Maha MoU conversion rate higher than national average: CM

The rate of conversion of Memorandums of Understanding (MoUs) into actual investments in was far higher in Maharashtra than the national average, Chief Minister Devendra Fadnavis said Tuesday.

Fadnavis was addressing a gathering after unveiling a new 5-year industrial policy, effective from April 1 this year, which lays emphasis on high-technology and employment generating businesses and aims to attract investments worth Rs 10 lakh crore.

"Nowadays, every state is organising investment conferences. Our Prime Minister talks of competitive federalism. But I must tell you, among all states which have been organising investment seminars, Maharashtra's rate of conversion of MoUs into investments is higher than any other state," he said.

He said the national average of converting Memorandums of Understanding into actual investments, after a period of one year from the agreements being inked, could be pegged at 30-35 per cent.

"Our average is more than 45 per cent. For Magnetic Maharashtra and Make in India in the industrial sector, it has been more than 70 per cent," he claimed.

Fadnavis said Maharashtra had always been a leader in the industry sector but several other states had earlier raced ahead.

"However, in the last 4-4.5 years, Maharashtra has regained its numero uno position," Fadnavis said.