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India Inc responds warmly to invest in MP
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SME Times News Bureau | 19 Oct, 2019
The Indian and overseas industrial captains on Friday responded
whole-heartedly to Chief Minister Kamal Nath's request to invest in
Madhya Pradesh by making the most of its central location in the
country.
The one-day global investment summit realised much of
what he has been promising during the past couple of months to draw from
India Inc.
"Madhya Pradesh is situated in the middle of India.
We want to cash on this advantage to accelerate investments (in the
state) in post Goods and Services Tax (GST) regime," Nath said while
inaugurating the summit.
"You have so far known about
"Incredible India". We are going to put forth the blueprint of "Credible
Madhya Pradesh," said Kamal Nath. He said the conditions for getting
licenses to develop colonies have been cut down to five from 27. This
should boost the real estate development business.
MP is the
first state that has tailored "Land pooling" policy to promote
industrial development. He said that Bhopal-Indore Industrial corridor
was being developed to expand infrastructure. The state has already
invested in boosting the rural economy by waving 20 lakh farmers' loans
to make them the equal partners in the economic growth of the state.
"This
summit is not a jamboree or fair where we gather multitude. This is not
a summit to go in for memoranda of understandings signing spree," Nath
said apparently taking a did at the previous BJP government which signed
hundreds of MoUs with hardly any substantial gain at the ground level.
"We
want to talk investments seriously, to join hands with you all
(investors) to accelerate industrial development and generate new jobs,"
he said,
The first investment summit organised by the Congress
government after coming to power last December has received investment
proposals worth Rs 1.05 lakh crore, chief secretary SR Mohanty had said.
"We have got firm investment commitment worth Rs 1.05 lakh crore after
the Nath government came to power last December. These investments are
expected to create 2.10 lakh jobs," Mohanty said.
Industrial
units with total investment of Rs 31,500 crore are already underway, he
said, adding the state is expecting investments worth Rs 74,260 crore by
March from 223 proposals. The previous summit held by the BJP
government three years ago had attracted about Rs 5 lakh crore
investment proposals but only Rs 1.20 lakh crore of investments were
materialised-which is just under one-fourth of the commitment.
On
Friday the Kamal Nath government rolled out red carpet to
industrialists interested in food processing, logistics, AI and
nano-technology.
Reliance Industries, chairman Mukesh Ambani
announced setting up of national distribution centres in Madhya Pradesh
with over 10 million square feet space across 45 locations.
The
company, which has over 600 stores and 100 petroleum retail outlets in
the state, is planning to more than double the same over the next few
years, Ambani said. "Madhya Pradesh is a natural choice for logistics
hub because of its strategic location," Ambani announced through video
conferencing. He said Reliance will also explore investment
opportunities in area of renewable energy in the state to promote
sustainable development and green economy.
MP has been known for
auto, pharmaceuticals and textiles. It will now also focus on
agri-processing, metals & minerals, logistics, data centres,
artificial intelligence, nano-technology, bio-technology, electronics
and design manufacturing.
While ITC plans to set up a modern food
processing centre at a total investment of Rs 700 crore, Sun Pharma is
looking to expand its two manufacturing facilities in the states.
Sanjiv
Puri, Chairman and Managing Director of ITC, announced the setting up
of a new food processing plant in the State. "Land is with us. Design
work is going on and we expect production to commence soon," he said.
Besides producing all the famous brands, including 'Ashirwad' and
'Bingo,' the plant would de-hydrate locally sourced vegetables, to be
sent across the country.
Sun Pharma's Dilip Sanghvi said his
company has so far invested over Rs 500 crore in the state. Though, Sun
did not have its own manufacturing units in the State, post the takeover
of Ranbaxy's assets in the State, it has two manufacturing units, Dewas
and Mallanpur.
India Cement's N. Srinivasan said work on new
cement and grinding plants in the State is in progress. However, his
only 'complaint' was that his company has not been able to keep up with
the State Government's.
Eleven industry leaders, including
Godrej's Adi Godrej, Bharti's Rakesh Bharti Mittal, CII chief Vikram
Kirloskar, Trident Group's Rajinder Gupta and others participated in the
one-day event.
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