More reports on: Investments, Economy - general

Reliance to spearhead $9.3-bn investments in Maharashtra

19 February 2018

Maharashtra is all set to become India's first trillion-dollar economy with Reliance Industries and a clutch of global technology firms proposing to invest over $9.34 billion (about Rs60,000 crore) in the state over the next few years.

Maharashtra chief minister Narendra Fadnavis also announced the setting up of an integrated industrial area as part of a five-point agenda to turn Maharashtra into a trillion dollar economy by 2025.

The integrated industrial are project spearheaded by Reliance will have support from more than 20 global firms, including Cisco, Siemens, Corning Inc, HP, Dell, Nokia and Nvidia, according to Reliance group chairman Mukesh Ambani.

''When we contacted globally reputed technology companies to participate in this initiative, we received an instant and enthusiastic response,'' Ambani said.

Reliance Industries, which operates the largest single location petrochemical project in the country at Patalganga in Maharashtra has also more than $30 billion in its telecom venture Jio since September 2016.

Inaugurating the global investor summit 'Magnetic Maharashtra'' organised by Mumbai Metropolitan Development Authority (MMRDA) in Raigad, Prime Minister Narendra Modi on Sunday said Maharashtra is on course to become the country's first trillion-dollar economy and the state will play a major role in fuelling India's dream of becoming a five-trillion dollar economy in the next few years.

The national growth depends on the prosperity achieved by the states and Maharashtra has been moving to become a major contributor to the country's growth, Modi said while inaugurating the Magnetic Maharashtra Convergence 2018 at the Mumbai Metropolitan Region Development Authority (MMRDA) ground.

''I am sure that Maharashtra will achieve objective of being the first trillion-dollar economy state in India,'' the Prime Minister said.

Modi said that with holistic, inclusive vision and minimum government interference, his government has changed the atmosphere for investment in the country. He said the government believes that with the help of 4 Ps - performance, policies, planning and participation - the government has attracted more investment making it possible to achieve its dream of taking the country to $5-trillion economy club.

''Many international agencies have anticipated that the India will soon achieve the prestigious mark of robust economy,'' he said. He also praised chief minister Devendra Fadnavis's stewardship of the BJP-ruled state.

''Magnetic Maharashtra is an example of the cooperative competitive federalism and in turn the national growth. Maharahstra has been ranked first by various agencies in overall growth. It has successfully passed 9 of the 10 parameters set for the Ease of Doing Business. Fifty one per cent of foreign direct investment in the country came to Maharashtra in 2016-17,'' Modi said.

He also said that Mumbai meets the maximum aspirations of its citizens for better living by building new roads, new bridges and airports.

Besides a clutch of global CEOs, leading Indian industrialists shared the dais with the PM at the Magnetic Maharashtra Convergence 2018.

Anand Mahindra, chairman of the Mahindra group announced an investment of Rs1,700 crore for the development of an entertainment tourism hub at Kandivali.

 search domain-b