Three-day Global Investors Summit begins in Indore

Barely weeks after Prime Minister Narendra Modi launched his 'Make in India' initiative, Madhya Pradesh Chief Minister Shivraj Singh Chouhan inaugurated a three-day Global Investors Summit here on Wednesday, and invited business leaders from across the world to invest in his state.

More than 4,000 delegates from across the world are expected to attend the summit in Indore. The summit will also be host to 190 guests of honour and 28 state guests, including ambassadors and country representatives.

Minister for Micro, Small and Medium Enterprises, Kalraj Mishra and the Speaker Sumitra Mahajan, were among some government officials present at the event.

Addressing the gathering, Chouhan said through the summit he wants Madhya Pradesh to make an international mark.

"We don't only aim at making Madhya Pradesh the number one state in the country, but I can say with confidence that we will make it one of the best states in the world," he said.

Day one was dedicated to Micro, Small and Medium Enterprises in the state. Chouhan also declared that the state would establish a ministry exclusively for small enterprises.

"We will establish another ministry for micro and small industries; a specific industry that will focus on the development on the micros," said Chouhan.

A venture fund will also be established to give financial help to innovators to set up businesses.

"We will also establish a venture fund with a capital of 100 crore rupees (one billion rupees) immediately. The fund will be for those who have ideas for innovations but don't have the capital to do so. Many times great ideas fail to be implemented due to capital issues. But we won't let such situations arise," Chouhan added.

Prime Minister Narendra Modi launched his 'Make in India' initiative last month that aims to turn India into a manufacturing hub and contains proposals to get foreign companies to invest in India by focusing on 25 sectors including chemicals, information technology, automobiles, railways, renewable energy, design manufacturing, bio-technology, pharmaceuticals, mining and electronics among others.

Establishment of an investor facilitation cell will guide foreign investors and help them attain the necessary clearances.

Prime Minister Modi said the development of 1.25 billion people would create a massive market for all their goods to be absorbed and the surplus to be exported to the outside world.

He will also address business tycoons at the summit on Thursday.