Mumbai: Maharashtra, the most favoured state for foreign direct investment, will continue to spearhead India's growth story, chief minister Vilasrao Deshmukh said while inaugurating a three-day 'Global Trade & Investment Conference: India Your Partner,' organized by the Indian Merchants' Chamber at Hotel Hilton Towers.

The global conference, held as part of the IMC's ongoing centenary celebrations, is being attended by business delegations from over 25 of the 48 countries, where IMC had signed MoU for co-operation with chambers of commerce and other business organisations.

Maharashtra had issued letters of intent for setting up 85 mega projects, involving investment of over Rs1,10,000 crore and these projects would be going on stream in the next few years, Deshmukh said. 

He also reiterated the government's resolve to abolish Octroi duty in Maharashtra, as a viable win-win formula has been worked out amicably with all stake-holders concerned.  "The state cabinet will announce the decision to scrap Octroi soon," he said.

He said that the state has been successfully implementing a policy for rehabilitating the people affected by its 140 SEZ projects.

The problems of infrastructure in Mumbai were also being addressed to, he said. The chief minister pledged to make Maharashtra a power surplus state by 2012, adding that major power generation projects were now on anvil.

Others dignitaries who addressed the inaugural session included Vayalar Ravi, union minister for overseas Indian affairs, Deepak Parekh, chairman, HDFC Ltd., Indu Shahani, Sheriff of Mumbai and Adam Szejnfeld, secretary of state in the ministry of economy, Poland.