New Delhi : The Madhya Pradesh government Wednesday said that in a bid to attract more investments into the state it will organise an investment summit – ‘Global Investors Summit’ – Oct 8-10 at its commercial capital Indore.
“Today the state is one of the fastest growing in India. Its Gross State Domestic Product (GSDP) grew at a compound annual growth rate of 17 percent during FY05-FY14,” Madhya Pradesh Chief Minister Shivraj Singh Chouhan.
“The state haS an investor friendly industrial policy, single window clearance of projects, abundant availability of land, availability of skilled manpower, 24×7 power supply a peaceful industrial climate and rule of law among others.”
The Confederation of Indian Industry (CII) is the national partner to the event. Other senior officials at the sidelines of the event said the state was in line to lead the country in industrial and economic growth.
“Last year we have achieved a target of getting Rs.2-2.5 lakh crore worth of memorandum of understanding (MoU) signed at the event. This year we are looking at getting more of investment agreements, registries being formalised at the event,” a senior state government official told IANS on the sidelines of the curtain raiser event being organised here.
The official did not divulge the value of proposed investments that he expected this year’s event to attract, but he cited that overall number of proposals-transformation into actual investments in the state was very high and that this year as well the state government would try and see that this strategy continues.
In comparison to other investment summits being organsied by many state governments, the official pointed out that Madhya Pradesh and in particular Indore has a geographical advantage of being centrally located and at ease of connectivity with major transportation corridors such as Delhi-Mumbai Industrial Corridor (DMIC) and others.
“Our policies are already formulated for all the sectors which are being promoted to attract investments like renewable energy, automobile, healthcare, information technology (IT) coupled with favorable industrial policies, rule of law, peace and stable government are other unique features that makes the state front runner in attracting more investment volumes,” the official said.
The state government has identified focus areas such as agribusiness and food processing, automobile, healthcare, industrial infrastructure development, IT, pharmaceuticals, renewable energy, technological education, textiles, tourism and urban development as major areas for promotion.