By IANS
Mumbai : The Maharashtra government will soon abolish ‘octroi duty’, one of the largest grocers for the state exchequer. Chief Minister Vilasrao Deshmukh made the announcement here Friday.
“The decision to abolish octroi will soon be ratified by the state cabinet,” said Deshmukh. “A win-win formula has been devised taking into consideration the interests of all the stake-holders in the matter,” Deshmukh added.
He was speaking on the occasion of inauguration of the “Global Trade and Investment Conference”, organised by the Indian Merchants Chamber.
During a discussion with banking professionals from 15 countries, Deshmukh revealed that the state has issued letters of intent for setting up 85 projects worth Rs. 1.1 trillion.
He claimed that the state government has been successfully implementing a policy for rehabilitating the people likely to be affected by its 140 SEZs, which are slated to come up in the various parts of the state.
The chief minister also assured them that the state would generate surplus power by the year 2012.