Maharashtra signs MoUs worth Rs4.8 trillion at Magnetic Maharashtra summit

Narendra Modi PM Narendra Modi Magnetic Maharashtra ‘Magnetic Maharashtra’ Convergence Summit 2018 Global Investors Summit Make In India

Magnetic Maharashtra summit to kick off from tomorrow

He added that South Korean company Hyosung had agreed to sign an MoU with the Maharashtra Industrial Development Corporation (MIDC) to develop a textile township near Shendra in Aurangabad.

Quoting Maharashtra Chief Minister Devendra Fadnavis, he added that in the past couple of years, Maharashtra had achieved a new trajectory in bolstering the state's industrial output.

Speaking at the Global Investors' Summit, PM Modi said the government's budget reforms have created a new work culture and are transforming the socio-economic landscape of the country.

Inaugurating Maharashtra's first Global Investor Summit "Magnetic Maharashtra: Convergence 2018" here today PM said summits like Magnetic Maharashtra are a great example of cooperative competitive federalism.

On investments, Modi said there is a healthy competition among states to attract investments as per their strengths.

In addition to this, Reliance Industries Ltd (RIL) chairman Mukesh Ambani and Mahindra Group chairman Anand Mahindra announced their investment commitments on Sunday.

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Some of the big investments include an agreement between the Italian sports vehicle major Lamborghini and Kinetic to manufacture e-cars, and the Gems and Jewellery Export Promotion Council's Rs 14,000-crore investment to develop a gems & jewellery park near Mumbai, Fadnavis said. "This will create hundreds of direct and indirect jobs and we plan to spend Rs 1,700 crore on this venture". He also said that he is working to transform the state's economy into mainly a services driven one from the current mix of manufacturingcum-services driven.

Highlighting the progress made by the BJP led government in state, PM Modi spoke of infrastructure, building, metros, highways and airports.

The Virgin Group on Sunday signed an "intent agreement" with Maharashtra to build a hyperloop transportation system between Mumbai and Pune, which aims to reduce the travel time between the two mega cities to 20 minutes from the three hours at present. "Reliance along with other global companies will invest over Rs 60,000 crore in the next 10 years in Maharashtra, which will be the first integrated digital industrial area in the country", Ambani said.

Modi arrived in the state capital in the afternoon for performing a ground-breaking ceremony for Mumbai's second worldwide airport worth Rs. 16,700 crore.

The NMIAL, a greenfield airport, will be constructed in the public-private partnership mode on 1,160 hectares on the mainland in Navi Mumbai, across the Mumbai harbour, with the advantage of the upcoming Mumbai Trans Harbour Link, a Special Economic Zone.

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