What makes Maharashtra an ideal investment destination in India for ASEAN investors?
Maharashtra, the most industrialized state in India, is also the preferred investment destination for businesses across the world. This is bolstered by the fact that Maharashtra accounted for 50% of the total Foreign Direct Investment (FDI) which came to India during 2016-17. The state reforms carried out in the last three years by the government of Maharashtra has helped boost investor confidence from the global community and the state’s pro-business environment has made it the undisputed commercial and financial center of India. It provides a complete eco-system for all foreign investors.
Strategic location with well-developed infrastructure
Home to most of the MNCs located in India and a diverse and supportive MSME base, the state boasts connectivity through its well-developed social, physical and industrial infrastructure. The Jawaharlal Nehru Port Trust, just east of Mumbai, is the largest port in India, handling 55% of the country’s containerized cargo. Apart from the four international and seven domestic airports in Maharashtra, the state is well connected to its six neighbouring states and other parts of India through eighteen national highways.
Abundant skilled manpower
Maharashtra has a large base of skilled and industrial labour. We have more than one million students graduating every year, get- ting into a wider variety of sectors. Our more than 1,000 engineering colleges and industrial training institutes provide the backbone of skilled labour for our state and the entire country.
The state is a pioneer in small scale industries and has the largest number of special export promotion zones. The state has one of the largest and oldest nodal agencies, Maharashtra Investment Development Corporation (MIDC) to ensure dedicated investor facilitation and promotion. In addition, our government works relentlessly to improve the ease of doing business so that Maharashtra continues to be the investment destination of choice for foreign investors.
Given your multi-sectoral reach, what do you believe are the key sectors driving the economic growth of Maharashtra, as well as India as a whole?
Maharashtra is one of the biggest contributors to Indian economy, accounting for 30% of the cumulative FDI inflow (April` 00 – December` 16) and 15% of India’s total GDP, on aver- age. The investments come from fields like manufacturing, in- frastructure and real estate, pharmaceuticals, information technology, and automotive manufacturing.
What is your overarching vision for MIDC in the future and how do you want the Indian brand to resonate within the ASEAN community?
In 2016, Singapore’s Asia Competitiveness Institute (ACI) rated Maharashtra as the top performer in overall competitiveness. We are proud of this achievement and through our Make in Maharashtra initiative under the leadership of the Hon’ble Chief Minster, Shri Devendra Fadnavis, we will continue to improve the ease of doing business in the state and develop the supporting industrial infrastructure to attract more local and foreign direct investment in the region.