Prime Minister Narendra Modi inaugurated the ambitious three-day long "Magnetic Maharashtra: Convergence 2018" conclave in Mumbai
With the tagline #MadeForBusiness, the conclave is billed as one of the biggest event of its kind after the prime minister's 'Make In India' initiative, launched in February 2016 in Mumbai.
This is Maharashtra’s first Global Investors Summit and the state intends to sign nearly 5,000 Memorandums of Understanding (MoUs), with an investment of Rs 10 lakh crore (close of $156 billion) that is expected to generate employment for 35 lakh people. The summit is being held from 18 to 20 February.
Maharashtra industry minister Subhash Desai told that the bulk of these agreements would be signed in textiles, engineering, food processing, defence manufacturing and electric vehicles.
Of these, 61 percent agreements, worth more than Rs 4 lakh crore are under implementation, added the minister. With the summit, the state hopes to strengthen Maharashtra's position as "gateway" for all industrial development in India.
To support new-age young entrepreneurs, the summit will also host a competition 'Magnetic Maharashtra Start-ups Under 30', with prizes of Rs 50 lakh, Rs 30 lakh and Rs 20 lakh for top three innovative start-ups.
Following are the major investment announcements in Maganectic Maharashtra - 1 Reliance to invest 60,000 crore in state 2 Mahindra to invest Rs 2,325 crore 3 Pact to build Mumbai-Pune Hyperloop 4 Navi Mumbai International Airport 5 Aviation sector