Maharashtra still favorite destination for industries: CM

On the backdrop of negative sentiment among the industry sector in Maharashtra, chief minster Prithviraj Chavan made it clear that Maharashtra is still favourite for the industry and attracted maximum investment. He was speaking in Pune at a function where GE India announced investment of Rs 1100 crore through its new facility at Chakan.

Chavan said, “It is a misconception that state is not attracting investments The assessment is not correct with the actual situation. Maharashtra, according to industry ministry, has approved 335 mega projects with an investment of Rs 2.76 lakh crore under  Mega Project Policy launched in 2005. As many as 93 out of 335 projects have gone into actual production while 253 with an approximate investment of Rs . 1.75 lac crore will be set up in backward talukas of the state.  

On the Value Added Tax refund issue, he said, “Government will not buckle under any pressure to revert from its decision of Value Added Tax (VAT) refund.

Last year we amended the law because we felt that double benefit was going to some industries which were seen taking unintended benefit. The changes brought was well thought out and legally vetted.”

Few automobile companies from the Chakan belt had threatened to pull out their investment from the state citing changes in the VAT structure.

After signing MoU with GE, Chavan went to inspect company’s manufacturing site and attended ground breaking ceremony.