Rs 1.35 lakh cr investment proposals in key sectors, high-tech industries get nod in Maharashtra

Mumbai, Jul 2 (PTI) In a major move to boost industrial growth and job creation in Maharashtra, a Cabinet sub-committee chaired by Chief Minister Devendra Fadnavis on Wednesday approved 17 projects with investment potential of Rs 1.35 lakh crore in thrust sectors and high-technology-based industries.

These projects, which will be given incentives like capital subsidy and power tariff concessions, are expected to generate around 1 lakh direct and indirect employment opportunities across the state, a statement from the Chief Minister's Office (CMO) said.

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.

Deputy CMs Eknath Shinde and Ajit Pawar, Industries Minister Uday Samant, Chief Secretary Rajesh Kumar, Additional Chief Secretaries O P Gupta (Finance), Rajgopal Deora (Planning), and other senior officials from various departments were present at the meeting.

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 included 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.

These 17 approved projects will bring in investments worth Rs 1,35,371.58 crore and create approximately one lakh direct and indirect employment opportunities in Maharashtra, it said.

Key incentives approved include capital subsidy, power tariff concessions, interest subsidies, industrial promotion assistance, land ownership refunds, Employee Provident Fund (EPF) contribution rebates, and other financial support.

The number of thrust sector 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 (Navi Mumbai), Jupiter Renewables Pvt. Ltd. (Nagpur) Reliance Infrastructure, BSL Solar Pvt. Ltd, Shrem Biofuel Ltd, Hyundai Motor India (Pune), UNO Minda Auto Innovation Pvt. Ltd, Air Liquide India Holding Pvt. Ltd, Essar Exploration & Production Ltd (Raigad), Balasore Alloys Ltd, Surjagad Ispat Pvt. Ltd (Gadchiroli), Sufalam Industries Ltd, Sufalam Metal Pvt. Ltd, Kirtisagar Metalloys Pvt. Ltd, General Polyfilms Pvt Ltd (Nandurbar).

NPSPL Advanced Materials Pvt Ltd (Chhatrapati Sambhajinagar), Sufalam Industries Ltd (Gondia), Vardhan Agro Processing Ltd (Satara) and Avatade Spinners Pvt Ltd (Solapur), the statement said.

These high-impact projects are expected to significantly boost technological innovation, research, and development of a robust local supply chain. Micro, small, and medium enterprises (MSMEs) will particularly benefit from them, it maintained.

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, ultimately accelerating the state's overall growth, the statement said. PTI MR RSY