Made for Business: The magnetic Maharashtra Summit

Reading Time: 3 minutes

The Indian society which we live in today is riddled with large-scale inequalities such as cultural, social, economic and educational. Along with it we also face problems related to unemployment and poverty.

Almost 22% of India’s population is living below the poverty line even today. The most viable solution to this problem is by creating more and more employment opportunities.

Around 5% of India’s population is facing unemployment, out of this 58% of graduates are unemployed and 62% of postgraduates are unemployed.

Made for Business: The magnetic Maharashtra Summit: Flairtales
Made for Business: The magnetic Maharashtra Summit

Therefore, to remedy this situation, the government introduces schemes to generate employment opportunities like the ‘Make in India’ program through which the government is trying to generate more self -employment opportunities and promote the spirit of entrepreneurship amongst Indians.

Keeping this spirit alive and promoting growth and investment in Maharashtra, a Summit was held in the State called ‘Magnetic Maharashtra.’ This is Maharashtra’s first Global Investors Summit and is being regarded as one of the biggest of such events, especially on the lines of the ‘Make in India’ initiative launched by the Prime Minister in 2016 in Mumbai.

It is being run with the tagline #MadeForBusiness.

The exhibition at the summit will be held from February 18 to 23. The highlight of the summit was the discussion on Maharashtra: The Trillion Dollar economy.

Prime Minister Narendra Modi inaugurated the ‘Magnetic Maharashtra’ Convergence Summit 2018 at the MMRDA grounds at Mumbai’s Bandra Kurla Complex.

The state hoped for investments of almost Rupees 10 lakh crore (almost $156 billion) with as many as 5,000 Memorandums of Agreement, wishing to generate employment opportunities for nearly 35 lakh people in the state.

At the exhibition of the summit, flagship projects of the Maharashtra government were displayed, such as the Mumbai Metro, Mumbai-Nagpur Super Communication Expressway, Mumbai Coastal Road, Mumbai Trans-Harbour Link and the Navi Mumbai International Airport.

Among industry leaders slated to participate in the summit were Mukesh Ambani, Chairman and MD, Reliance Industries Ltd., Richard Branson of Virgin Atlantic, Tonino Lamborghini SpA President Tonino Lamborghini, Edward Monser, President, Emerson Electric Co, Hande Diltemiz, country manager, Global production, India, H&M, Cho Hyun-Joon, chairman, Hyosung Group, Sultan Ahmed Bin Sulayem, group chairman and CEO, DP World, among others.

Besides corporate heads, representatives of foreign governments such as Karin Roding, Sweden’s State Secretary to the Minister and Bardish Chagger, Canada’s Minister of Small Business and Tourism, Waterloo, were also present. NITI Aayog CEO Amitabh Kant was also seen at the event.

Maharashtra signed 4,106 memorandums of understanding (MoUs) involving an investment of more than Rs12.10 trillion during the three-day Magnetic Maharashtra global investors summit, chief minister Devendra Fadnavis announced at the valedictory press conference of the business conclave on Tuesday.

Some other areas of investment in the industrial sector include—manufacturing, future industry sectors like Hyperloop, electric vehicles, logistics, textiles, gems and jewelry which accounts for Rs5.48 trillion followed by housing at Rs3.85 trillion and energy at Rs1.60 trillion. The total committed investment of Rs12.10 trillion also promises to create more than 3.6 million jobs.

The Chief Minister had also announced that the chunk of the investments would go into economically backward regions of the state such Marathwada and Vidarbha and Tier-III places.

In fact, the biggest beneficiary of Magnetic Maharashtra is Marathwada. On the concluding day, there was a seminar on sustainability: water conservation, spotlight session on women entrepreneurs and ease of doing business and decrypting GST.

We applaud the government on this initiative and hope that we are able to witness a better future where there is minimal to no unemployment and where India finally achieves the status of a developed economy.


Tags: ,