Will not let industries move out of Maharashtra, says Uddhav Thackeray

The Maharashtra government will create a conducive environment for investment and not let industries move out of the state, Chief Minister Uddhav Thackeray (pictured) told leaders of India Inc on Tuesday.

The meeting, Thackeray’s first with industry captains after taking charge as CM, comes against the backdrop of a weakening GDP growth.

Reliance Industries Chairman Mukesh Ambani, Tata Group Chairman Emeritus Ratan Tata, Mahindra Group Chairman Anand Mahindra among others participated in two-hour discussion organised by the Confederation of Indian Industry (CII).

“We will solve all problems of the industrial houses and will not let industries shift out of the state,” Thackeray said. The industry leaders reiterated the demand for lower electricity charges and a reduction in stamp duty.

Uday Kotak, president-designate, CII, said: “CII is committed to working with the government of Maharashtra for the development of the state. Business and industry will strongly support the vision of Mr Thackeray. At around 15 per cent, Maharashtra contributes highest to India’s GDP. Mumbai can play a significant role in being the financial capital of the world and the state should leverage significant opportunity in the fintech space.”

Maharashtra is facing competition from other states to attract new investment and has seen a decline in manufacturing activity in the recent past. Last April, the state government unveiled an industrial policy, promising sops and concessions, in a bid to attract Rs 10 trillion worth of investment over five years. The policy also aims to generate four million jobs.

“The country’s economy was projected to grow at 8 per cent or higher and the state’s industrial policy was framed against that backdrop. But now various indicators are pointing to a slowdown and credit offtake too has reduced,” an official said to a query on the state’s ambitious industrial targets.