India’s Foreign Direct Investment (FDI) inflows during April 2000-20.
v.Some of the initiatives taken under Magnetic Maharashtra 2.0 are Plug & Play Infrastructure, and schemes like Maha Jobs, Maha Parwana, Investor First Programme, Capacity Augmentation of MIDC land banks & Dedicated Country Desks.
Recent Related News:
i.On November 2, 2020, Maharashtra signed MoUs worth around Rs 35,000 crore with 15 companies to develop the state as a data and logistics hub in western India.
About Maharashtra:
Ports – Jawaharlal Nehru Port, Mumbai Port
Lakes – Gorewada Lake, Khindsi Lake, Lonar Lake
