Magnetic Maharashtra: Strategy unveiled to woo investors in targeting sectors like defense and aerospace

Mumbai, February 7: Global Investors Summit titled ‘Magnetic Maharashtra: Convergence 2018’ set to welcome investors to come and contribute in India’s biggest economy state. Chief Minister Devendra Fadnavis’s cabinet unveiled unique strategy to woo investors of different sectors.

Magnetic Maharashtra’s seven step strategy aims to attract investors in sectors ranging from defense and aerospace to electric vehicles and coir.

Initiatives are expected to generate tremendous opportunities in employment at least for one lakh people, and the government will raise a corpus of Rs 1,000 Crores to ensure uninterrupted flow of capital to medium, small and micro industries in these sectors.

The policies with specific concessions targeting seven sectors are aerospace, defence, electric vehicles, fintech, coir, textiles, garments, jewellery and integrated logistics parks.

“The Central government has prioritised defense and aerospace sectors under Make in India. The total expenditure in next five years on aerospace and defence is expected to be $15-20 billion, and a number of industries will be attracted to India. This policy was announced to put Maharashtra on the priority list,” a State Industries Department officer said.

The State government will establish defence hubs in Pune, Nagpur, Ahmednagar, Nashik and Aurangabad.

The cabinet said a Global Fintech Hub will be set up in the Mumbai Metropolitan Region (MMR), which is expected to be among the top five financial technology centres internationally. A State government officer said fintech is essential to the banking, financial services and insurance sectors. The government aims to set up 300 startups in three years, for which venture capital worth Rs 200 Crores will be made available. It will also set up a corpus of Rs 250 Crores for fintech.

The three-day Magnetic Maharashtra conclave is being organised to project its “achievements” in core sectors and further tap global investors. The key areas identified include industries, infrastructure, textile and food processing, defence manufacturing and electronics, among others. Several industrialists and companies participated in the curtain raiser for Magnetic Maharashtra.