Wednesday, 26 September, 2018

PM Modi visits Maharashtra to inaugurate several big projects

Magnetic Maharashtra PM Modi to inaugurate Convergence 2018 in Mumbai PM Modi visits Maharashtra to inaugurate several big projects
Nellie Chapman | 21 February, 2018, 10:56

Prime Minister Narendra Modi said India is set to join the $5-trillion economy club in due course of time, thanks to a series of structural reforms and policy interventions by his government. Business tycoon Mukesh Ambani, Maharashtra Chief Minister Devendra Fadnavis were among the other dignitaries present at the summit.

"Our budget is not limited to an outlay, the focus of our budget is not limited to output, but is the outcome".

The event is being organized jointly by the Maharashtra Industrial Development Corporation and association with the Confederation of Indian Industry. "Fifty one per cent of foreign direct investment in the country came to Maharashtra in 2016-17", Modi said.

The Mahindra Group announced over Rs 2,300 crore investment in the state in three projects of which as much as Rs 1,700 crore will be spent towards creating an entertainment destination at Kandivali, a northwestern suburb of Mumbai.

Modi also praised the Fadnavis government for its aspirations of becoming a trillion dollar economy, saying that he had complete faith in its ability to meet the target.

Addressing the Magnetic Maharashtra investors summit, Mahindra group chairman Anand Mahindra said his software company Tech Mahindra will invest Rs 125 crore to create an all-green tech hub in Nagpur that will create at least 2,500 jobs. Noting that though the share of agriculture to the gross state domestic product is only 11 per cent now, it employs 50 per cent of the people, the chief minister said and highlighted that the sector is unable to absorb more workforce and it is important to skill the labour so that they can work in industries or services.

On the Centre's development initiatives, Modi said, "We will create 1.5 lakh wellness centres in bigger gram panchayats". Ambani said RIL would invest Rs60,000 crore over 10 years in an integrated industrial area to establish convergence of physical, digital, and biological spheres.

The foundation stone for the Navi Mumbai International Airport will be laid by PM Modi on the same day. "Today, the infrastructure projects in Maharashtra are attracting the attention of the whole world", he said.

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. These included the Mumbai Metro, Mumbai-Nagpur Expressway, Mumbai trans-harbour link road, and Pune Metro.