Make in India: Bonanza for Maha govt on first day as MOUs worth over Rs 21,400 crore signed

Mumbai: Maharashtra got a bonanza on the inaugural day of the Make In India Week expo on Saturday with three major MoUs, worth over Rs.21,400 crore, signed in the presence of Prime Minister Narendra Modi here.

They include one between Sterlite Group's TwinStar Display Technologies and Maharashtra Industrial Development Corporation (MIDC) to set up a LCD manufacturing unit - Panel FAB - in technical collaboration with Autron, Taiwan.

Modi in make in India
Prime Minister Narendra Modi speaks during part of the opening ceremony of 'Make in India Week' in Mumbai on February 13, 2016. Photo: AFP

The project entails an investment of Rs.20,000 crores and the location of the proposed plant will be decided shortly.

The second MoU is between Hindustan Coca Cola Beverages Pvt. Ltd, Jain Irrigation Pvt. Ltd and the Maharashtra government to set up a juice manufacturing facility to support farmers growing oranges in Vidarbha, or the eastern part of the state.

The project intends to offer higher value to orange growers, generate gainful employment and benefit 5,000 farmers with an average landholding of two acres each.

The third agreement was signed between Raymond Industries and MIDC as part of the 'Farm to Fabric' initiative of the government.

Raymond will invest Rs.1,400 crore for a plant to manufacture linen yarn and fabric and garmenting in Amravati district of eastern Maharashtra.

The plant will come up at the Nandgaon Textile Park which will procure cotton from farmers in the district and other parts of Vidarbha region hit by farmland suicides.

The MoUs were exchanged in the presence of Modi, Governor C.V. Rao, Chief Minister Devendra Fadnavis, Industry Minister Subhash Desai, Minister of State for Industry Pravin Pote, Chief Secretary Swadhin Kshatriya, senior state government and departmental officials and executives of the concerned companies attending.

Earlier in the day, unfolding the red carpet for domestic and foreign investors, Prime Minister Narendra Modi opened the "Make in India Week", showcased as the largest event of its kind in the country to project it as the preferred global hub for manufacturing.

The prime minister also listed a number of initiatives taken by his government to make it easier for doing business in India, along with enabling policy decisions and corrections. "I repeat, we also decided there will be no retrospective taxation," he said at the inaugural.

"Make in India has become the biggest brand India ever created. It has captured the imagination of people, business, institutions, political leaders and media," he said at the National Sports Club of India's indoor stadium that was packed beyond its 5,000 capacity.

Modi said India was particularly keen on scaling up investments in infrastructure -- from roads and railways to digital networks and clean energy. Towards this, he said, interest-free bonds were the next on the agenda.

"Do not wait. Do not relax. You should take advantage of the immense opportunities in India."




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