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Business News/ Politics / Policy/  Maharashtra close to onboard 10 large foreign investors to revive state economy
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Maharashtra close to onboard 10 large foreign investors to revive state economy

The covid-19 pandemic has put the industries in the state in a crisis
  • The announcement follows Maharashtra’s industry department's recent efforts to attract foreign direct investment in order to revive the state’s economy
  • Maharashtra Chief Minister Uddhav Thackeray. (ANI)Premium
    Maharashtra Chief Minister Uddhav Thackeray. (ANI)

    MUMBAI : Maharashtra government, on Thursday, said the state is about to enter into agreements with at least 10 large foreign investors from different countries in the next few days.

    The announcement follows Maharashtra’s industry department's recent efforts to attract foreign direct investment in order to revive the state’s economy, which has been hurt badly due to the lockdown induced by the covid-19 pandemic.

    “Agreements will be signed with 10 investors from different countries. Besides, discussions with investors from US, Europe, Japan, Korea, Taiwan and other countries are in the final stages," said Maharashtra’s industry minister Subhash Desai.

    Desai was speaking at a webinar titled as “Rebuild Industrial Sector- Post Covid".

    The president of Small and Medium Enterprises Association Chandrakant Salunke, Ujwal Kothari, Sagar Bhosale, Corporate Advocate Nitin Potdar, Human Rights Commission member Dnyaneshwar Mule, Company Advisor Uday Shankar, chief minister's principal secretary Bhushan Gagrani, Industries Secretary Venugopal Reddy, MIDC Chief Executive Officer P. Anbalgan were also present in the webinar.

    Desai said against the backdrop of the covid-19 crisis, experts in the field have taken initiatives to attract foreign investors to Maharashtra.

    With 94,041 cases and 3438 deaths, Maharashtra is the country’s worst-hit state by covid-19 pandemic as on Thursday

    Since many companies are preparing to exit China in the backdrop of covid-19, in order attract them, Maharashtra External Trade Organization (Metro) will be set up, said Desai.

    Potdar said the government should set up a separate cell to increase foreign direct investment (FDI).

    “Industry should be categorized by regional division. Efforts should be made to attract investment in film-entertainment in Mumbai, food processing industry in Konkan, heavy industry in Aurangabad, education in Pune division, steel and mining in Nagpur," said Potdar.

    Uday Shankar said like Europe and Japan, Maharashtra should embrace innovation in technology and manufacturing.

    “The government of Maharashtra should formulate a separate policy for each country abroad. One step ahead should be considered without comparison with other states," said Shankar.

    Desai seconded this and said special concessions and all types of assistance will be given to the investors coming to Maharashtra on behalf of the government.

    The covid-19 pandemic has put the industries in the state in a crisis.

    “But the industry department is trying to get out of this predicament. About 60,000 industries have been started in the state so far. Around 15 lakh workers have joined them. Some industries are still facing the problem of laborere. The Bureau of Industrial Labor has been set up to resolve this labor shortage issue. A web portal has been created for this. This will provide information on skilled and unskilled workers. The Labor Bureau will start in the last week of June," said Desai.

    Desai feels that lakhs of migrant workers who have left the state during the lockdown, should start returning to Maharashtra.

    “Some industries are waiting for them. They will all be supported. They will be registered. How many people are coming from which state will be recorded. Registration will be a revolutionary step," said Desai.

    The state government said that its preparations for setting up the Industrial Workers Bureau meant to provide skilled, unskilled and semi-skilled manpower to industries in 11 states, are in the final stages.

    Meanwhile, the Labor Bureau will be operational in the last week of June, informed Desai.

    “Due to covid-19, workers from many companies in the state have migrated. As a result, many industries are facing labor problems. But this has given job opportunities to the local laborers. For this, the Bureau of Industrial Labor has been established. Through this, the youth will be registered as skilled and unskilled. This registration will be done through a web portal," added Desai.

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    ABOUT THE AUTHOR
    Anirudh Laskar
    Anirudh Laskar is a senior editor at Mint, with 17 years of experience. He has reported on significant corporate matters including large mergers and acquisitions, India's emerging e-commerce sector and regulatory issues in the financial services industry. Based out of Mint’s Mumbai bureau, Anirudh has worked with Business Standard and The Telegraph before joining Mint in 2009.
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    Published: 11 Jun 2020, 09:48 PM IST
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