Maharashtra's Chief Minister Devendra Fadnavis has approved over Rs 1.35 lakh crore in industrial investments across high-tech sectors, aiming to create roughly 100,000 jobs and boost technological growth
Maharashtra Chief Minister Devendra Fadnavis. File Pic
In a major move to boost industrial development and job creation in Maharashtra, the Cabinet Sub-Committee on Industries, chaired by Chief Minister Devendra Fadnavis, today approved investment proposals worth Rs 1,35,371.58 crore in thrust sectors and high-technology-based industries.
These projects are expected to generate approximately 1 lakh direct and indirect employment opportunities across the state, reported ANI.
Meanwhile, Chief Minister Fadnavis stated that these projects would promote technological innovation, research, development, and employment generation, thereby strengthening Maharashtra's industrial ecosystem.
According to ANI, the 12th meeting of the Cabinet Sub-Committee, formed under the Chief Minister's leadership to approve incentives under the Package Scheme of Incentives (PSI) and thrust sector policies for large and mega projects, was held today in the committee hall at the state legislature.
Deputy Chief Ministers Eknath Shinde and Ajit Pawar, Industries Minister Uday Samant, Chief Secretary Rajesh Kumar, Additional Chief Secretaries O.P. Gupta (Finance), Rajgopal Deora (Planning), and other senior officials from various departments were also present.
A total of 19 large, mega, and ultra-mega projects were considered for special incentives based on their investment scale and employment potential. Of these, 17 projects were approved. The projects include manufacturing in semiconductors, silicon ingots and wafers, solar cells and modules, EV components, lithium-ion batteries, aerospace and defence equipment, textiles, green steel, and greenfield gas-to-chemicals production.
These 17 approved projects will bring in investments worth Rs 1,35,371.58 crore and create approximately 1 lakh direct and indirect employment opportunities in Maharashtra.
Meanwhile the key incentives approved include capital subsidy, power tariff concessions, interest subsidies, industrial promotion assistance, land ownership refunds, Employee Provident Fund (EPF) contribution rebates, and other financial support, reported ANI.
Additionally, the number of thrust sector and high-tech projects eligible for incentives will be increased from 22 to 30. Land acquisition and allocation were approved for Reliance Industries Ltd.'s proposed project in Palghar district (Dapchari and Vankas).
Approval was also granted for the inclusion of "Coal Gasification and Downstream Derivatives" as eligible products under the 22nd February 2024 government resolution, making them eligible for special incentives.
According to ANI, the companies with approved projects include: Paras Defence & Space Technologies (Navi Mumbai), Jupiter Renewables Pvt. Ltd. (Nagpur), Reliance Infrastructure, BSL Solar Pvt. Ltd, Shrem Biofuel Ltd, Hyundai Motor India (Pune), UNO Minda Auto Innovation Pvt. Ltd, Air Liquide India Holding Pvt. Ltd, Essar Exploration & Production Ltd. (Raigad), Balasore Alloys Ltd, Surjagad Ispat Pvt. Ltd. (Gadchiroli), Sufalam Industries Ltd, Sufalam Metal Pvt. Ltd, Kirtisagar Metalloys Pvt. Ltd, General Polyfilms Pvt. Ltd. (Nandurbar), NPSPL Advanced Materials Pvt. Ltd. (Chhatrapati Sambhajinagar), Sufalam Industries Ltd. (Gondia), Vardhan Agro Processing Ltd. (Satara), and Avatade Spinners Pvt. Ltd. (Solapur).
These high-impact projects are expected to significantly boost technological innovation, research, and the development of a robust local supply chain. Micro, small, and medium enterprises (MSMEs) will particularly benefit.
Furthermore, massive investment and job creation in sectors like semiconductors, steel, and electric vehicles will stimulate local economies and foster skill development in emerging technologies, ultimately accelerating the state's overall growth.
(With inputs from ANI)
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