Maharashtra can aspire to double its share of India's chemical production to 15 per cent over the next few years, in line with its contribution to overall GDP of the country.
This, however, needs policy support and incentives for promotion of chemical parks/product clusters, increased investment from private sector and FDI flows, according to a strategy paper - The Business Altitude - Rediscover Maharashtra - prepared for the `Golden Maharashtra Summit 2011.'
The Golden Maharashtra Summit 2011 will to put forth the global and Indian overview of the regulatory and policy framework across sectors such as manufacturing (auto, chemicals and pharma), infrastructure (civil aviation, ports, power) and services (BFSI, media and entertainment, IT and ITES).
The report, prepared by Tata Strategic Management Group (TSMG) in association with Maharashtra Economic Development Council (MEDC), says the goal can be realised by leveraging opportunities in high value segments (performance chemicals, engineering plastics, pigments and coating products, etc).
Speaking at the launch of the report, Raju Bhinge, CEO of Tata Strategic Management Group, said, "Golden Maharashtra is the ideal platform for business heads and state officials to come together and discuss issues of the state, thereby take constructive steps to ensure that industrial growth gets the right momentum and the right impetus. Through the various sector report, we at Tata Strategic Management Group have shared the situation on the ground and also analyzed the current as well as the future potential for the state."
The research report, which consolidates the 'trends' as well as 'future potential, for key sectors for the economic growth in Maharashtra, has, however, called for renewed focus on innovation and sustainability.