Madhya Pradesh signs up for record Rs 30.77 lakh cr investment

Bhopal, Feb 25 (PTI) Madhya Pradesh signed initial agreements with investors promising to pour in a record Rs 30.77 lakh crore in sectors like clean energy as the state pivots path from a laggard to an investment hotspot.

Chief Minister Mohan Yadav, who personally travelled across the length and breadth of the state as well as to key destinations in the country and abroad to drum up investor support, said, "This historic achievement is not about investment alone but about brainstorming and chalking the way forward" to usher in a new era of development.

The investment commitments, he said, will create 21.4 lakh new employment. "This (investment commitments) will pave the way for job creation." Of the Rs 30.77 lakh crore, memoranda of understanding for Rs 26.61 lakh crore were signed during the two-day Invest Madhya Pradesh Summit that concluded here on Tuesday.

Addressing a press conference at the end of the summit, Yadav said the total investment commitment also included Rs 2.1 lakh crore that Adani Group committed separately and the investment proposals received during regional and other summits.

Companies ranging from Adani Group to state-owned NTPC committed Rs 8.616 lakh crore investment over the near term in setting up renewable energy projects such as solar plants and pumped hydro projects. Industrial manufacturing had the biggest draw with Rs 8.516 lakh crore.

Among the international firms evincing interest in Madhya Pradesh included Japanese retailer Uniqlo which signed an MoU in the readymade garment sector, he said.

Urban development, mining, energy, tourism were other sectors that received big investment commitments, he said.

On the future agenda of the state government, Yadav said discussions are underway for setting up a new convention centre in Bhopal which will be used for all big events in future.

Also to give aviation a flip, the state government has decided to provide per flight subsidy to make travel to the hinterland in the state viable. Also, the state government has decided to give Rs 10 lakh per flight subsidy for any international flight landing in Madhya Pradesh.

Taking a dig at Congress, he said that till 2003-04, the state recorded negative economic and industrial growth and British-era companies left the state during the 10-year rule of the party.

After the BJP came back to work, it has worked tirelessly to reverse the trend and has set ambitious targets to draw new investments, he said.

Yadav said that to facilitate ease of business, the state has reduced the number of permissions, and also made the approval process time-bound.

The chief minister further said that the Global Investment Summit, which has raked in mega investment proposals and spurred employment opportunities, is a milestone. It has proved to be a catalyst in the state's industrial and economic transformation.

The 8th edition of Invest Madhya Pradesh Summit aimed at attracting investments to the state and promoting its industrial growth. This summit served as a platform to showcase the state's potential for business and investment, highlighting its strategic advantages, economic opportunities, and industrial capabilities.

"Till now we have signed MoUs for Rs 30.77 lakh crore," he said at the valedictory session of the event here.

The primary objective of the summit is to promote Madhya Pradesh as a top destination for investments across various sectors, including manufacturing, infrastructure, agriculture, renewable energy, technology, and services.

And it did get commitments from big players.

Adani group, Reliance Industries and NTPC are among the companies that committed to invest across businesses.

Adani promised Rs 1.10 lakh crore in pumped storage, cement, mining, smart meters, and thermal energy, Reliance committed Rs 60,000 crore to set up biofuel projects in the state. Renewable energy player Avaada plans to invest Rs 50,000 crore in setting up solar, wind, and pump hydro storage and battery storage projects. Torrent Power committed Rs 26,500 crore investment in renewable energy projects.

Power Finance Corporation (PFC) and Rural Electrification Corporation (REC) committed Rs 26,800 crore and Rs 21,000 crore of lending support, respectively, to projects coming up in the state.

"Madhya Pradesh has abundant land, water and natural resources. Together with investor-friendly policies and adequate power supply, it is a land of investment opportunities," he said.

During the Summit, more than 5,000 B2B meetings, 600 business-to-government meetings were conducted during the two days.

With its rich natural resources and a growing industrial base, the state focuses on attracting manufacturing units, particularly in sectors like automobiles, textiles, and electronics.

The state government has introduced several incentive schemes and policies to attract investments including single-window clearance for ease of doing business, subsidies and incentives in sectors like manufacturing, technology, and energy, development of industrial corridors and dedicated investment zones, and investment in skilling the local workforce to meet the needs of industries.

This was the first investment summit to be held in Bhopal. All previous ones were held in Indore. PTI ANK MBI ANZ ANU MR MR

Source: PTI