Maharashtra Government Gives Nod To Rs 1.35 Lakh Crore Investment - What You Need To Know

To bolster the pace of industrial growth and generate jobs oppurtunities in Maharashtra, a cabinet sub-committee headed by Chief Minister Devendra Fadnavis, cleared 17 projects infusing Rs 1.35 lakh crore as investments in thrust verticals and high-tech-focused industries. 

These projects, which will be provided incentives like capital subsidy and power tariff concessions, are expected to generate around 1 lakh indirect and direct employment opportunities throughout the state, as per the Chief Minister's Office (CMO).

A total of 19 large, mega, and ultra-mega projects were considered for special incentives based on their investment scale and employment potential.

Of these, 17 projects were approved. The projects in focus are manufacturing in semiconductors, silicon ingots and wafers, solar cells and modules, EV components, lithium-ion batteries, aerospace and defence equipment, textiles, green steel, and greenfield gas-to-chemicals production, the statement said.

Also Read: Domestic Money Is Backing Indian Real Estate

Fadnavis stated that these projects would promote technological innovation, research, development, and employment generation, strengthening Maharashtra's industrial ecosystem.

The 12th meeting of the Cabinet sub-committee on industries, formed under the CM's leadership to approve incentives under the Package Scheme of Incentives (PSI) and thrust sector policies for large and mega projects, was held in the committee hall at the state legislature.

The prominent incentives that'll be made available include capital subsidy, power tariff concessions, interest subsidies, industrial promotion assistance, land ownership refunds, and Employee Provident Fund (EPF).

The total number of thrust sectors and high-tech projects eligible for incentives will be increased from 22 to 30, according to the CMO.

Land acquisition and allocation were approved for Reliance Industries Ltd's proposed projects in Palghar district (Dapchari and Vankas). Approval was also granted for the inclusion of "Coal Gasification and Downstream Derivatives" as eligible products under the February 22, 2024 government resolution, making them eligible for special incentives.

The companies with approved projects include Paras Defence & Space Technologies, Jupiter Renewables Pvt. Ltd., Reliance Infrastructure, BSL Solar Pvt. Ltd, Shrem Biofuel Ltd, and Hyundai Motor India.

The massive investment and job creation in sectors like semiconductors, steel, and electric vehicles will stimulate local economies and foster skill development in emerging technologies.