Chief Minister Prithviraj Chavan told reporters that conducting the function in the country's financial capital on the lines of the one at Rajpath in New Delhi was being considered for a long time.
"There will be parade of air force contingents and colourful floats from different parts of the state," he said.
Chavan said a cash prize of Rs 50 lakh will be given to the best float. Second prize will be Rs 25 lakh and third prize will be Rs 15 lakh.
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