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Projects worth Rs 2.78 lakh cr under implementation: MP CM

Press Trust of India  |  New Delhi 

Ahead of investors summit in Madhya Pradesh, Chief Minister today said proposals worth over Rs 2.78 lakh crore are at different stages of implementation.

The two-day Global Investors Summit (GIS) at Indore aims to showcase the strengths and industrial prowess of the state, and provide a platform for interaction with Indian industry leaders, policy makers, investors and other stakeholders.

"Investment proposals worth over Rs 2.78 lakh crore are already in different stages of implementation after GIS-2014," the Chief Minister said in an interview to PTI.

Chouhan said he would be giving details of preceding four biennial summits at Indore.

In the 5th edition of the GIS, the UK, the US, Singapore, and are partner countries.

Total 6,819 people had registered for participation but we could accommodate only 4,695 of them, Chouhan said.

As many as 260 investor representatives from 37 countries are participating in this GIS. Besides, 368 Guests of Honour have consented to attend it.

Investment proposals worth USD 66 billion were received at the 4th GIS in 2014.

Expecting a good response from the summit, Chouhan said the state grants 84 types of approvals online through single window system.

"Now we have moved forward from single window to single table. Under it the ministers, investors and myself sit together and after discussing the investors' problems solve them in one go," the Chief Minister said.

On problems related to land allotment, he said the state has taken a very concrete arrangement for hassle-free land allotment to the investors.

"We have created a land bank vesting 1.20 lakh acre land for industrial purpose. Of this, 25,000 acre is developed and about 7 thousand acre is under development," he said, adding that about 15,000 acre developed land is readily available for industrialists which they can obtain by booking online.

To ensure availability of land at reasonable rates, the state government has decided to bear expenditure on external infrastructure in industrial area and to provide 40 per cent of expenditure on internal development by way of grant.

Chouhan further said his government has implemented sector wise policies and taken special care that the processes and procedures are very simple to attract investments.

He also informed that State Tourism Policy-2016 has been implemented and 9 thousand hectare reserved for tourism projects. The policy provides for a number of fiscal incentives in tourism sector.

Referring to other initiatives to attract investments,

Chouhan said the state government has implemented Science and Technology Policy-2016, which offers concessions to IT and electronics manufacturing units.

"Now IT units can be set up on PSP land use also in the Master Plan areas of major cities. Arrangement has also been made to develop IT investment area in private sector," he said.

A new package policy for promoting food processing units was announced last October which provides for tax exemption equal to 20 per cent of the cost of machines and plants.

The Chief Minister also said that six food parks have been set up in the state.

In health sector, the state has introduced Madhya Pradesh Health Sector Investment Promotion Scheme offering capital subsidy.

Land at Re 1 premium can be made available for setting a medical college outside urban areas, he said.

"We have come up with a Start-Up policy that provides for capital subsidy among other things. We have set up a Rs 100 crore Venture Capital Fund for promoting ventures based on innovative ideas," Chouhan informed.

The Summit, he said aims at attracting investment by showcasing Madhya Pradesh's resources, potentials, investment prospects and investor friendly policies to the prospective domestic as well as overseas investors

Madhya Pradesh is now among top five states of India in Ease of Doing Business.

"Now Madhya Pradesh has been established as a creditable brand at national and international level. Global Investors' Summits have played a major role in it," Chouhan said.

Industrial growth rate of the state has been about 8 per cent continuously and almost all major industrial houses have invested in the state and are willing to further increase their volume of investment.

Thus, the investors' summits have "yielded very good results", he said, adding "Our Make in Madhya Pradesh initiative has been quite successful".

The Chief Minister said the state received FDI worth Rs 6,614 crore in the last one year.

The 'Make in India' initiative is opening up new vistas in Madhya Pradesh, too, he said.

Chouhan said at the first GIS held in 2007, investment proposals of only USD 18.3 billion US dollar were received and 301 delegates attended it.

First Published: Wed, October 19 2016. 18:22 IST