Maharashtra to seek Japanese investment in infra, auto, IT, manufacturing, smart cities

CM Fadnavis and Industries Minister Subhash Desai will visit Japan in the first half of September to drum up investments in these areas

Buoyed by Foxconn’s decision to invest $5 billion, Maharashtra Chief Minister Devendra Fadnavis and state Industries Minister Subhash Desai will visit Japan in the first half of September to attract investments in the field of manufacturing, electronics, information technology (IT), automobiles and infrastructure. Besides, the state government plans to seek the involvement of Japan in the development of 10 smart cities in Maharashtra.

“Maharashtra is the undisputed leader and a favoured investment destination. In the last 10 months, the state has attracted an investment of Rs 58,000 crore from the US, China, Israel, Germany and other nations. Japan has evinced interest in investing in the state, and the proposed visit will help give the much-needed push,” Desai told Business Standard.

Desai said the chief minister-led delegation will hold meetings with leading Japanese  companies and with representatives from Japan International Cooperation Agency (JICA) and Japan External Trade Organization (JETRO).

“Apart from automobiles, manufacturing and IT, Japanese companies as well as JICA may invest in infrastructure projects in the Mumbai Metropolitan Region (MMR). JICA has already expressed interest in providing 80 per cent loan at low interest rate for the Rs 11,000-crore Mumbai Trans Harbour Link project. The government will also seek JICA’s assistance in the Rs 11,300-crore coastal road connecting south and north Mumbai, the Rs 45,000-crore Mumbai Metro-II project between Dahisar and Mankhurd via Charkop and Bandra, Wadala and Kasarvadavali through Ghatkopar and Thane, and the Rs 23,136-crore Mumbai Metro III Colaba-Bandra-SEEPZ (Santacruz Electronics Export Processing Zone) corridor,” he said.

Further, Desai said the government will focus on attracting investments in micro, small and medium enterprises (MSMEs). “The government will soon take a policy decision to reserve land for MSMEs for fresh investments and provide plots in existing industrial estates run by Maharashtra Industrial Development Corporation (MIDC). The government has tied up with Small Industries Development Bank of India (SIDBI) to set up Rs 200-crore venture capital fund for providing easy financing options to MSMEs,” said Desai.

On the government’s initiatives for ease of doing business in the state, Desai said the number of approvals has been reduced to 37 from 76 and will be brought down to 25. Restrictions imposed under the River Regulations Zone have been relaxed.

Moreover, Desai said the government will launch a new policy from October 1 whereby it will be mandatory for all departments to procure requisite material above Rs 3 lakh through tendering process. “This will bring in transparency and avoid malpractices,” he noted.